Live Nation Entertainment and Vice Media announced a joint initiative in which they will generate content revolving around live music and co-launch a digital platform next year. "We thought about how can we take 23,000 shows [that] our artist management division [puts on per year] and turn it into exciting content," says Live Nation CEO Michael Rapino. "Vice has done a great job at talking to millennials." Vice CEO Shane Smith says his company's research determined music and news are its audiences' "biggest passion points," and he also observes the target market is devoid of innovation. The new content not only will be featured on the partner companies' co-branded website, but also on Vice platforms such as TV shows, Web platforms, and mobile sites both nationally and globally. Rapino says the Live Nation-Vice alliance stems from when the two companies were competing against each other for a sponsor, leading to the realization they could likely earn more sponsorship capital by collaborating. Both companies' CEOs say they will divide the joint venture's advertising revenue between them. The companies say the joint venture eventually also will feature e-commerce and ticketing offerings.