Christopher BarrettLive Nation Entertainment (LNE) said it is investing $1 billion to build 18 new and “revitalised” live music venues.
The concert giant, which already has a portfolio of 150 venues across the United States, said the aim was to increase the flow of major shows to smaller cities. Among the cities to benefit from the investment in new facilities will be Atlanta, Denver, Pittsburgh and Seattle.
LNE said the new venues will range in size from intimate clubs to large outdoor amphitheatres, and that all 18 venues will either be opened or ground will broken within 18 months.
The investment in the new event facilities has been predicted by Oxford Economics to have a $2.9 billion economic impact, including spending on engineering, development, and construction, along with $1.4 billion in annual economic impact for local communities once these venues are open.
The live music industry’s dominant global player, which owns Ticketmaster, said the investment comes at a time when LNE has increased optimism about the live entertainment industry than ever before, “driven by long-overdue ticketing reforms, growing fan demand, and a strong American economy”.
“Our mission is simple: help artists deliver more unforgettable live experiences – and in doing so, create jobs, revive cities, and lift up the communities we touch,” said Live Nation CEO Michael Rapino (pictured). “As an American company, we drive impact here at home while also helping elevate and export the very best of what this nation represents: freedom, creativity, grit, and boundless possibility.”
Live Nation said it had invested $14bn in artists in past year, including both headliners and “rising stars”, with a 25% increase in payouts to club and theatre acts since 2019.