Melbourne’s heritage venue The Palais Theatre has been taken over by multinational concert corporation Live Nation.
After months of speculation the official announcement welcoming Live Nation as leaseholder of The Palais was made by the City of Port Phillip. The terms of the lease were developed with, and subsequently approved by, the Victorian Government.
“Live Nation’s proposal met or exceeded all our objectives and we are excited at what can now be delivered for our community and live music fans across Australia. We welcome Live Nation aboard and look forward to this much loved St Kilda venue delighting audiences for years to come,” the council statement announced.
Live Nation Australia and New Zealand boss Michael Coppel said, “Live Nation Australia is thrilled to have been successful in securing the rights to operate the Palais Theatre. Both as a major presenter of live events and as a Melbourne-based and staffed music business firm, we are very aware of how important the venue is to the St Kilda community and to the people of Melbourne in general, and what a very special performance space it is.
“To have been granted stewardship of this iconic venue carries a great responsibility, and we will seek to restore the Palais to its former glories, to better adapt it to the changing requirements of live performances, and to operate it for the benefit of all stakeholders, hirers, staff and patrons.
“We look forward with great enthusiasm to successfully navigating the opportunities that lie ahead.”
While there has been much criticism about the process to award the new lease, Port Philip Council says “Live Nation had also put forward the best approach to enhancing community benefits, including community engagement, governance and fundraising, with the potential to not only retain but extend the social, economic and cultural benefits arising from the operation of the Palais Theatre for both the local St Kilda and broader Melbourne communities”.
To further upkeep the heritage venue Live Nation contribute $0.50c for every ticket sold with $4 million expected to be raised over the term of the lease. “The fund will be administered by a committee which will include Live Nation, community and council representatives, and will be subject to Council-endorsed terms of reference,” he statement reads.
The state government has already committed to a $22 million revamp of the building. Those renovations are currently underway. Live Nation will contribute $7.3 million to redevelopment work over five years.
Since Live Nation’s integrated business model includes venue management, concert promotion and ticketing, extensive consideration has been given to the development of a Fair Competition and Confidentiality Policy for the hire of the Palais Theatre, which will be subject to approval by the Council.
Live Nation would like to acknowledge the rigorous tender process that has been undertaken by City of Port Phillip, and thanks the Council for the vote of confidence in taking the decision to grant Live Nation the lease and operational rights for the venue.
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