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Endeavor’s Q3 revenue gains driven by WME

WME parent company Endeavor posted a significant loss for the third fiscal quarter of 2024 but saw revenue gains driven by its talent representation and live sports businesses.

The Los Angeles-based sports and entertainment giant reported revenue of $2.03 billion for Q3, as well as a net loss of $420.4 million – nearly three times larger than the same period last year.

The representation segment was up 11% to $429.2m, attributed to growth in WME’s talent and music businesses and “the continued consumer demand for live music”. This increase was partially offset by decreases in the nonscripted content production business.

WME’s roster includes Justin Timberlake, Adele, Bruno Mars, Pearl Jam, The Killers, Bjork, Foo Fighters, Stormzy, St Vincent, Shakira and Snoop Dogg among others.

The owned-sports segment — which includes TKO, the parent company of wrestling giant WWE and MMA leader UFC, along with Professional Bull Riders, which will soon be sold to TKO — increased revenue by 53% to $735.2m.

“Our owned sports and representation segments delivered solid results driven by continued consumer demand for live events and content”

The events, experiences and rights segment surged to $899.8m (a 145% year-over-year increase) due to On Location’s hospitality business at the Paris Olympics.

“During the quarter, our owned sports and representation segments delivered solid results driven by continued consumer demand for live events and content,” says Ariel Emanuel, CEO, Endeavor. “As we work toward the close of our take-private transaction with Silver Lake, we remain focused on delivering for our clients, partners, and shareholders, maintaining momentum throughout our business, and completing the sale of PBR, On Location and IMG to TKO.”

In April this year, it was announced that Endeavor would be acquired by majority shareholder Silver Lake in a deal valued at $13 billion. The Silicon Valley-based private equity company plans to take Endeavor private next year, as the firm sheds assets.

In October, Endeavor announced an agreement with TKO to acquire Professional Bull Riders, On Location, and event management, digital services, consulting and media rights company IMG in an all-equity transaction valued at $3.25 billion. The deal will increase Endeavor’s stake in TKO by 6% to 59%.

 

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TEG announces new MD of experiences

Australia’s TEG has appointed Shane Harmon, an executive with more than 25 years of industry experience, as managing director of experiences.

Harmon joins from his role as CEO at Sky Stadium (34,500) in Wellington, New Zealand. Throughout his career, he has worked with a handful of sports organisations like Rugby Australia, football team Sydney Swans, and the local organising committees for the 2011 and 2023 Rugby World Cups.

He will lead development for TEG’s Experiences branch, which specialises in family and touring entertainment. Recently, the TEG arm promoted Brickman’s LEGO-built Jurassic World, Paw Patrol Live!, and the Friends TV show Experience.

“I’ve always been impressed with the sheer breadth of TEG’s live offerings and I’m very excited to join [CEO] Geoff [Jones] and the TEG team to help build the business further,” Harmon says.

“I am passionate about the live experience. Live events have a unique power to bring us together in ways that nothing else can. In a world where we are so connected to technology, shared experiences with friends, family and community have never been more important,” he adds.

“Shane’s wealth of knowledge from the entertainment and sports industries is unparalleled”

Harmon steps into the role previously held by Rachael Carroll, who is now set to lead TEG Sport as managing director to focus on growing the firm’s global programming.

TEG is a global firm dealing in live entertainment, ticketing, and data. The TEG umbrella includes TEG Live, TEG Sport, TEG Experiences, TEG Dainty, TEG Europe, TEG Asia, TEG North America, and more.

TEG Group CEO Geoff Jones shared his excitement for the addition to the TEG team: “Shane’s wealth of knowledge from the entertainment and sports industries is unparalleled, and his experience will no doubt play a major role in taking TEG’s growth strategy to the next level and promoting some of the World’s best experiential events.”

The entertainment company has made a series of appointments over the past year, including Tim McGregor as TEG Live global head of touring, Simon Cahill as TEG Group head of commercial, Phil King as Ticketek Australia managing director, and Cameron Hoy as TEG chief operating officer and head of global ticketing.

IQ recently dove into the family and touring entertainment sector with the Touring Entertainment Report, available to read digitally.

 

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Wasserman seals CSM Sport & Entertainment deal

Agency giant Wasserman has completed its acquisition of sports marketing company CSM Sport & Entertainment.

