Stay Nation to speculate $1bn in US music venues over subsequent 18 months; says it ‘invested $14bn in artists’ globally in 2024

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Stay music large Stay Nation plans to speculate $1 billion in 18 new and renovated venues throughout the US over the subsequent 18 months, stressing the constructive influence of the funding on the US financial system.

The brand new or refurbed venues, ranging in dimension from intimate golf equipment to giant amphitheaters, are in markets ranging in dimension from giant cities like Denver, Pittsburgh and Seattle, to smaller markets like Allentown, Pennsylvania, Birmingham, Alabama, and Riverside, Missouri.

It’s a part of Stay Nation’s ongoing technique to construct a community of owned-and-operated venues, of which the corporate now owns 150 within the US, or about 4% of all music venues throughout the nation.

The concept for the venue funding is to deliver “extra massive reveals to smaller cities throughout America,” Stay Nation stated in an announcement on Tuesday (June 10).

“Our mission is straightforward: assist artists ship extra unforgettable dwell experiences – and in doing so, create jobs, revive cities, and carry up the communities we contact,” CEO Michael Rapino stated.

“As an American firm, we drive influence right here at residence whereas additionally serving to elevate and export the easiest of what this nation represents: freedom, creativity, grit, and boundless chance.”

Stay Nation additionally cited a sequence of stats in its announcement right now (June 10) to help its declare of being “the most important investor in artists globally.”

Based on Stay Nation, it “invested $14 billion in artists” in 2024 (i.e., what it spent on placing on artists’ reveals), which it stories was “greater than triple the $4.4 billion invested in 2016″.

The corporate stated that this funding “helps headliners and rising stars, with a 25% improve in payouts to membership and theater acts since 2019 alone”.

Stay Nation additionally stated that it supported over 9,000 growing artists via its On The Street Once more program, which permits artists to maintain 100% of their merchandise income. Stay Nation stated that this system has “returned tens of hundreds of thousands of {dollars}” again to artists.

The variety of touring artists supported by Stay Nation “surged” practically 60% from 8,200 in 2016 to 13,000 in 2024, in accordance with the corporate.

In the meantime, on the venue entrance, the corporate’s management group has been pointing to what it sees as a dearth of venues in secondary cities within the US, resulting in the phenomenon of “semi-residency” – main artists holding giant numbers of reveals in a comparatively small variety of places, forcing followers to journey lengthy distances to see their favourite acts. Or, as CFO Joe Berchtold not too long ago described it: “Decide a number of cities, do numerous stadiums.”

“Each fan deserves entry to unforgettable dwell music – with out having to drive hours to a serious metropolis,” Stay Nation stated, underscoring its “dedication to increasing into smaller, underserved music markets.”

The corporate can also be stressing the financial influence of its funding, citing analysis from Oxford Economics that estimates the $1 billion funding will result in $2.9 billion in financial exercise, together with spending on engineering, growth, and building. As soon as the venues are operational, they’ll symbolize $1.4 billion in annual financial exercise for the 18 communities.

Moreover, the corporate stated it’s “persevering with efforts” to ship 1 million tickets underneath $30 to summer season reveals, a part of an ongoing effort to counter perceptions amongst customers that the corporate, notably its ticketing division, Ticketmaster, is gouging customers.

“Our mission is straightforward: assist artists ship extra unforgettable dwell experiences – and in doing so, create jobs, revive cities, and carry up the communities we contact.”

Michael Rapino, Stay Nation

Regardless of complaints from some followers about excessive costs for tickets to sure reveals, Stay Nation says 65% of tickets the corporate sells are underneath $100, whereas simply 2% promote for greater than $500.

Stay Nation harassed its function as an employer, noting that its venues have employed 37,000 folks throughout the US, implementing a $20 minimal wage for many positions, and the brand new funding in venues will spur the creation of 15,000 jobs in building and associated actions.

It additionally famous its function as a driver of US music exports.

“In 2024, Stay Nation promoted excursions for 400 American artists on international phases, reaching over 16 million followers – a 250% improve since 2016. These excursions generate vital income for the American financial system, whereas additionally increasing the attain and affect of American music worldwide,” the corporate stated.

A number of elected officers thanked Stay Nation for its efforts to deliver new venues to their cities, together with Memphis Mayor Paul Younger, who known as Stay Nation’s new Satellite tv for pc Music Corridor growth “actually, actually necessary for our metropolis,” and New York Mayor Eric Adams, who lauded the corporate for its redevelopment of the enduring Brooklyn Paramount, which opened as a dwell music venue final 12 months.

“Brooklyn Paramount will deliver the perfect and brightest expertise to Brooklyn, serving as each a serious vacationer attraction and venue for native New Yorkers,” Adams stated.

Talking in regards to the Riverside Amphitheater, set to open in 2026 in Riverside, Missouri, the town’s mayor, Kathy Rose, stated: “We’re so excited for the arrival of Riverside Amphitheater, which is able to elevate the world’s live performance scene to new heights. Thanks to Stay Nation for this funding in our group. These occasions will draw company into the venue from each close to and much whereas creating fantastic new reminiscences.”

Stay Nation’s venue investments come as the corporate continues to defend itself in opposition to an antitrust swimsuit introduced by the US Division of Justice and dozens of state attorneys normal, alleging that the corporate abused its dominant place in dwell music to interact in anticompetitive practices. A federal choose in March rejected Stay Nation’s movement to dismiss two elements of that lawsuit.

The 18 markets the place Stay Nation is planning to open venues within the subsequent 18 months are listed beneath.