Jimmy Iovine joins Live Nation Board of Directors

Jimmy Iovine, co-founder of Beats Electronics and Beats Music and former chairman of Interscope, has been appointed to Live Nation Entertainment’s Board ofDirectors.

In a statement announcing the news, Live Nation said it would “harness Iovine's entrepreneurial experience creating new business models in the music industry, knowledge of brand building and insight into marketing to music fans.”

Iovine is currently employed by Apple, who purchased Beats earlier this year for $AU3.2bn. This month he was named GQ Magazine'sIcon Of The Year and last month he and Beats co-founder Dr. DreDre were honouredat Wall Street Journal’s 2014 Innovator Awards.

"[Iovine] has been at the forefront of innovation in the entertainment industry for decades,” saidMichael Rapino, president and chief executive officer of Live Nation, “and as an entrepreneur, he has combined business inventiveness and marketing prowess with a deep understanding of the music fan to develop and deliver some of the most sought after artist-oriented consumer products and experiences.”

"Live Nation has put together the right management team and incredible assets to really be effective in the new music economy," said Iovine.

Live Nation, the live entertainment company which comprises Ticketmaster, Live Nation & House of Blues Concerts, LN Media and Artist Nation Management, is one of Australia’s big four concert promoters contributing to the country’s $1.48bn in ticket and attendance revenue last year (LPA).

The news follows Live Nation’s joint venture with marketing and media brand Vice, who announced early last month thatit will share digital content relating to the live sector for a co-branded website. The company is also in advanced acquisition talks with Austin-based promoter C3 Presents (Austin City Limits, Lollapalooza and Australia’s own Big Day Out). In October is was reported the prospective deal would give Live Nation a 51% stake in C3 and value it at around $US250 million.