Wasserman says the deal will expand its service capabilities and footprint in the sports, music, entertainment and culture industries, giving it “the geographic reach to provide tailored services and an unrivalled network of relationships, skills and specialisms to leading brands, properties and talent across 27 countries and 62 cities worldwide”.

Describing the two companies as “a natural fit”, it adds that the resulting scale across Africa, Asia, Europe, Oceania, and North and South America will allow the combined business to “accelerate growth across the board”.

“The completion of the Wasserman-CSM deal is another exciting and important milestone in Wasserman’s growth as we continue to build a company that serves the best talent, brands and properties across the world,” says Wasserman chair and CEO Casey Wasserman. “I, along with the entire Wasserman team, am looking forward to working with Matt Vandrau and his colleagues as part of a world-class management group running a global platform that powers the business of sports, music, entertainment and culture.”

“It’s the combining of expertise that brings together the brightest and the best in the world of sport, music, entertainment and culture”

CSM marks Wasserman’s 12th acquisition in the past two years alone. Last month, Wasserman acquired entertainment management and production company Brillstein Entertainment Partners, formally launching its entertainment vertical.

“We are hugely excited about the future following the completion of the Wasserman-CSM acquisition,” adds CSM group CEO Matt Vandrau. “For me, this is more than a sale of our business. It’s the combining of expertise that brings together the brightest and the best in the world of sport, music, entertainment and culture. This is the start of what will be an incredible new chapter, and I look forward to working alongside Casey and team to ensure sustainable success.”

Headquartered in Los Angeles, Wasserman operates globally across 27 countries and more than 62 cities, including New York, London, Abu Dhabi, Amsterdam, Hong Kong, Madrid, Mexico City, Toronto, Paris and Sydney.

 

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Silver Lake, Roc Nation invest in merch company Fanatics

Sports merchandise company Fanatics has raised US$325 million from investors including Jay-Z and his company Roc Nation, a joint venture with Live Nation, and private-equity company Silver Lake Partners, which owns shares in TEG, WME, Oak View Group and Madison Square Garden Company.

Headquartered in Jacksonville, Florida, and with international offices in Tokyo and Manchester, UK, e-commerce giant Fanatics sells officially licensed products for the National Football League, Major League Baseball, the National Football League, Nascar and more, and also operates several bricks-and-mortar shops.

The new funding will be put towards launching a non-merchandising division focusing on ticketing, gaming, media and sports betting, according to the Wall Street Journal. The company recently launched a company focusing on NFTs (non-fungible tokens), Candy Digital, and also has a partnership with leading esports competition Overwatch League.

The new investment values the company at more than $18 billion, the WSJ reports. The company expects to make $3.4bn in revenues in 2021.

Last week, the company hired Dan Goldberg, formerly of Warner Music Group, as senior vice-president for music and entertainment development, signalling its intention to branch out beyond sports apparel into music merchandise.

 

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UK cricket stadia to host concerts this summer

Cricket venues in England and Wales will become outdoor concert venues this summer as part of a new partnership between a new cricket competition, The Hundred, and the BBC’s emerging-music platform, BBC Music Introducing.

The Hundred, which kicks off in July, is a cricket tournament which aims to attract younger and more diverse crowds to cricket, its ‘100-ball’ format ensuring that each match will last less than three hours. It will feature eight men’s and women’s teams from London, Manchester, Leeds, Nottingham, Cardiff and Hampshire.

The tie-up with BBC Music Introducing will see artists including Jerub, Lady Sanity, Oscar Welsh, the Orielles, Coach Party and Rachel K. Collier performing at their respective local cricket grounds, with the shows (along with the match) broadcast on the BBC and Sky TV.

Lady Sanity, who will perform at Edgbaston Stadium (25,000-cap.) at Birmingham Phoenix game, says: “I’m excited to finally be on a stage, especially in Birmingham. I can’t wait to perform at The Hundred and get back to live audiences.”

“It’s been far too long since we were last on stage together,” collectively add the Orielles, who will play a Manchester Originals home match at Emirates Old Trafford (26,000-cap.). “We can’t wait to hit the stage at Emirates Old Trafford and watch Manchester Originals smash it all summer.”

