Dubbed the LN Labs Fund, the announcement continues to underscore the promoter's focus on eCommerce, which includes the recent acquisitions of data platform BigChampagne and the live music community site Setlist.fm.

Focusing on opportunities to take an equity stake in early stage entertainment tech startups in the areas of consumer product development and technology infrastructure, the fund will be helmed by BigChampagne's Eric Garland, the EVP and general manager of Live Nation Labs as well as than Kaplan, vice president of products, Live Nation Labs; and Michael Abrams, president of Digital Ventures.

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"We're interested in funding great new products that further engage fans and enrich the concert experience. There are a lot of little pieces on the board, and we're developing a structure for putting the best pieces together,” said Michael Rapino, CEO of Live Nation Entertainment. “In the era of the social conversation, we're a very focused platform. We're specialists."

The initial capital resources of the fund was not made public. - CelebrityAccess Staff Writers