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Everybody has their own COVID story - a personal account of how life changed when the world came to a grinding halt, and what they missed most about “normal life”. For many, months of isolation, social distancing and “bubbles” sparked a deep yearning for live events shared experiences once again.

While live events suffered a major blow during the pandemic, they have since rebounded in full force. This resurgence highlights a fundamental truth: people have an innate desire to come together over shared passions. But what exactly defines the universe of live events? And where is the industry headed? Let’s dive in. 

Why it Matters:

Calling post-COVID demand for live events “pent-up” would be an understatement. In 2024, Live Nation - the world’s largest concert promoter - reported a record $23bn in revenue, with over 50 million fans attending 50,000+events. 

Live sports are riding their own wave of steady growth. According to Two Circles, US sporting events drew 292 million attendees in 2024 - a 3% increase YoY. Notably, Women’s sports accounted for half of this jump, underscoring a shift in fan dynamics and broader engagement. We have seen surges in popularity, investment, and media rights deals for the WNBA, NWSL and even new leagues like League One Volleyball.

As demand increases, so have the barriers to entry. 19 of 20 Premier League clubs raised ticket prices for the 2024/25 season, while fans across the globe are continuously being priced out of attending marquee events. Here’s an example of the rising costs for families to attend an NFL game (on average):

Concerts are seeing a similar rise in hype and prices. Look no further than Taylor Swift’s legendary Eras Tour, which grossed over $1bn in 2024 and saw ticket prices reach astronomical levels. 

The Big Picture:

The live event economy is an intricate, interconnected ecosystem that spans multiple industries. Let’s try to map it out and break down some of the key stakeholders:

Sports Leagues and Teams: Professional and college sports generate billions from live events. While skyrocketing media rights have driven the recent valuation boom, stadium-generated revenue - especially from the surge in mixed-use developments - is a rapidly expanding vertical

Concert Promoters/Live Music: conglomerates like Live Nation dominate the entertainment landscape. Ticketmaster (which merged with Live Nation in 2009) now controls ~80% of primary ticketing for major concert venues and most NBA, NFL and NHL stadiums

Media Companies, Streaming Services, Rights holders: Legacy Media giants are battling with insurgent Tech companies for the ever-growing live sports and entertainment right-share pie.  As explored in No Huddle Vol 1, this landscape is constantly evolving, with headlines often driven by consolidation opportunities and tech influence (we are looking at you, $WBD ( ▲ 2.0% ) and $PSKY ( ▼ 1.71% ) ). Content remains king, and live sports continue to anchor viewership in an ever-crowded field:

Technology and ticketing platforms: This is where No Huddle sees the greatest upside in the early-stage startup world. Live events are woven into the fabric of society, yet their underlying technology remains fragmented and outdated. There is substantial room for improvement - both in enhancing the fan experience and in streamlining event operations. No Huddle featured Jump in Volume 9, and we have several other promising companies in the pipeline. These startups are trying to unify ticketing, data and fan engagement all into one… in turn generating a smoother and more accessible experience for everybody.

Zoom In:

Nothing illustrates live event dysfunction quite like the Ticketmaster x TSwift debacle of 2022. When Eras Tour tickets went on sale, the website buckled under unprecedented demand. Bots (which Ticketmaster had tried to block) snatched up a large stash of the coveted tickets, only to resell them at staggering markups. The fallout was swift: more than two dozen fans filed class-action lawsuits, and the saga quickly dominated social media, water cooler conversations and carpool pickup lines.  We’re still in regulatory limbo with a major antitrust case from the DOJ, the FTC and multiple states suing Live Nation / Ticketmaster. 

Hidden fees are another common complaint. We’ve all felt the annoyance and sting of unexpected surcharges for tickets at checkout. Startups like TickPick and Gametime emerged to tackle this problem, building their brands off transparency and no-fee ticketing. Both now reportedly boast over a billion dollars in lifetime sales. 