In addition to the live performances at matches, a local BBC Music Introducing DJ will be associated each of the eight new teams, tasked with curating a soundtrack which reflects their city and the people, artists and sportsmen and women in it. “From walk-out music to game reaction sounds, the venue DJs are in full control of the sound of their team,” explains a Hundred spokesperson.

“We are curating a real festival line-up to deliver a groundbreaking music programme”

Jess Iszatt, the DJ for London Spirit, says: “This time just over a year ago, I was already looking forward to being a part of The Hundred, but it is safe to say I am even more buzzing to be a part of a huge major event coming back this summer, like coming out of a cold dark winter hibernation. We all know that both sport and music are key in helping maintain mental and physical wellbeing, and during the pandemic both the sporting and music world have been halted.

“I can’t wait to be playing great new music that I have discovered over the past year while cheering on London Spirit.”

Sanjay Patel, The Hundred managing director, comments: “In collaboration with BBC Music Introducing, we are curating a real festival line-up to deliver a groundbreaking music programme that is integrated into a world-class sporting event, unlike anything that has been delivered before.

“Each of the acts, DJs and hosts we’ve announced embody the spirit of The Hundred in their own way and they’ll be bringing the energy all summer long. With fast-paced cricket on the pitch and live music performances off it, we’re delivering on our promise to provide entertainment for the whole family.”

Adult tickets for Hundred games start at £10, while under-16s will pay £5 and under-fives go free.

The Hundred matches and live performances announced so far are:

Fri 23 July: Birmingham Phoenix vs London Spirit, Edgbaston, Birmingham – Lady Sanity
Mon 26 July: Trent Rockets vs Northern Superchargers, Trent Bridge, Nottingham – Jerub
Weds 28 July: Manchester Originals vs Northern Superchargers, Emirates Old Trafford, Manchester – The Orielles
Mon 2 Aug: Oval Invincibles vs Welsh Fire, Kia Oval, London – Oscar Welsh
Mon 16 Aug: Southern Brave vs Oval Invincibles, Ageas Bowl, Southampton – Coach Party
Weds 18 Aug: Welsh Fire vs London Spirit, Sophia Gardens, Cardiff – Rachel K Collier

 

This article forms part of IQ’s Covid-19 resource centre – a knowledge hub of essential guidance and updating resources for uncertain times.

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Oxynade by SecuTix launches sports ticketing solution

Oxynade by SecuTix, the SaaS ticketing solution, has announced a new fully digital sports ticketing platform specifically for mid-sized clubs.

The new sports solution on Oxynade’s platform is designed to serve sports organisations that might not be able to implement a dedicated ticketing service or who currently only have an online ticket registration form for collection.

The new sport-specific solution follows the success of Oxynade’s work with sports clubs, including German football club Viktoria Berlin and the Latvian professional basketball team VEF Riga.

The Oxynade platform features a new season card sales system, which will soon have an online renewal feature, allowing smaller clubs to handle their own season cards. It also has a new web point-of-sales system to ease sales on match days.

Other recent developments include a membership option to register fans and grant privileges and also allow them to transfer seats to friends or business partners. By converting sales to online channels, Oxynade by SecuTix enables clubs to collect much more fan data, essential to marketing processes and customer service.

IQ caught up with Hans Nissens, northern Europe operations lead for SecuTix, to find out more about the new online, mobile sports platform, which is designed to help mid-sized clubs manage tickets and fan engagement…

IQ: What made you decide to launch a solution specifically for sports clubs?
HN: There are several reasons why SecuTix has jumped into this market. The Covid period has made a shift to digitalisation for all sports clubs, imposed by the local government as a condition to stay open or reopen. The clubs have to register who is in their venue and where they are seated. For this, they need a good ticketing solution.

But most of the existing ticketing technologies and platforms are way too complex and too expensive for mid-size sports clubs, especially when they want to take control over their own sales (in terms of process, collecting fan data and payments). Besides some local initiatives, there are no real 100% self-service platforms in the market to give mid-size sports clubs an easy-to-use full ticketing and season card management system (including renewals).

Following the the earlier acquisition of Oxynade, SecuTix now had the possibility to create such a self-service platform on top of the existing Oxynade platform.

