Building on the massive importance, impact, and universal popularity Latin music has in the U.S. and around the globe, Oak View Group (OVG), the global venue development, advisory, and investment company for the sports and live entertainment industries and SBS Entertainment, the entertainment division of Spanish Broadcasting System, Inc. the “Company” or “SBS”) (OTC Pink: SBSAA) the leading Minority certified, Hispanic multimedia and entertainment company today announced a multi-year strategic agreement. The two innovative, growing companies will reimagine the live performance landscape by bringing together both a media entertainment company and a venue entertainment company to create new content and expand the presence of fan-favorite events to reach new mainstream audiences throughout North America.
SBS Entertainment is known for bringing to life some of the most iconic live Latin music experiences. Its line-up of live music events consists of experiences that have been around for decades, including the Crown Jewel of Live Latin Music events, Calibash, which has been historically sold-out since its inception. In recent years, the popularity of Latin music continues to surge. According to RIAA, Latin music revenue generated $552M on a retail basis in the US in 2019, $655M 2020, and growing to $886M in 2021. The 2021 total signifies roughly 35.3 percent year-over-year growth, against 23.4 percent year-over-year growth for the broader domestic music industry throughout the same period, outpacing overall recorded music revenues and reaching an all-time high in share.
As part of the deal, SBS’s signature events including Mega Mezcla, Amor En Vivo, and Mega Bash, which all take place across key Hispanic markets, will also be produced at UBS Arena at Belmont Park, New York’s entertainment and sports venue and home of the New York Islanders. UBS Arena’s inaugural presentation of Mega Bash will take place December 2023. Additionally, the companies will team to present newly created events at OVG venues including Moody Center in Austin, TX; newly opened Acrisure Arena in Greater Palm Springs, CA; and in the Orlando, FL area. The program is expected to be expanded to additional participating OVG venues across North America and eventually Europe.
“As one of the largest concert producers in the nation and trailblazers for Latin music, it is our mission to continue to build upon our legacy by creating more unparalleled live music experiences for audiences across the globe,” said Alessandra Alarcón, president, SBS Entertainment. “Our partnership with the Oak View Group is the first of its kind and we couldn’t be more excited to work with them to expand our footprint across their world-class venues and connect more Latin music fans with the artists they love.”
The demand for Latin music continues to grow and sold-out tours around the world have become a profitable expansion opportunity with a growing openness to new artists and music. Recognizing the overall demand for Latin music, the 2022 Coachella Valley Music and Arts Festival (commonly called Coachella) doubled the number of Latin performers from the 2020 roster with more than 20 multi-genre Latin artists. Latin acts accounted for 22 of the 200 biggest tours in the world in 2022.
“As the popularity and globalization of Latin music continues to rise, we’re delighted to partner with SBS Entertainment to broaden its audience, while delivering greater diversity across our business, and bringing its iconic live events to OVG’s roster of world-class arenas,” said Francesca Bodie, president of business development, Oak View Group. “This partnership represents a foundation that we plan to grow, both nationally and internationally in the coming years, and we look forward to developing more programming with Alessandra and the SBS team.”
Widely regarded in industry circles as a leader in the Latino multimedia sector, SBS is the largest certified minority-owned, Hispanic-targeted media company in the nation, operating top-rated radio formats in the country’s largest markets, including flagship WSKQ-FM in New York City, America’s most-listened-to station in any language (and the #1 Spanish-language station in the world); Aire, the most expansive Spanish-language radio network with 300+ affiliates; LaMusica, the country’s highest-rated and fastest growing Hispanic streaming app; MegaTV, the popular news and political commentary television network; and concert promoter SBS Entertainment and its perennially sold-out roster of signature live events.
SBS Entertainment’s pre-pandemic Calibash 2020 dominated Billboard magazine’s Top U.S. Concert Promoter’s List as one of the highest grossing events in the nation, alongside ticketed performances by Elton John, Madonna, and Celine Dion.
This story first appeared on radioinsight.com