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The market for live entertainment generates revenues in ticket sales from sporting events, concerts and a small remainder generated by theatre performances, art exhibits and other events that utilize ticketing services. Participants in the live industry also rely on revenue from ancillary products such as sales of merchandise, concessions, and music. Most concerts and performances require contractual arrangements among a number of different and otherwise independent parties. Artists contract with promoters to arrange live concert performances. Artists often contract through a manager that handles the artists performance and business needs and many of the managers further contract with booking agents to arrange an agreement with a promoter for individual performances or a tour. The promoter is then responsible for securing a venue for the performances and the venue is accompanied by other revenue-producing services such as parking, concessions, sponsorships and band related merchandise. The venue, or sometimes the promoter, contracts with ticket distributors that administer ticket sales to performances through internet, retail, telephone and box office sales. A contract is signed by the artists (via their managers and agents) and promoters are similar to the contracts signed by Hollywood stars with the studios. A typical contract distributes the revenue generated by concert tours in a sequential manner. The first dollar revenues generated by the performances go to the band in a “guaranteed Advance” and then subsequent revenue secures the promoter a “guaranteed profit” which includes expenses (including advertising, rent for the venue, labor etc) and a negotiated profit. The promoter and the band then share additional revenue that exceed both the guaranteed revenues and guaranteed profit. These contracts allocate other revenues as well, with the band typically receiving revenue from merchandise sales and the venue receiving...

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