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Live Nation Entertainment (LNE) said it has acquired a majority stake in Veeps, a ticketed live stream platform created by artists Joel and Benji Madden of the band Good Charlotte.

Established in 2017, the platform hosted around 1,000 ticketed live stream shows in 2020 alone, delivering some of its highest monthly ticket sales and revenue in the back half of the year.

Aside from ticketed live streams, Veeps enables further engagement between artists and fans with features including chat, the sale of exclusive merchandise and VIP offerings.

Among the acts it has worked with are Brandi Carlile, Liam Payne, Pete Yorn, Louis Tomlinson, Architects and Rufus Wainwright.

Joel Madden said Veeps live streams helped artists make more than $10 million (£7.34m) last year : “We’re looking forward to helping even more artists connect with fans this year in ways that support their art and their development.”

Benji and Joel Madden, along with fellow co-founders Sherry Saeedi and Kyle Heller, will continue to oversee Veeps along with their full team.

“Benji and I have worked extensively with Live Nation over the last two decades and we’re very happy to be joining a company that is such a big supporter of artists and artist-led businesses. It’s a natural fit and evolution for our business,” said Joel Madden.

LNE President and CEO Michael Rapino said, “Live streaming is a great complement to our core business, and essentially gives any show an unlimited capacity. Looking to the future live streams will continue to unlock access for fans – whether they are tuning into a sold out show in their hometown, or watching their favourite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”