Live Nation's Hertz Pact To Be Worth Millions

Zack O'Malley Greenburg
December 7, 2011
Live Nation's Hertz Pact To Be Worth Millions

Yesterday afternoon, three yellow cars sat parked in front of New York's iconic Irving Plaza. Far from taxicabs, the sporty trio seemed to announce that there was something unusual--namely, a rare daytime performance by pop-soul act Fitz and The Tantrums--occurring inside.

The display heralded another uncommon event: a major deal between Live Nation and Hertz, unveiled shortly before the pop-soul act took the stage. "[Hertz] is not a brand you associate with music," said Russell Wallach, President of Live Nation Network. "[But] our hope was to drive the Hertz brand through live music."

The deal calls for Hertz to be integrated into Live Nation subsidiary Ticketmaster's booking path, meaning that the company's customers will be directed toward the renter when ordering concert tickets. Also in the works: Hertz Live Radio, which will be streamed in Hertz facilities and vehicles, as well as a Hertz Music Store where Gold Plus Rewards members can redeem points for music online.

Though terms of the agreement weren't announced, a Live Nation spokesperson confirmed in an email that it was "a multi-year, multi-million dollar deal."

That should provide a boost to Live Nation, whose stock is down 24% on the year.

For more on the business of music, see my book on Live Nation artist Jay-Z and follow me on Twitter.