Is the concert mega-residency the future of major live music events?

Performers would love not to have to spend months on the road. The future may involve getting fans to come to them. The idea of a concert mega-residency is gaining currency.

When Billy Joel returned to live performance in 2013, he decided he’d rather stay close to home. Thus, a monthly residency at Madison Square Garden in New York was born.

His first show under this arrangement was on Jan. 27, 2014, with the proviso being that he’d continue the residency until demand for tickets softened. Few people thought he’d keep playing the Garden for over 10 years. It finally ended on July 25, 2024, after 150 shows, most total sellouts. Only the pandemic prevented that number from being higher.

The amount of money made from these shows is staggering with grosses reaching well north of US$220 million. Each show brought in around US$4 million, not including merch sales. The promoter and venue loved the concept. And the positive economic impact on NYC was profound.

It would be reasonable to assume that James Dolan, the CEO of MSG, conceived of The Sphere in Las Vegas once he saw how well Joel was doing in New York. There were many skeptics as the project was announced in February 2018, just after the fourth anniversary of Joel’s residency. He must have also watched the growing number of artists accepting lucrative residency gigs at various places around Vegas (Britney Spears, Celine Dion, Lady Gaga, David Lee Roth, Mötley Crüe, Aerosmith, and, of course, the king of them all, Elvis.)

After construction costs of about US$2.3 billion, the ultra state-of-the-art facility opened on Sept. 29, 2023, with a stretch of 40 weekend shows by U2.

What was initially seen as a risky and insanely expensive proof of concept has proven to be insanely successful. Over 663,000 people attended those gigs for a box office gross of US$244.5 million. To put that in perspective, U2 grossed in 40 nights 33 per cent of the amount they made on their record-breaking (and hideously expensive) 360 Tour, which required 111 shows over seven legs on five continents and lasted 25 months. With their Las Vegas residency, U2 had five days between shows, which allowed everyone to go home if they chose. Or they could stay in Vegas and relax.

Many acts dropped in to check out the facility. When I was there on Dec. 1, 2023, Depeche Mode and their people were in the crowd checking things out. Metallica came for a peek a week later.

Phish was sold immediately, playing four shows in April, followed by a run of 30 Dead & Company gigs. Next up: The Eagles with a planned 20 shows (so far) beginning in September and extending into 2025. You can imagine who might be in discussion with The Sphere. The Rolling Stones? Absolutely. Coldplay? That would be an excellent fit. And if I’m Taylor Swift, I’m thinking, “Why am I flying all over the planet for months at a time with a hugely expensive production?”