Music
Big Gains South of the Border: Live Nation To Acquire Controlling Interest in Ocesa
Resuming a deal that was first announced in 2019, Live Nation is set to acquire a 51% controlling interesting in Latin American promoter Ocesa Entretenimiento for a cool $444 million U.S. While that number is quite high, pandemic delays and changes in the exchange rate have accounted for a significant drop from the original $480 million price tag. The deal is expected to close later this year or early next year, with Live Nation buying the stake from CIE and Grupo Televisa, two large entities in the Spanish-speaking world. According to Live Nation CEO Michael Rapino, “After serving as Live Nation’s touring, festival, and ticketing partner in Mexico for years, we know Ocesa is a stellar business with deep roots in live entertainment in Mexico.” He adds, “[CIE President/CEO Alejandro Soberón Kuri] has built a remarkable company and as we continue to build on the return to live, OCESA will play a pivotal role in putting together many incredible shows in Mexico and the rest of Latin America.” To date, Ocesa has promoted some of the largest festivals in Latin America, as well as concerts for musical acts like Paul McCartney, Coldplay, and U2.
Film
Box Office Bounces Back: Global Profits Forecast To Rebound 68% by End of 2021
The box office is bouncing back, though not as quickly as some would hope. Global hauls this year are currently forecast to reach about $20.2 billion in revenue, up significantly from last year’s pandemic-restricted number of $12 billion. That 68% uptick is good news, but it can be a tough pill to swallow for some, considering 2019’s record-setting numbers (around $42.3 billion). One interesting thing to note: if the optimistic forecasts done by Gower Street Analytics hold, China will be the world’s largest market going on two years in a row—bigger than all European territories combined. As of the second week of September, just under 88% of global cinemas appear to be operating, which is equal to the pandemic-era peak on July 31, 2021. Hopefully as numbers improve, theaters will see a quick rebound in business, allowing studios to get their schedules back on track. It’s a long road, but we’re making substantial progress.
Theater
Take a Bow! The Big Five Kick Off Broadway’s Reopening
Broadway went dark back in March of 2020, and it’s been a long, hard road back to live theater. Fortunately, signs of hope are keeping weary spirits afloat. On September 14, 2021, a coordinated re-opening of Broadway’s biggest shows acted as a jolt to the system. Five productions, including long-running musicals like “Wicked,” “The Lion King,” and “Chicago,” pulled their curtains back and safely entertained theater-hungry audiences. In a brief curtain call before “Hamilton” returned to the stage, creator Lin-Manuel Miranda noted, “I don’t want to take live theater for granted ever again, do you?” The applause echoing out across the theater district were loud and long. Nearby, Kristin Chenoweth, one of the original stars of “Wicked,” got a standing ovation as she clicked her heels three times to re-introduce the show, telling the audience, “There’s no place like home … it’s good to see me, isn’t it?” It was. For many, the night felt like a pivotal moment, as acceptable safety precautions allowed them to enjoy the experience they’d been craving for 18 months. Fingers crossed (and heels clicked), this is only the beginning of theater’s grand return.
Streaming
Writing Their Own Ticket: Streamers and Hollywood Go Bonkers Over Talent Docs
One of the latest trends in the growing non-fiction content market is the phenomenon of super stars and recognizable personalities making documentaries about themselves. Ten years ago, no one would have predicted the rise in demand for the documentary experience that arose with the advent of Netflix. However, several non-fiction pieces are selling for upwards of eight figures. Bryn Mooser, founder of studio XTR, explains, “A lot of people didn’t understand the impact of what would happen when documentaries had distribution at this scale.” As Hollywood does, it followed the trend. Now, a growing number of celebrities are producing biographical and autobiographical documentaries. Certainly, this has happened in the past, but the new surge is raising ethical questions about narrative and what happens when a person owns control of their own story. Stars like Steph Curry, Billie Eilish, and Jutin Bieber have all released documentaries recently, and it can be hard not to see them as self-motivated. “There is definitely some skepticism when you see a main star as an EP,” says Bieber’s Our World directed, Michael D. Ratner. While the ethical dilemma will no doubt be debated as more of this type of content gets made, there is also the issue of what happens when the artist loses control of the story being told. Alanis Morrisette recently railed against a biographical film she was involved with, Jagged, decrying the fact that she felt she was misled and misrepresented. One messy PR nightmare aside, it will be quite interesting to see where the debate goes regarding who gets the final say on a person’s legacy.
Tech
The Show Must Go On: NFT Art Inspired by Freddie Mercury Heads for Auction
Three decades after his untimely death, Freddie Mercury is still making a distinct splash. The late Queen frontman is jumping into the world of NTFs (non-fungible tokens) as four pieces of art inspired by his legend go on auction this Monday. Proceeds from the event will be donated to charity and will feature art by Blake Kathryn, Chad Knight, Mat Maitland and MBSJQ. The auction, hosted by digital art marketplace SuperRare and the Mercury Phoenix Trust set up to honor Mercury by his former bandmates, will begin at 8 a.m. (PT) on Monday, September 20, and last for 75 hours (to honor what would have been the singer’s 75th birthday on September 5). Mercury and his band have been back in the spotlight over the last few years, thanks in large part to the blockbuster success of their Bohemian Rhapsody biopic, which netted Rami Malek an Oscar for his performance as the legendary musician.
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