Wasserman revels in branding opportunities for artists
New live music power player Casey Wasserman believes his company’s experience in working with brands will be the number one opportunity for its many new artist clients, following its multi-billion dollar acquisition of the Paradigm Talent Agency’s American assets.
As chairman and CEO of Wasserman Media Group (and the president of the Los Angeles Olympic organising committee), which includes newly rebranded Wasserman Music, he said buying Paradigm at a time when there is no live music was an easy gamble. “To be able to buy an agency that had scale, like Paradigm’s US business – and the UK business is not far behind for us – was a unique opportunity,” Wasserman told delegates at Pollstar Live! yesterday (17 June).
“Timing is luck. We didn’t buy a music business because we could get it cheap. We bought a music business because we believe in the music business – and we believe in it for the next 20 years – and opportunity to own a business with a great group of people and a great set of clients fits with how we think about the world.”
Appearing on stage alongside Oak View Group CEO Tim Leiweke and C3 Presents’ head promoter and talent buyer Amy Corbin, during the conference’s final keynote conversation (Reviving Live, What’s Next?), Wasserman said adding close to 50 music agents to his company’s existing 130 sports agents was a great deal.
“On the work we do for our brands, music is a big platform – it’s artist driven, it’s event driven, it’s festival driven, it’s building driven,” he stated. “The science behind what makes dollars valuable in the sports world and the music world and the cultural landscape is very similar, and we think one of the big opportunities that we have is that we are amongst the leaders in helping brands spend their dollars. I think it’s the biggest single opportunity for artists from the connectivity inside our company. Our ability to understand what the brands want and what the artists will do, and bring those two together, will create a lot of value for the artists.”
Noting the company’s strengths in data analytics, Wasserman added, “As our team likes to say, ‘the world is drowning in data and starving for insight.’ We think the insights we can offer on top of the data that everyone spews is as valuable to an artist as it is to an athlete or it is to a brand, and we’ve already started to do that. Most of the time I’ve spent with our agents is in thinking about brand connectivity and brand relationships, and for us that always starts from the data.”
“We think the insights we can offer on top of the data that everyone spews is as valuable to an artist as it is to an athlete”
Leading the panel, Oak View Group’s Francesca Leiweke-Bodie congratulated C3’s Corbin on selling out 450,000 tickets for Austin City Limits in record time. Corbin admitted that working from home was akin to being “in an isolation chamber,” unable to bounce ideas off her team, making the challenges of organising this year’s event considerable. “We had no idea that we would sell out in just three hours. The appetite was insatiable, and that’s promising for our industry.”
She added that with such C3 events as Lollapalooza to organise, amidst a tour landscape that will be the busiest ever in 2022 and 2023, her team are already working on festivals well into the future. “The traffic I’m seeing in 2022 is pretty crazy, so we’re being forced to get out ahead of it and at least secure the headliners… the sooner we can get started the better.”
Meanwhile, with seven arenas due to open in the next 18 months, Oak View Group’s Leiweke revealed they will announce “about ten more” in the near future. And with Seattle’s Climate Pledge Arena set to open in October, Leiweke took the chance to speak about the sustainability challenge that the music industry is facing.
“We have about a ten-year window where if we don’t solve our planet and sustainability, and what we’re doing to ourselves, the whole Earth is going to disappear one day,” warned Leiweke.
Applauding Amazon chief Jeff Bezos for coming up with the idea of a carbon-neutral arena, Leiweke continued, “Climate Pledge [Arena] is the first step; UBS Arena will also be carbon neutral, but will take more time as we have existing utilities we have to deal with. But we are committed ultimately now to make sure that for our industry we are a platform and we’re going to invite everyone up in October so we can share with you everything we’ve learned about how we can be carbon neutral, how we can help make this Earth a little bit better, and how we can lead the charge at making everyone understand that we have a few years to change this and if we don’t, we’re going to lose this battle.”
On a more upbeat note, Leiweke concluded that the industry’s recovery from the pandemic lockdown looks like it could be phenomenal.
“The amount of content that’s going to be out there is going to be spectacular and the amount of demand is the best we’ve ever seen,” Leiweke noted. “There’s new leadership and a new direction on how we ultimately maximise the value of touring for an artist by thinking outside the box. I think we’re now living in the golden age for live entertainment.”
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