Tuesday, November 19, 2019

Business: Come for the Sports, Stay for the Music

New arenas main attraction? Often its concerts, rather than sports events. Los Angeles-based Oak View Group, an entertainment and sports-facilities company backed by private-equity giant Silver Lake, says an arena can generate twice as much net income from hosting a concert than an NBA or NHL game.

Oak View is slated to develop eight arenas over the next three years, six of which will forgo major-league teams, largely to keep their calendars clear for concerts. Live music is expected to balloon to a $38 billion industry by 2030, from about $28 billion currently. Artists are also making a growing proportion of their income from live performances.

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