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On Tuesday, Live Nation Entertainment (NYSE:LYV) announced a $1 billion investment to construct 18 new live music venues across the United States. The concert promoter is responding to a robust demand for musical performances from popular artists.
The company plans to open or begin construction on these venues, which will range from small clubs to large outdoor amphitheaters, over the next 18 months. This expansion aims to bring more major shows to smaller cities. Currently, Live Nation operates 150 venues nationwide, accounting for about 4% of all music venues in the U.S.
Live Nation’s Chief Financial Officer, Joe Berchtold, stated in May that the company anticipates two-thirds of concert fan growth to occur in the latter half of the year. The company, which is preparing for its largest year of live music to date, has already hired 37,000 U.S. workers to support this expansion.
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