Australian firm to invest $30m+ in regional venues

Australian Venue Co (AVC) has announced plans to invest more than AUD$30 million (€17.5m) across its portfolio of venues in a bid to bring more live music to regional towns in Australia.

It comes after the firm, which owns and operates over 200 pubs, bars and event spaces across the country, was bought for around $1.4 billion by private equity firm PAG Asia Capital in August last year.

Now, AVC plans to grow its investment in these venues to “mid-$30 million” (up from $27 million in the last financial year) for both ticketed and non-ticketed entertainment.

The firm says the investment will go towards infrastructure that will make their spaces ‘gig-ready’ and make it “more viable for bands to tour around the country, and to expose themselves to more audiences”.

AVC also wants to increase its venues’ ticketed shows by 135% from 850 shows last year to 2,000 before July next year, with close to 80% of its venues hosting live music.

“As the economic environment gets tougher, people are going to want to go out in an affordable way”

“I think as the economic environment gets tougher, people are going to want to go out and have time with their mates in an affordable way,” AVC’s CEO Paul Waterson told The Music Network. “And that’s where I think pubs can step in.”

The new nationwide music strategy will also see AVC add to its portfolio, which includes venues such as Auburn Hotel, Birallee Tavern and BrewDog Perth.

Australia’s live music market has been grappling with an ‘existential crisis’ with widespread closures among venues and festivals.

More than 1,300 venues have closed permanently since the start of the pandemic, according to a 2023 report from collection society APRA AMCOS’ 2022/23 Year in Review.

In a recent government inquiry into the trouble scene, stakeholders called for a voluntary levy on arena and stadium concert tickets to safeguard the country’s music venues.

Kris Stewart, CEO of Queensland music industry development association QMusic, said the introduction of a small levy would have a “transformational effect” on the local industry in Australia.

Stewart also suggested that Australian support acts should be mandatory for international tours, per Michael’s Rule.

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