LOS ANGELES (CelebrityAccess MediaWire) — Live Nation is now offering video and audio from concerts at its network of venues for purchase and download in Apple’s iTunes Store.
Live Nation records concerts in more than 80 of its venues, which have been outfitted as "next-generation 'wired' recording studios," the company said. Music companies are increasingly jumping on the digital-music bandwagon as sales of physical media, such as compact discs, continue to slide.
"We are thrilled to offer artists a new high-quality platform to share the magic of their live shows with their fans," said Live Nation Chief Executive Michael Rapino.
The iTunes store has added a section dedicated exclusively to live recordings, Live Nation said.
Live Nation, currently in the process of buying Ticketmaster Entertainment Inc., earlier this month posted a third-quarter profit, its first venture into the black this year.
In October, Apple said its revenue from music-related products and services, which includes iTunes store sales, iPod services and iPod accessories, jump 22%.
Shares of Live Nation dropped 4.8% to $7.33, and Apple shares declined 1.2% to $203.46 in recent trading. –by CelebrityAccess Staff Writers