Denver has finalized a five-year agreement to make AEG Live subsidiary AXS the sole ticket seller for all city venues, according to Denver Arts & Venues' Brian Kitts. AXS beat Live Nation Entertainment-owned Ticketmaster, Kroenke Sports & Entertainment-owned Altitude Tickets, and TicketsWest in winning the deal. "It basically puts the city on an even footing, from a music management standpoint, as the other promoters in town," Kitts notes. Under the terms of the contract, Denver and AXS each are guaranteed about $4 million net revenue over five years, and the agreement covers all venues owned by the city. Most non-municipal professional music venues in the Denver-Boulder area currently are operated by AEG Live Rocky Mountains. AXS gets $3 per ticket under the agreement, while Denver also has promised to sell a minimum of 300,000 tickets annually via AXS or pay a penalty. "We think that's a pretty manageable figure," Kitts says. AEG Live has guaranteed to book enough Denver shows to sell at least 275,000 tickets, or be penalized. Kitts says Denver's migration from an open ticketing system "brings the city venues into the 21st century when it comes to the way that we promote music and promote entertainment. It provides a revenue stream for [Arts & Venues] that in the past had been missing."