Tim Leiweke’s State Of The Business: ‘We’re On The Verge Of Even Greater Growth, Opportunity And Change’

“I think we’re on the verge of a decade that will spell even greater growth, even greater opportunity and even greater change,” Leiweke said, adding that over the last 10 years the average concert gross has improved by 91%, with tickets per event growing by 40%. 

He added that the old fears of the live business not developing enough new artists to sustain the arena and stadium business has been proven patently false.

“We now know that’s not true,” Leiweke said, adding, “We’re going through an amazing period of time where we’re seeing artists start at a theatre and go into an arena in the course of one tour.”

He pointed to the big bets being taken on the $5 billion SoFI Stadium in Los Angeles as another indicator of the strength of the live business, with its dedicated theatre being built on its campus. 

“When’s the last time you heard an NFL owner one, spend this kind of money and make this kind of commitment personally ,and two, build a campus where music is just as an important as those 16 NFL games they’ll host every year,” he said of the future home of the Rams and Chargers being built by Rams owner Stan Kroenke.

Leiweke noted his own company’s bet on the live business, with $4.5 billion in arena projects including the hockey arenas in Seattle and New York’s Long Island, new arena in Austin and Palm Springs, as well new projects in Manchester and Milan. 

“Every one of these is built for music first,” Leiweke said, adding that OVG’s venue design were largely guided by Live Nation and touring industry experts working with architects to create world-class music, production, amenities and fan experience.

Leiweke also noted music’s power to rise to the occasion to solve problems, and says it’s the industry’s responsibility to lead the charge on sustainability and prevent climate change. 

“Going forward, i think the greatest challenge of this generation and our lifetime is global warming,” Leiweke said. “In the next 365 days, before we come back together again next year, you will hear from our company a commitment and initiatives in each one of these buildings, some extraordinary steps we’re going to take towards global warming. It’s time for our industry to step up and acknowledge it is a problem and the issue for our generation. We are the industry that can help put it front and center to lead the charge to correct it.”