Electric Factory has a new name: Franklin Music Hall

North Seventh, the music venue formerly known as the Electric Factory, has a permanent new name.

The concert site at 421 N. Seventh St. will now be known as Franklin Music Hall, new owner Bowery Presents announced Thursday. The name was selected from more than 5,000 submissions to a contest that the company held in September.

Four fans suggested Franklin Music Hall, and each will receive two free tickets to every show there through 2020.

"The new title was truly selected by fans for fans, and honors the spirit of such an iconic Philadelphia music venue," Bryan Dilworth, chief talent buyer at Franklin Music Hall, said.

Tickets sold under the Electric Factory and North Seventh names will be honored at Franklin Music Hall. Going forward, tickets to shows there can be purchased via Ticketmaster, the Franklin Music Hall box office, or online at BoweryPhilly.com.

The change comes as a result of the Electric Factory's sale in September. Larry Magid and his business partner, Adam Spivak, sold the venue to Bowery Presents for "more than $100…and less than $100 million," as Magid said. A nondisclosure agreement prohibits him from discussing the dollar figure of the sale agreement, he said.

Not part of the sale was the Electric Factory name, owned by the concert promoter Live Nation. Magid left that company in 2010 and kept ownership of the Electric Factory site. Live Nation has "refused to license the use" of the Electric Factory name and logo, according to a release.

The first Electric Factory opened in 1968 at 22nd and Arch Streets. It operated until 1973, when its building was torn down. In 1995, Magid and partners reopened it on Seventh Street.

"I'm going to miss the Factory," Magid said in September. "You don't walk away from something like that without having feelings about it."