Is the future wholly digital, or is there still a space for paper tickets?
Undoubtedly, there is a shift towards digital tickets. Oxynade supports plain PDF tickets, PKPass mobile formats and (soon) the TIXnGO mobile wallet (a secure mobile wallet solution within the Elca/SecuTix family, but which can also be easily integrated with other external ticketing platforms).

During the analysis in preparation for this new product, we interviewed many mid-size sports clubs all over Europe. One of the main reasons why mid-size sports clubs are opting for our solution is to have less, or even no, sales at the door anymore. So it’s certainly their intention to move as much as possible ticketing towards digital.

“Most of the existing ticketing technologies and platforms are way too complex and too expensive for mid-sized sports clubs”

How are you gearing up for the return of live events, and when do you see the this happening?
We are ready for them to return. Steadily we see some activity with our customers; the hope is slowly returning.

We all hope for a vibrant summer, but we can assume it will take us until late summer/autumn before bigger things can happen. I wish it could be different.

What else has  Oxynade by SecuTix been working on during lockdown? For example, do you have any other new Covid-secure technology?

The year 2020 was quite a busy year in terms of product development for Oxynade. Besides the new sports clubs project, the Oxynade platform is already widely used by marketplaces and distributors. Because of Covid, the Oxynade platform has developed further its museum possibilities with advanced time slot features.

But we launched also a full web POS (a point-of-sales system to sell – ironically – easier at the door), we have integrated PeakProtect (our in-house queuing and peak monitoring system), adopted a new range of PDA scanners for access control, upgraded our self-service seat plan creator and so on.

With all these improvements and extensions we have made our position in the market as self-service B2B ticketing system even stronger.

Anything else we should know?
We are still looking for partners who want to distribute our mid-size sports club product in their specific market. When interested, they can contact Oxynade through our web form.

 

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Denmark’s restart team submits recommendations

Denmark’s ‘restart team’ has submitted a catalogue of recommendations on the reopening of the cultural and sports sectors to the ministry of culture for government approval.

The ten-person team, which was assembled by the government in autumn 2020, has met with more than 80 key stakeholders across the two sectors to determine how the government should allocate the 50 million DKK it previously earmarked for the restart.

The restart team has made the following recommendations for the government:

“It is crucial that we get as much momentum as possible in culture and sports under the conditions we live in right now”

The team has also made a number of recommendations that require a longer-term effort and/or funding that is outside the allocated 50m DKK.

The team – which includes Esben Marcher (Dansk Live), Signe Lopdrup (Roskilde Festival Group) and Sara Indrio (Danish Artist Association) from the music sector – has outlined the financial loss event organisers have experienced due to the pandemic, and the risks that lie ahead with the reopening.

The team has recommended the following solutions:

• Compensation schemes and other support that must ensure that organisers in culture and sports can receive financial coverage for losses during a reopening.
• Risk capital, possibly in the form of a loss guarantee or government-backed insurance for organisers in case they are forced to cancel their events.
• Ongoing compensation for those who have to wait longer to open.

Joy Mogensen, Denmark’s minister for culture, says: “It is crucial that we get as much momentum as possible in culture and sports under the conditions we live in right now.”

Dansk Live’s Marcher says: “We have gone for broad, embracing proposals that can benefit all actors, which of course means that recommendations are not necessarily directly aimed at live organisers. However, I think it is positive that the SAFE project on testing quick tests is included in recommendations, just as it is positive that there is a focus on pushing for innovation in culture and sports.”

Roskilde Festival Group’s Lopdrup, who is deputy chairman of the restart team, says: “Cultural and sports life has been hit hard by closure and restrictions. In our work, we have encountered a sector that, on the one hand, fights hard for survival and, on the other hand, does everything possible to come up with proposals for solutions and the development of formats that can pave the way for those cultures and sports experiences we all lack so much.

“Our recommendations certainly do not solve all the challenges, but I hope they can help inspire and open up new opportunities for the players and thus pave the way for the reopening of cultural and sports life, so we can meet about the community-creating experiences again.”

 

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Tap Management launches sports venture

Artist management company Tap Music has launched Tap Sports, a new business offering athlete management and branding and entertainment services to the sports industry.

Established by Ben Mawson, co-founder of Tap, whose music roster includes the likes of Lana Del Rey, Dua Lipa, Ellie Goulding and Dermot Kennedy, Tap Sports will focus on two main activities: offering consultancy and creative marketing services for sports clubs and sports entities, and brand and commercial management for athletes.