No matter how the lawsuits shake out, one thing is clear: the ticketing system for live entertainment is fundamentally broken and overdue for disruption… as much as the scalpers yelling “Need Tickets? Buying Selling tickets?” is a core memory of any live event experience.

By the Numbers:

As the live event market soars, legacy media companies that broadcast and stream these experiences are in full transformation mode. Cord cutting has paralyzed these media businesses, who once thrived off customers bundling sports, shows, and awards into a single package no matter the channel.

Recent deals highlight the rapid pace of change. After Skydance, led by David Ellison, finalized its merger with Paramount, speculation has turned to Warner Bros. Discovery, which is now now actively exploring a sale or other alternatives to “maximize shareholder value”. The industry rumor mill is in overdrive as legacy players reposition for a future dominated by streaming, DTC and disruptive tech.

The box office side is experiencing a similarly turbulent future as the influence of big tech grows.  Since 2019, domestic box office revenue has steadily declined, saddling theater chains with significant financial woes. AMC narrowly avoided bankruptcy by restructuring its debt stack, while Regal’s parent company, (Cineworld), emerged from bankruptcy with a capital raise. 

Meanwhile, concerts - led by the aforementioned Eras tour - are seeing a resurgence. Pollstar‘s 2024 year-end report, pegged the ticket price for a top concert tour at $135. By comparison, the average ticket for The Eras Tour was $499. But the spending doesn’t stop there: concertgoers pushed merchandise sales up 5% YoY, even as spending on food and drinks dipped slightly (3%).

On the flip side, the live entertainment industry is seeing major growth in mixed-use developments. A recent whitepaper from Klutch Sports and RBC spotlights this this market, highlighting how these new districts are redefining the value of sports venues beyond gameday.

These developments deliver value far beyond gamedays - they play a major role in boosting the entire sports, media and entertainment industry. Look at the jump in naming rights, sponsorship value and partnership opportunities for mixed-use developments. 

The Bottom Line:  

The live events industry stands at a fascinating crossroads. Interest, attendance and spending have surged to new heights as consumers flock to sporting events and concerts. Demand for shared experiences - especially those with viral, over-the-top aspects has never been stronger. Yet, for all this momentum, the industry continues to lag in innovation. Much of the technological infrastructure - ticketing, technology, operations, event planning, guest management and more - are still stuck in the past and need a major upgrade.

No Huddle projects that many of the stars of tomorrow will emerge from this live events craze. The winners will be those who are obsessed with improving and streamlining both the fan and company/team experience, bringing fresh ideas and modern tech to one of the world’s oldest (and most critical) industries.  

A mini investment memo on the most innovative sports tech companies

The Company: VOW

The Business in a tweet: VOW is the first AI-powered B2B2C operating system for the $2T Live Experience Economy — giving live events a brain, professionals superpowers, and guests, attendees, and fans hyper-personalized experiences at scale. The platform unifies event planning, operations, seating, ticketing, communications, and guest intelligence into one connected ecosystem.

The 101: 

Business Model:

Enterprise SaaS with modular B2B and B2C layers

Value Prop: VOW bridges the disconnect between event pros, stakeholders, and guests through real-time data and AI intelligence. It automates manual tasks, eliminates friction between collaborators, and unlocks personalization at scale — turning what was once operational chaos into orchestrated intelligence.

Traction:

VOW is already proving category leadership from the top down:

Deep Dive:

Pros:

Cons: 

Comparables:

📶The Signal (No Huddle’s Take):

This is exactly what the live events industry needs - a true one-stop shop that works seamlessly for both clients and consumers. VOW is the operating system that sits above the fragmented ticketing world, connecting guests, organizers, sponsors and data in one place and in real-time. We see VOW as much more than a simple digitization of event management; its the next-gen motherboard powering every facet of live experiences.

Having been both an attendee and involved in planning events from VIP sports experiences to charity galas to industry conferences, I can attest: the need for unified, intuitive tools has never been greater.

No Huddle is for informational purposes only and is not financial or business advice. The content in this newsletter does not represent the opinions of any other person, business, entity, or sponsor.