"There is no question in my mind that the city not only can
handle two arenas, but needs a second one." – Jeff Meyer, SVP, Event Marketing & Sales –
North America, Feld
Entertainment
PHILADELPHIA, July 31,
2024 /PRNewswire/ -- Today, 76 Place released
findings from the study done by live entertainment expert CAA-ICON
that confirm a second Philadelphia
arena will address the unmet need for live entertainment options in
the city. The newly released findings confirm what leading
entertainment professionals have repeatedly said: Philadelphia not only can handle a second
arena, but has been losing out on entertainment options because it
doesn't have one.
"In the two years since we announced our vision for 76 Place at
Market East, the professionals who actually manage and book live
entertainment have never wavered: Philadelphia can not only handle, but will
greatly benefit from a second arena," said HBSE CEO Tad Brown. "76 Place will be the largest private
sector investment in Philadelphia
history, generating almost $1.5
billion in new tax revenue for the city, state and School
District – all at no cost to Philadelphia taxpayers – and include an
unprecedented $50 million community
benefits agreement. It's good for the 76ers, it's good for
Market East, and it's good for the city."
In its report examining unmet demand in Philadelphia, CAA-ICON estimated that two
venues, one in South Philadelphia
and a second in Center City, would
each host between 125 and 150 ticketed events annually, inclusive
of tenant events, Pollstar-reported events, and other ticketed
events. Importantly, its estimates do not include other
non-ticketed events such as community events, meetings or banquets,
which will drive usage higher.
CAA-ICON also noted that major cities with just one arena are at
a major disadvantage, with more limited date options because of
professional sports season schedules that can eat up weekends which
are key for successful tours and routing.
Despite being the seventh-largest MSA (Metropolitan Statistical
Area), Philadelphia ranks only
13th among concert markets in the U.S. Philadelphia hosts, on average, 50 fewer shows
per year than similarly sized cities. As just one example, for
shows produced by Feld Entertainment alone in the following
markets:
- NYC-Tri-State Market: 74 performances in 3 arenas
- LA Market: 62 performances in 4 arenas
- Chicago Market: 44 performances in 2 arenas
- Dallas/Fort Worth Market: 40 performances in 3 arenas
- Philadelphia Market: 26 performances in 1 arena
The findings of CAA-ICON have been echoed by industry leaders
who have long argued Philadelphia
is an underserved market for live events.
"There's plenty of room in the Philly market for two arenas –
the demand is there, the touring industry is on fire, and I've seen
firsthand the limitations that exist in South Philadelphia now. The fact is, the
biggest acts need weekend nights for a successful tour and those
nights are being occupied at the Wells Fargo Center by two
professional sports teams. There could easily be another 50 events
in the city if a new arena was built with a schedule, design, and
programming made to cater to both concerts and events." –
Irving Azoff, Chairman & CEO,
The Azoff Company
"There is no question in my mind that the city not only can
handle two arenas, but needs a second one - it's the only major
market without a second one." - Jeff
Meyer, SVP, Event Marketing & Sales – North America, Feld Entertainment
One of the most attractive elements of the proposed 76 Place is
its location in Philadelphia's
Center City, following a trend of
cities building arenas and stadiums downtown as part of an overall
economic development mission. As the industry group Hunden
Strategic Advisors wrote of the new Fiserv Forum in Milwaukee (the "Deer District"), it has led
"quite a transformation and this new arena and the district around
it transformed the downtown from really sort of a tough situation
to a vibrant nightlife scene."
"That is exactly the vision of 76 Place – building a new
world-class, privately funded home for the 76ers, meeting unmet
demand for live entertainment, and creating a real vibrancy along
Market East," said David Adelman,
Chairman of 76 DevCo. "We look forward to finalizing negotiations
with the city, having legislation introduced and approved this
fall, and building on the 76ers legacy right here in Philadelphia."
Media
Contact:
|
Molly Mita
McEndy
|
|
MollyMita@76ers.com
|
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SOURCE 76Place