Initial Tap Sports clients include English football club Leeds United and Leeds/England player Kalvin Phillips, while Del Rey will record ‘You’ll Never Walk Alone’ for an upcoming documentary on Liverpool FC’s title-winning 2020 season.

Leading the new company is managing director Zoe Prothero, formerly of Coca-Cola (where she worked with Fifa and Uefa), Fuse (FA Premier League) and Formula E, with Carl Fysh, Lottie Lander and Thom Denson handling publicity.

“I am excited to launch Tap Sports with an incredible team alongside me, who all lead their respective industries,” comments Mawson.

“There is much synergy between entertainment and sports and an often-missed opportunity to grow audiences”

“We hold the belief that there is much synergy between entertainment and sports and an often-missed opportunity to grow audiences worldwide. We want to work closely with the best agents and best players and help them build their profile and commercial value.

“We will work strategically on the brand endorsement side, rather than just transactionally, and help players become cultural icons, building brands with a reach far beyond the pitch. I’m especially excited to be working with Kalvin Phillips, an incredible player at such an exciting time in his career.”

Angus Kinnear, chief executive of Leeds United FC, adds: “Following our promotion to the Premier League we have many new and exciting opportunities to engage and grow our fanbase across the UK and internationally. We look forward to working with the team at Tap to help us deliver against these off-field ambitions.”

In addition to Tap Management and Tap Sports, Tap Music comprises a record label, digital and publishing divisions, and a specialist electronic business, launched last year.

Other music companies with sporting divisions include CAA (CAA Sports), Endeavor (IMG), Paradigm Talent Agency and Crockford Management (Coda Independent Sports) and UTA (Klutch/UTA Sports).

 

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Turkish GP shifts 40,000 tickets in six hours

In news likely to make many a concert promoter weep, the Turkish Formula 1 grand prix sold more than 40,000 tickets within six hours of Wednesday morning’s onsale, promoter Intercity has announced.

The first tickets for the race, priced at ₺30 (€3.50) per day or ₺90 (€10) for a three-day pass, were released on 16 September. Organisers are targeting an audience of 100,000 for the grand prix, which will take place on 15 November at the 220,000-capacity Istanbul Park circuit.

According to Intercity chairman Vural Ak, a socially distanced six-figure crowd can easily be accommodated with the track at less than half its capacity. “We know the capacity of this track,” he told reporters at a press conference earlier this month. “Around 220,000 spectators can watch the race in the grandstands and in the open areas.

“At the moment, for safety reasons, if we close some sections, about 100,000 spectators will be able to watch the race by following social distancing rules.”

“About 100,000 spectators will be able to watch the race by following social distancing rules”

Formula 1 is returning to Turkey for the first time since 2011 this year, with Istanbul added to the revised 2020 F1 calendar late last month.

According to PlanetF1.com, Intercity is not expecting to turn a profit for the event.

“Formula 1 normally has certain standards, and ticket prices are at a certain level,” says Ak. “However, we do not seek to gain financial advantage from this, and the government has encouraged us [to go ahead with a low ticket price].”

The first eight races of the F1 season were held without fans, with the ninth, 13 September’s Tuscan Grand Prix at Mugello, Italy, the first to have an audience, selling 2,880 tickets per day.

 

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T4F sells stock-car biz to focus on music

Time for Fun (T4F Entertainment) has sold its shareholdings in Vicar Sports Promotions, the promoter of Brazil’s popular Stock Car and Stock Car Light racing series, to focus on its core live music business.

Sao Paulo-based T4F is South America’s leading live entertainment company, promoting shows and festivals and running venues in Brazil and Argentina. It has been in control of the Nascar-inspired Stock Car series since 2006.

The sale of Vicar, to Veloci Investments, is “aligned to the company’s strategic planning in order to increase its efforts to the promotion of major music festivals and live concerts, as well as family events and theatre”, according to T4F’s CFO, André Pinheiro Veloso. T4F’s festivals include Lollapalooza Brazil and Popload Festival.

The proceeds will reinforce Time for Fun’s cash position, he adds.

Similarly to other public live entertainment businesses, T4F saw its turnover decline 98% in the second quarter of 2020 as touring ground to a halt.

 

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