LivingSocial signs partnership with Anschutz's AEG

Reuters News
Posted: Jun 11, 2012 3:03 PM

By Alistair Barr

SAN FRANCISCO (Reuters) - LivingSocial, the world's second-largest daily deal company, signed an exclusive partnership with Philip Anschutz's AEG business to offer members access to live events run by the entertainment giant.

LivingSocial's more than 60 million members will be able to buy vouchers for AEG events and get access to unique packages, such as VIP access or early admission at AEG venues, said Doug Miller, senior vice president of new business initiatives at LivingSocial.

AEG, one of the largest sports and entertainment companies in the world, owns or is affiliated with more than 100 venues including the Staples Center in Los Angeles.

LivingSocial will not be offering big discounts on AEG tickets - a departure from the traditional daily deal model in which members pay a certain amount for a voucher and get local goods or services worth roughly double the price.

"It's not an excess inventory dump," said Miller. "Neither party came at this partnership with that idea."

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LivingSocial and daily deal leader Groupon Inc have been rolling out new services in recent quarters that expand beyond the original discounted daily deal approach.

LivingSocial's AEG partnership is part of its Live Events business, which offers full-priced vouchers for entertainment and unique experiences.

LivingSocial has even opened its own venue, at 918 F Street in Washington, which can host dining, dancing, classes and workshops.

(Editing by Phil Berlowitz)