LONDON — As global chairman of Oak View Group (OVG), Jessica Koravos has a clear vision for how the US-based facilities management and development company wants to grow its already fast-growing global business.
“We strive to be the best venue operators, offering the best entertainment experiences in the world,” he says confidently. “That's our goal.”
Just six months ago, OVG's much-planned turn to international markets hit an embarrassing setback with the repeatedly delayed launch of Co-op Live – the UK's biggest indoor music venue and the company's first major project outside the US.
When the official opening for the 23,500-capacity arena, located in Manchester, was delayed by three weeks after a series of highly publicized delays – including part of a ventilation system falling from the roof just before a performance by rapper A Boogie wit da The Hoodie – Co-op Live became the joke on social media and generated a number of negative headlines.
“It looked worse in the media than it felt on the ground,” reflects Koravos, half a year after the site's turbulent circulation. “In the grand scheme of things, when you work on a project for five years, spend £400 million ($505 million) on it and it's three weeks late, there's a long-term perspective that says, 'This is not done.' When you look at it in the context of other major infrastructure projects in the UK, I don't think it will go down in history anywhere on the list of troubled deliveries.”
Co-op Live finally opened its doors on May 8 with a headline show from local rock band Elbow. Since then, the venue has quickly established itself as a key European touring destination, selling over a million tickets and hosting over 60 shows to date, including stops by Pearl Jam, Nicki Minaj, Liam Gallagher, Keane, Janet Jackson, Charli. XCX and the Eagles sold out five nights – the group's only UK dates on their farewell tour.
A general view of the Co-op Live arena as Elbow perform the inaugural live show at Co-op Live on May 14, 2024 in Manchester, England.
Shirlaine Forrest/WireImage
In November, Co-op Live hosted the MTV European Music Awards (EMAs), featuring performances by Benson Boone, Teddy Swims, Tyla and Busta Rhymes, which had a global digital reach (excluding broadcast) of over 7 billion, according to with the elements of the space. post-event analysis. Upcoming arena acts include Paul McCartney, Slipknot, Cyndi Lauper and Sabrina Carpenter.
Co-op Live is one of seven new venues OVG has built and opened in the past two years, including Climate Pledge Arena in Seattle, UBS Arena in New York and Acrisure Arena in Palm Springs, California. The fast-growing company was co-founded in 2015 by the former CEO of AEG Tim Leiweke and former president of Live Nation Irving Azoffwhich operates more than 400 buildings worldwide, also has arenas under development in Nigeria, Canada and Wales and is “actively seeking” opportunities to further expand its global footprint, Koravos says.
A new division, OVG Stadia, was launched this fall, headed by Chris Wrightdedicated to growing the company's global stadium business. His remit includes identifying international markets for the development and construction of new multi-purpose stadiums, as well as expanding OVG's roster of stadium customers, which includes Wembley Stadium in London, Murrayfield Stadium in Scotland, Snapdragon Stadium in San Diego and the historic Cotton Bowl Stadium in Dallas. The company is also pursuing arena development and partnership opportunities in the UK, Europe, Asia and the Middle East.
“This Co-op Live storefront is very useful and we have many other cities [around the world] now saying, “Can we have one of these?” says London-based Koravos, who served as chairman of Andrew Lloyd Webber's Really Useful Group and previously held senior roles at AEG Live and AEG Europe before joining OVG.
The ballooning cost of construction means “it's easier said than done,” he warns, “but we'll find a way.”
Koravos declines to discuss Leiweke's publicly stated goal of building a new music arena in London, saying only that “there are announcements in the UK and continental Europe”.
In the meantime, Oak View Group is looking to increase its stake in the live music business by offering the full suite of venue services, including hosting, management, booking, marketing, facility development and sponsorships, to venue owners not affiliated with OVG and third-party providers in Europe, as it already does in the US
To support the growth, OVG International has bolstered its executive team with recent appointments, including the former interim general manager of Co-op Live Rebecca Kane Barton as executive vice president of facilities management and Michalis Fragiadakis as vice president of hospitality strategy, responsible for driving OVG's food and beverage businesses following last year's acquisition of UK-based hospitality provider Rhubarb Hospitality Collection. They will be supported by Sam Piccioneinternational sales president, Alex Reesdirector of commercial strategy and brand, and Gary Hutchinsonvice president of reservations and commercial partnerships.
“We pride ourselves on thinking about third-party businesses the same way we think about our own,” says Koravos. It notes that OVG is closing in on “$5 billion in naming rights and sponsorship [deals] over the last three years' as a testament to the 'industry leading expertise' it brings to live music venues and businesses. Current venue service clients outside North America include football clubs Birmingham City FC, Real Betis and AS Roma, Manchester-based arts venue Aviva Studios and Lloyd Webber Theatres.
“There are a lot of venues, arenas and stadiums across Europe that would like to host concerts and that's something we're trying to help to see if we can open up more markets for the music internationally,” says Koravos. “Our goal is not to win all the contracts and be everywhere. It's about being with the right partners who share our values.”
