By John Dobberstein, Editor
Venu Holding Corp. said it’s shifting its operating model for its debut season at the Sunset Amphitheater in Broken Arrow to accommodate a variety of events to be hosted there.
In a Securities and Exchange Commission, Venu said it signed a multi-event incentive agreement with music promotion giant Live Nation where Live Nation can book and promote live music concerts, comedy events and other mutually approved entertainment events at the 12,500-seat venue.
The agreement provides for escalating incentive payments to Live Nation based on the number of tickets sold at events presented by Live Nation at the venue during each contract year.
The pact also provides the potential for Live Nation to receive a bonus payment if defined revenue targets are achieved.
Venu said the agreement does not obligate the parties to book a minimum number of events at the venue or to reserve any particular date or time for events to be booked at the venue.
The Sunset Amphitheater is under construction and expected to open in the summer of 2026. That amphitheater is being developed as a multi-seasonal, multi-configurational venue intended to host a variety of events, including multi-sensory-centric content, acts and performances.
Multi-sensory music experiences often use synchronized light shows, advanced projection systems and other visual effects to complement music.
Venu said the change in model is needed to have more flexibility in operating the venue, and to “facilitate the anticipated broader amount and types of performances and content hosted at the facility.”
With the open-room model, Independent promoters, artists, or their agents rent the venue and handle all aspects of the show’s economics, including promotion, ticket sales, and artist fees.
This differs from the traditional model where a
an exclusive promoter manages most or all of the bookings and promotions for a venue.
Live Nation was the originally announced exclusive promoter for the Sunset Amphitheater, but the company pulled out last year after its demands for additional parking were not granted.
Since that time Venu had been searching for another promoter. In July, Venu said it was engaged in “great conversations” with several potential operating partners.
The live entertainment venue, located on 13 acres near the Broken Arrow Events Park, is anticipated to generate $4.3 billion in economic impact in the first 20 years of operation through increased tourism, hospitality revenue, and job creation, the company says.
Leave a Reply