Live Nation Takes Equity Stake In Hiyo As Non-alcoholic Drinks Gain Ground

With functional drinks booming and fan behavior shifting, Live Nation is investing in Hiyo, a maker of adaptogen-fueled social tonic drinks

Fans are dialing back the booze at shows, and Live Nation is leaning in.

The live-entertainment company and Ticketmaster parent has struck a multiyear partnership and taken an equity stake in Hiyo, a non-alcoholic social tonic brand built on adaptogens and nootropics.

The move follows Live Nation’s 2025 global study, which found that six in 10 fans alternate between alcoholic and non-alcoholic drinks at events and that 80% say a great beverage can elevate the whole experience.

Under the deal, Hiyo will roll out at select Live Nation venues and festivals nationwide, beginning with Hiyo’s Blackberry Lemon, a low-calorie functional beverage developed to deliver the brand’s signature “float,” a calm and uplifting effect, courtesy of now-trendy ingredients such as ashwagandha, lion’s mane, l-theanine, lemon balm and passion flower.

“This is a defining moment for Hiyo,” Hiyo CEO Evan Quinn said. “Consumers today are looking for choices when it comes to how they connect, celebrate and socialize, and partnering with Live Nation puts us at the center of that shift. It’s a powerful opportunity to bring our feel-good social tonics to some of the most iconic music venues in the country, reaching millions of fans during the moments that make them feel most connected.”

The equity stake amount wasn’t disclosed, but Hiyo now sits alongside Liquid Death, Owen’s Craft Mixers and Jolene Coffee in Live Nation’s growing consumer investment portfolio.

Long before Hiyo showed up on venue menus, its co-founders, Evan Quinn and George Youmans, were confronting a more personal shift in their drinking. The brand was born in 2019 after the two watched close family members struggle with alcohol-related health issues, which pushed both to cut back their own drinking. In their late twenties and still social, they realized the alternatives on the market didn’t quite fit.

They began sketching ideas with longtime friend Cygne Cooper, hoping to build a functional option that delivered a real mood-boosting effect. Their toiling eventually became Hiyo, an organic social tonic featuring a proprietary blend of adaptogens, nootropics and botanicals. Hiyo launched its first three flavors in 2021 and has since expanded to six: blackberry lemon, passion fruit tangerine, peach mango, pineapple coconut, strawberry guava and watermelon lime. Each can is 30 calories, non-GMO, gluten-free and vegan.

Young People Are Drinking Less Than Ever Before

Zooming out, the Hiyo deal fits a national pattern. U.S. drinking is hitting record lows, Gallup data shows, and Gen Z is driving the shift toward moderation and functional alternatives. Beyond beverage alternatives, entire events are now built around sobriety and wellness, including New York City’s first zero-proof and functional beverage festival, “Drinks With Benefits,” held earlier this fall. 

The push to bring Hiyo into concert venues lines up with what’s happening across beverage aisles. Recess, a functional beverage rival, recently raised $30 million in a Series B and added beverage veteran Kyle Thomas, formerly of Nutrabolt (C4 Energy, Bloom), as president and co-CEO.

“Fans celebrate in different ways throughout a show, sometimes with an alcoholic beverage, sometimes with non-alcoholic alternatives and often a mix of both,” Live Nation senior vice president of New Ventures Tom Allison said. “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.”

It’s not Live Nation’s first move into the alcohol-free category. Earlier this year, the company named Athletic Brewing the official non-alcoholic beer partner at more than 100 venues and several major festivals, responding to fan surveys that showed rising demand for alcohol-optional choices.

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