Live Nation Entertainment announced plans to invest $1 billion to construct 18 new live music venues across the United States, citing a surge in fan demand and optimism in the live entertainment sector. The expansion will include a mix of intimate clubs and large outdoor amphitheaters, with construction and openings scheduled over the next 18 months.
The move comes as the Ticketmaster parent company positions itself for what it calls the biggest year of live music ever, projecting that two-thirds of concert fan growth will occur in the second half of the year, according to CFO Joe Berchtold.
Currently, Live Nation operates 150 venues, accounting for roughly 4% of all U.S. music venues. The company stated that it has hired 37,000 workers to support the expansion and enhance fan experiences nationwide.
This aggressive expansion follows recent ticketing reforms and continued scrutiny from regulators. Live Nation and Ticketmaster were sued by the Department of Justice and state attorneys general for alleged monopolistic practices in the concert industry. The company also acknowledged a DOJ criminal antitrust probe related to concert cancellations during the early stages of the COVID-19 pandemic, while denying any collusion.
The developments come on the heels of President Donald Trump’s executive order in March aimed at curbing exploitative ticket scalping and overhauling the ticketing system in the U.S.
Swifteradio.com
