Arena Market: Puerto Rico

2004 was a big year for Puerto Rico, and for reggaetón. Not only did local boy Daddy Yankee’s Gasolina become the first Spanish-language song to be played on mainstream US radio since Los Del Río’s Macarena in 1993, but in the Caribbean island’s capital of San Juan, the Coliseo de Puerto Rico José Miguel Agrelot was opening its doors.

Twenty years on, with reggaetón not just a crossover curio but one of the dominant musical styles worldwide, the ASM Global arena (known locally as ‘Choliseo’ or ‘Choli’) celebrates its first two decades, even as it remains the home ground for a remarkable pool of homegrown reggaetón superstars – from Bad Bunny and Daddy Yankee to Ozuna, Rauw Alejandro, Wisin & Yandel, and Justin Quiles, not to mention Latin stars of Puerto Rican birth and descent including JLo, Ricky Martin, Marc Anthony, and others.

With a little over 3m residents, Puerto Rico has just one major arena, but it is a hardworking one, marking its 10 millionth visitor two years ago and approaching 13m now. In the fiscal year 2023, the arena reported a net income of $7.5m– the highest recorded since its opening.

According to ASM Global regional general manager Jorge Pérez, the big-time status of the island’s cultural exports and the 18,500-cap arena’s ability to give them a major venue on home turf have been mutually beneficial.

“We have artists that are being heard around the world, so that creates awareness for Puerto Rico, which is very positive for us, because not only are we exporting our culture, our music, but it creates traction and awareness for Puerto Rico itself”

“We have artists that are being heard around the world, so that creates awareness for Puerto Rico, which is very positive for us, because not only are we exporting our culture, our music, but it creates traction and awareness for Puerto Rico itself,” he says. “As a world-class venue, we have benefited from that.”

Coming through the arena recently have been Louis Tomlinson, Evanescence, Luis Miguel, reggaetón pioneer Ivy Queen, Daddy Yankee, and Eladio Carrión.

As an unincorporated territory of the United States, Puerto Rico is a destination for significant numbers of US fans, drawn by the promise of Caribbean adventure and, of course, cheaper tickets.

“About 10% of the tickets that we’re selling across the board are coming from the US,” says Pérez. “Sometimes it might be cheaper to see someone like Bad Bunny here in San Juan, just because his pricing is more attractive. In the US, front-row tickets are $800, $900 face value; here, those same tickets are $100, $150.”

Nonetheless, El Choliseo is one of the most profitable arenas in the US, regularly charting among its top venues. It routes comfortably not only as a Caribbean stop between North and South America but in tandem with the increasingly muscular neighbouring market of Dominican Republic, all the while delivering significant tourism benefits to its own island.

“About 10% of the tickets that we’re selling across the board are coming from the US”

“We estimate that maybe 30,000 or 40,000 people a year are coming to see a show,” says Pérez, “so that’s creating room tax estimated at maybe $20m. We have worked to create that economic movement from the diaspora and from the US in general, and that’s something that we’re very proud of.”

With the 20th anniversary in mind, local muralists are in the process of decorating the interior walls of the venue as part of a project called ‘Choli Walls.’ “We really can’t do much with the structure, but we are changing the look and feel of the inside,” says Peréz.

Also on the birthday agenda, following a ‘Star for a Day’ competition and a 5km charity run through San Juan, is a free festival for the people of Puerto Rico, with 15,000 expected and acts yet to be announced.

So can we expect Choliseo to last another two decades? “We will keep the building in top shape,” says Pérez.

“Everything has changed so quickly, and we have venues that are so advanced technologically – and we are, too. But I think sometime in the next 20-year window we might have to sit down and look at having a second Choliseo.”