Live Nation to Enter Ticketing Business in '09

Concert promoter Live Nation Inc said on Friday it will launch its own ticketing business next year after it ends a relationship with Ticketmaster, the dominant box office service.

Live Nation signed a 10-year agreement to license ticketing software and services from Germany's CTS Eventim AG. It will sell tickets for its own concerts and for third-party events.

"We will have a fully operational new ticketing company and reach a new milestone in this journey," Live Nation Chief Executive Michael Rapino said on a conference call. "We expect to sell more than 20 million tickets annually."

Live Nation estimates the new business will add at least $17 million in operating income in 2010 and that contribution could even double as the company cultivates sponsorships and other opportunities.