• by Tony Silber , February 8, 2022

In the era of digital music, the big money shifted from record sales to live events. Now festivals and mega tours are the focus. That’s the context in which Rolling Stone, a subsidiary of Penske Media, announced the acquisition of amajority interest in the annualmusic, arts and ideas festival Life is Beautiful.

Terms of the deal were not disclosed. 

Founded in 2013 and held in Las Vegas, the event has hosted over one million fans and 600-plus artists. The 2021 festival was anchored by Billie Eilish, Green Day, and Tame Impala, and drew over 170,000 attendees, making itone ofthe highest-grossingfestivalsof 2021, according to the company.

Life is Beautiful was conceived by Tony Hsieh, the entrepreneur and former CEO of Zappos, as a way to revitalize the underserved downtown Las Vegas area. In the nine years since its founding, over $350 million dollars in economic impact and cultural capital have benefited downtown Las Vegas and the surrounding area, the company says.

“Live events are an integral part of Rolling Stone’sfuture, and Life is Beautiful is an incredible platform to realize this vision,” Rolling Stone CEO Gus Wenner said in the announcement.

David Oehm, CEO of Life is Beautiful, noted that the partnership will help the festival realize its potential. “As a landmark institution and touchstone of the music industry for over 50 years, the Rolling Stone team will help to deepen our connection to fans of music everywhere, while also championing the cultural initiatives that make Life is Beautiful so much more than a music festival.”   

Rolling Stone plans to expand the festival into new territories and broaden its digital footprint.

Penske Media, headquartered in New York and Los Angeles with additional offices in 14 countries worldwide, owns a variety of iconic brands, including Variety, Rolling Stone, SXSW, The Hollywood Reporter, Billboard, WWD, SHE Media, Robb Report, and Fairchild Media.