Live Nation Invests in Non-Alcoholic ‘Social Tonic’ Company Hiyo

Photo Credit: Live Nation

High-energy live music and “organic social tonics”? Live Nation has made another beverage-company play, this time by taking an equity stake in Hiyo.

The Liquid Death backer just recently disclosed the investment and an adjacent multiyear partnership. Founded in 2021, Hiyo bills its namesake drink as “a USDA organic certified social tonic mindfully crafted with adaptogens and nootropics to celebrate life never wasted.”

According to the same company, the product contains 0% alcohol and clocks in at only 30 calories per can. And as these cans aren’t exactly cheap, carrying a $3.75-a-pop price tag on Hiyo’s website, there’s likely an opportunity to turn a healthy profit at shows.

Enter Hiyo’s Blackberry Lemon tonic, which is set to kick off the Live Nation partnership by arriving “at select U.S. venues and festivals.”

All told, the beverage business currently offers six flavors – Passion Fruit Tangerine, Peach Mango, Strawberry Guava, Watermelon Lime, and Pineapple Coconut, besides Blackberry Lemon – and will presumably bring the variations to venues down the line.

Addressing the investment and the tie-up, Hiyo co-founder and CEO Evan Quinn applauded the news as “a defining moment for” his business. Perhaps more interestingly, in a LinkedIn post, the higher-up emphasized non-alcoholic beverages’ perceived staying power.

“The non-alc movement isn’t a trend,” Quinn penned. “Trends fade, but real behavioral shifts don’t. Partnerships like this make it clear that we’re not going back to the old way of doing things.

“Culture is changing in real time, and I’m grateful that hiyo gets to help shape what the future of this category looks like. We cannot wait to meet consumers in the moment and introduce millions of music fans to our feel-good social tonics,” he proceeded.

“Fans celebrate in different ways throughout a show — sometimes with an alcoholic beverage, sometimes with non-alcoholic alternatives, and often a mix of both,” added Live Nation new-ventures SVP Tom Allison.

“As fans’ tastes continue to evolve, Hiyo fits naturally into what they’re reaching for next. We’re excited to bring the brand into our venues and help support their next phase of growth,” he finished.

(A quick non-alc parenthetical: Though the development flew under the radar, The Cashmere Fund invested in Katy Perry’s De Soi in October 2024. Per the VC, the aperitif brand “saw a 3.3x year-over-year increase [in wholesale revenue] from 2022 to 2023.”)

In addition to its aforementioned stake in Liquid Death (which raised $67 million at a $1.4 billion valuation last year and now sells energy drinks as well), Live Nation has interests in Jolene Coffee (founded by Anthony Kiedis) Owen’s Craft Mixers (“a flavor-forward, non-alcoholic drink mixer made for any occasion”), and more.