The $100 Million Club: Three European Arenas Reach Nine-Figure Grosses

A multitude of arenas across Europe enjoyed a blockbuster 2024 according to Pollstar’s numbers for the year with three surpassing the $100 million threshold.

The O2 in London, UK saw a ticket gross of $112,751,101, closely followed by Madrid, Spain’s Movistar Arena, formerly the WiZink Center, ($106,260,202), and the biggest new arrival in Europe’s arena sector, Co-op Live in Manchester, UK ($100,680,253).

Movistar Arena sold over a million tickets (1,377,216) last year, chased closely by the Accor Arena in Paris, France (1,139,012), the Lanxess Arena in Cologne, Germany (1,117,147), the O2 (1,035,735) and the 3Arena in Dublin, Ireland (1,031,612).

Despite these staggering numbers, there are ongoing challenges facing the arena sector. Debbie McWilliams, managing director of strategy and people at SEC, of which the OVO Hydro is part, says, “In 2024, one of our biggest challenges was striking a balance between rising operational costs and delivering the exceptional fan experiences that define SEC.”

The SEC marks its 40th anniversary this year, and ongoing renovation are essential to ensure that it remains a major draw for both artists and audiences. “To meet this challenge, we focused on enhancing value and elevating the fan experience,” she explains. “Towards the end of the year, we opened a brand-new Sky VIP Lounge at the OVO Hydro, providing fans with an exclusive upgraded pre-show experience. We also transformed our merchandise store into the largest of its kind in any UK arena.”

Jorge Vinha da Silva, CEO of MEO Arena in Lisbon, Portugal, also believes that venues need to keep refreshing themselves, especially as more buildings are opening and raising the bar for what an arena can be and do.

“Overall, our industry is in a positive moment and we have spent time investing in the building to keep the venue attractive to major artists; we see that investment as the way to future-proof the business,” he says. “From my perspective, investment in new buildings and the refurbishment of older ones will create more business opportunities, which in turn create better engagement with fans and brands. I believe the competition to host major gigs will also increase.”

As the newest and biggest indoor arena in Europe, Co-op Live in Manchester, UK, wanted to make a ringing statement with its bookings, finally opening its doors last May after some delays. Alongside shows by Elbow, Liam Gallagher and Eagles, it also hosted the MTV Europe Music Awards.

Guy Dunstan, SVP and general manager of Co-op Live, says the boom in arena shows is “showing no sign of slowing down” and points to acts like Bruce Springsteen, Billie Eilish and Tyler, The Creator as paving the way by “bringing multi-night shows to Manchester”.

There has been much talk about the challenges of bringing through the headliners of tomorrow, but the O2 insists there is no talent pipeline panic, stating that in 2024 it “hosted more first-time headliners than ever before” – 41 in total, a 70% increase from 2023. These new headliners included Raye, Charli XCX and Mirror. McWilliams also points to Glaswegian artist Dylan John Thomas headlining the OVO Hydro in December last year as proof that new local talent can come through and sell at the level of Slipknot and Charli XCX.

Philipp Musshafen, CEO of the Hallenstadion in Zürich, Switzerland, believes there is a good mix of heritage acts and new acts at the headline stage. “Somehow you get the feeling that there are, or will be, fewer and fewer bands and artists like The Rolling Stones, AC/DC, Elton John, Céline Dion, etc.,” he says. “But I don’t think that’s entirely correct. There are ‘new’ acts that are following in these footsteps. Let’s take Imagine Dragons, Coldplay, Travis Scott and Sam Smith. So they do exist, these acts.”

He does warn, however, that some might ascend to this level swiftly but do not have the required staying power. “There are also some that quickly make it onto the big stage, but then quickly disappear again,” he adds. “So, it remains exciting, but I think the future of live events is secure.”

Arenas are also working hard to become greener, finding new ways to lower their carbon footprint and promote sustainability.

“We’ve recently launched an initiative to encourage fans to use public transport, walk, or cycle to our events,” says McWilliams. “To make it more rewarding, those who share a photo of their sustainable journey will be entered into a quarterly draw for a chance to win tickets to a show of their choice.”

Musshafen believes green issues are paramount and need to be addressed alongside ongoing improvements in venues to enhance the live music experience as much as possible.

“We see that the issue of sustainability is becoming increasingly important, as is the feel-good factor,” he says. “This applies to artists, promoters and visitors alike. It’s not just about the concert on stage; it’s an overall experience that begins with the purchase of a ticket and only ends after the event.”
Manuel Saucedo, GM of Madrid’s Movistar Arena, warns against the live industry getting too greedy, with new investment money coming into the sector and steadily rising ticket prices becoming normalized.

“We have seen a lot of investment funds entering the music industry for the first time and investing in promoter companies and festivals,” he says. “We cannot fill up the audience with musical options, and fans cannot pay certain excessive prices for the tickets. The industry is running smoothly, but we cannot kill the goose that lays the golden eggs.”

Stefan Löcher, CEO of Lanxess Arena, says consumers are increasingly sensitive to pricing issues and venues need to recalibrate their expectations around ticket sales accordingly.

“We are witnessing radical shifts in consumer purchasing behavior,” he says. “The decision to buy [tickets for] a concert or an entertainment show is often made at much shorter notice compared to a few years ago. Naturally, event organizers are reacting by shortening presale periods, which, in turn, is compressing tour planning in the music business into much tighter time frames.”

Dunstan insists that properly nurturing fans is critical to everyone’s future here. “There are significant conversations around ticketing, pricing, levies and wider support for the full ecosystem, some of which I am personally, alongside Co-op Live, involved in,” he says. “There’s a notable shift towards fan demand and increasing expectation, and a drive for an industry-wide collaborative and sustainable approach.”

Expectations are high for another strong year in 2025, with even more European arenas hopefully breaking through the seven-figure barrier and taking their place in the Million Ticket Club.

by Eamonn Forde