MSG Entertainment
The Ledger: Concert Companies Are Maintaining a Rosy Outlook for the Rest of 2022
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. Strong demand for live music is not a surprise given fans’ time away from concerts in 2020 and 2021. But it’s not straightforward, either. Fans are dealing with inflation and high gas and airfare costs. Companies face staffing shortages and higher costs. Artists are flooding markets’ venues seeking to recapture lost business. Still, judging from some companies’ statements around their latest quarterly results, indications point to an exceptional second half of the year. Live Nation’s second quarter earnings showed a company is primed for a record year. Live Nation sold more than 100 million tickets to its concerts this ...
U2 to Perform First Concerts at MSG Sphere in Las Vegas
U2 will be the first group to perform at the MSG Sphere at The Venetian in Las Vegas when the $1.8 billion arena opens next year, multiple sources tell Billboard. The performances will be the first dates of a multi-show residency by the band at the high-tech arena, which is being built by Madison Square Garden Entertainment chairman James Dolan near the Venetian off the Las Vegas Strip. Officials with MSGE describe the MSG Sphere at The Venetian as the next generation of live entertainment, offering fans a multi-sensory experience of sound and light inside the largest spherical structure ever created. For concerts, the MSG Sphere at The Venetian can hold 20,000 standing spectators or 17,500 seated guests, with 23 VIP suites. The Sphere will include 160,000 square feet of video vi...
The Ledger: There’s Still Room for Consolidation in the Festival Market
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. For all the consolidation in the concert industry in the last decade, the festival business remains a diverse array of events operated by independent companies rather than the corporate behemoths. That’s one takeaway from Billboard’s new list of the top 50 music festivals of 2022 that considers the quality, size and cultural impact of the biggest and best events around the globe. The top 50 list is filled with potential mergers and acquisitions for growth-minded promoters: 35 of the top 50 festivals are owned by either independent promoters or, in a handful of cases, non-profit organizations. Some festivals are fewer th...
MSG Names Lucas Watson President of Sphere Venues
Business brand veteran Lucas Watson has been tapped to lead Madison Square Garden Entertainment Sphere venues. Watson will officially join the company on March 28 as president, MSG Sphere. The first MSG Sphere venue – MSG Sphere at The Venetian in Las Vegas – is currently under construction and is scheduled to open in the second half of 2023. The final cost for the venue is expected to come in at $1.66 billion. With over 25 years of global experience accelerating growth and building brands, Watson is set to drive various aspects of MSG Sphere’s commercial strategy including go-to-market planning and bookings, which will feature a wide range of bespoke “only in Sphere” attractions, residencies, conventions and product launches. He will work closely with his colleagues across MSG Entertainme...
