Live Nation Opens New Venues As Concerts Come Back
In the past few weeks, Live Nation announced plans to open three new venues:
- The Terminal: 5,000-person in Houston (Live Nation).
- History: 3,500-capacity in Toronto with Drake.
- Performance Venue: 6,000-capacity in Los Angeles.
These venues emerge as demand for live events is higher, but supply is lower since the pandemic forced many independent venues to shut down.
In December, the SBA launched the $16B Shuttered Music Venues Operators Grant, but it took six months for funds to be distributed to just 31 of the 13,000+ applicants. In January, Billboard listed 85 music venues in the U.S. that have shut down since the pandemic started, and more have likely shut down since.
Both Live Nation and AEG have made the right call to step in and meet demand with new venues. But it's still bittersweet to think about the smaller businesses that didn't make it.
The next level up. Major promoters already control most 10,000+ capacity arenas, amphitheaters, and stadiums. Very few of those have shut down since they are owned or co-operated by the major promoters. But smaller music halls, ballrooms, and auditoriums were next up.
This venue size is perfect for rising stars to reach their audience, or smaller acts to perform for a smaller audience. Personally, this is my favorite venue size: big enough to feel the energy, small enough to feel intimate.
Read more about the struggle for indie music venues in Rolling Stone.
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