Via Tech Crunch/Allindstrom

Live Nation Labs, the investing arm of music giant Live Nation, has purchased music discovery app Rexly for an undisclosed amount. The deal, which had been in the works for several months, was finalized Friday and announced Monday via both companies’ blogs.

“This isn’t really an exit—it’s a continuation of the vision,” Rexly co-founder and CEO Joel Resnicow tells me. “Our startup is basically joining another startup with goals that are just as big, if not bigger.”

Rexly launched in May 2011 at TechCrunch Disrupt—making it older than Live Nation Labs—as a music discovery and social sharing iOS app.

“Our biggest challenge was distribution,” Resnicow says. “We had very good engagement with our apps but getting in front of a large audience is a big challenge for independent app developers. We started looking for strategic distribution deals and we needed something big.”

Live Nation Labs, a group inside Live Nation Entertainment focused on “connections between passionate fans and live experiences,” has been courting Rexly for months now, according to their blog post today.

Resnicow and CTO Kyle Fleming will be the foundation of Live Nation Labs’ mobile team, with Resnicow as the Mobile Product Lead and Fleming as the Senior Mobile Developer. Rexly’s third co-founder, Brad Lautenbach, is now the VP of Creative Development and Product at Zuckerberg Media and will not be joining Live Nation Labs.