"There is no question in my mind that the city not only can handle two arenas, but needs a second one." – Jeff Meyer, SVP, Event Marketing & Sales – North America, Feld Entertainment

PHILADELPHIA, July 31, 2024 /PRNewswire/ -- Today, 76 Place released findings from the study done by live entertainment expert CAA-ICON that confirm a second Philadelphia arena will address the unmet need for live entertainment options in the city. The newly released findings confirm what leading entertainment professionals have repeatedly said: Philadelphia not only can handle a second arena, but has been losing out on entertainment options because it doesn't have one.

"In the two years since we announced our vision for 76 Place at Market East, the professionals who actually manage and book live entertainment have never wavered: Philadelphia can not only handle, but will greatly benefit from a second arena," said HBSE CEO Tad Brown. "76 Place will be the largest private sector investment in Philadelphia history, generating almost $1.5 billion in new tax revenue for the city, state and School District – all at no cost to Philadelphia taxpayers – and include an unprecedented $50 million community benefits agreement.  It's good for the 76ers, it's good for Market East, and it's good for the city."

In its report examining unmet demand in Philadelphia, CAA-ICON estimated that two venues, one in South Philadelphia and a second in Center City, would each host between 125 and 150 ticketed events annually, inclusive of tenant events, Pollstar-reported events, and other ticketed events.  Importantly, its estimates do not include other non-ticketed events such as community events, meetings or banquets, which will drive usage higher.

CAA-ICON also noted that major cities with just one arena are at a major disadvantage, with more limited date options because of professional sports season schedules that can eat up weekends which are key for successful tours and routing.

Despite being the seventh-largest MSA (Metropolitan Statistical Area), Philadelphia ranks only 13th among concert markets in the U.S. Philadelphia hosts, on average, 50 fewer shows per year than similarly sized cities. As just one example, for shows produced by Feld Entertainment alone in the following markets:

• NYC-Tri-State Market: 74 performances in 3 arenas
  
  
• LA Market: 62 performances in 4 arenas
  
  
• Chicago Market: 44 performances in 2 arenas
  
  
• Dallas/Fort Worth Market: 40 performances in 3 arenas
  
  
• Philadelphia Market: 26 performances in 1 arena

The findings of CAA-ICON have been echoed by industry leaders who have long argued Philadelphia is an underserved market for live events. 

"There's plenty of room in the Philly market for two arenas – the demand is there, the touring industry is on fire, and I've seen firsthand the limitations that exist in South Philadelphia now. The fact is, the biggest acts need weekend nights for a successful tour and those nights are being occupied at the Wells Fargo Center by two professional sports teams. There could easily be another 50 events in the city if a new arena was built with a schedule, design, and programming made to cater to both concerts and events." –  Irving Azoff, Chairman & CEO, The Azoff Company

"There is no question in my mind that the city not only can handle two arenas, but needs a second one - it's the only major market without a second one." - Jeff Meyer, SVP, Event Marketing & Sales – North America, Feld Entertainment

One of the most attractive elements of the proposed 76 Place is its location in Philadelphia's Center City, following a trend of cities building arenas and stadiums downtown as part of an overall economic development mission. As the industry group Hunden Strategic Advisors wrote of the new Fiserv Forum in Milwaukee (the "Deer District"), it has led "quite a transformation and this new arena and the district around it transformed the downtown from really sort of a tough situation to a vibrant nightlife scene."

"That is exactly the vision of 76 Place – building a new world-class, privately funded home for the 76ers, meeting unmet demand for live entertainment, and creating a real vibrancy along Market East," said David Adelman, Chairman of 76 DevCo. "We look forward to finalizing negotiations with the city, having legislation introduced and approved this fall, and building on the 76ers legacy right here in Philadelphia."

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SOURCE 76Place