Live Nation To Invest $1B In Music Venues Across The U.S.
Live Nation Entertainment is investing $1B to build 18 new and revitalized live music venues in small towns across the country, the company announced Wednesday.
Over the next 18 months, Live Nation plans to open doors or break ground on venues ranging from intimate clubs to large outdoor amphitheaters. The company's portfolio of 150 venues across the U.S. represents roughly 4% of all music venues nationwide.
“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,” Live Nation CEO Michael Rapino said in a press release.
The company claims the capital investment will spur $2.9B in total economic impact, including spending on engineering, development and construction, along with $1.4B in annual economic impact for local communities once the venues begin welcoming fans.
The company will open its new venues in the following locations:
- Allentown, Pennsylvania.
- Atlanta.
- Birmingham, Alabama.
- Denver.
- Indianapolis.
- Memphis, Tennessee.
- Milwaukee, Wisconsin.
- Nashville, Tennessee.
- Orlando, Florida.
- Portland, Maine.
- Portland, Oregon.
- Pittsburgh.
- Raleigh, North Carolina.
- Richmond, Virginia.
- Riverside, Missouri.
- Seattle.
- Shakopee, Minnesota.
- Virginia Beach, Virginia.
“This investment comes at a time when Live Nation has more optimism about the live entertainment industry than ever before, driven by long-overdue ticketing reforms, growing fan demand, and a strong American economy,” the company said Tuesday, according to Seeking Alpha.
Yet Live Nation's increased presence across the country may not be welcomed by all.
The company has grown its footprint through exclusive partnerships, venue acquisitions and ground-up development, Bisnow previously reported. The venture into operations has worried independent owners, who are fearful that the company’s venues will get preferential access to artists and performers.
“Within six months of the Live Nation venue opening in Des Moines, [Iowa,] we saw at least two venues close,” Jamie Dunphy, the chair of the music policy council at the nonprofit advocacy group MusicPortland, told Bisnow last summer. “The overall volume of ticket sales broadly in the economy has decreased, with the options being to go see a local musician and you pay $10 or $15, or you go see Bad Bunny and you pay $450.”
