Oak View Group Focusing On Constructing Venues For Live Music
Oak View Group is "slated to develop eight new arenas over the next three years, six of which will forgo major-league teams, largely to keep their calendars clear for concerts," according to Anne Steele of the WALL STREET JOURNAL. OVG said that an arena can "generate twice as much net income from hosting a concert" than an NBA or NHL game. OVG added that being able to "schedule twice as many concerts as it would otherwise with a professional team in house is an attractive prospect in markets including Palm Springs, Calif., and Austin, Texas." Of the eight new arenas slated to be under construction or open by '22, OVG said that six of them are being developed in markets that "lack adequate concert venues." OVG also said that these arenas -- with 10,000-18,000 seats -- are being "designed with music as the primary focus, from acoustics to VIP amenities." They will include "fewer suites" and "add more clubs within the venue to entice concertgoers to linger before or after a show." Without an NHL or NBA team to schedule around, upward of 40 extra days a year are "available for concerts" (WALL STREET JOURNAL, 11/19).