Live Nation is expanding its business by building its own concert halls. The company, which has promoted and organised concerts around the world for decades, is now focusing on designing and developing its own venues. It wants to fill gaps in the market where suitable concert halls are not available and improve the experience of watching live music.
The company wants to invest in venues for the long term. Live Nation has described its new projects as a “meaningful, long term investment . Live Nation has grown into one of the world’s biggest live entertainment companies. The company has also been building a portfolio of concert venues over the years. Along with promoting concerts and selling tickets, Live Nation has quietly expanded its presence in venue development. Its projects include new concert halls and the renovation of existing entertainment spaces. This growth adds to the financial opportunity for Live Nation as it expands its network of concert venues.
The company says ticket sales are growing by more than 10% year over year.
Its goal is to create concert spaces that meet the needs of artists and fans while offering a better live music experience, according to Fast Company. Owning venues allows it to benefit from demand for live music in more ways than just promoting shows, according to Fast Company. The company says demand for live music is growing faster than venue infrastructure in some markets. “As demand for live music continues to grow globally, venue infrastructure hasn’t always kept pace,” said Jordan Zachary, global president of venues at Live Nation. He said the company is looking to expand in important markets where artists want to perform and fan demand is strong, but suitable venues are missing, according to Fast Company.
