Burgeoning consumer demand, mismatched real assets invite bold pivot for industry giants' EM strategy.
Among the many records and hysteria engendered by Taylor Swift’s Eras Tour, perhaps one global aspect was less observed. Its Southeast Asian schedule contained only one stop: Singapore. As most elsewhere, the musician has massive fan bases across Indonesia, Thailand, Malaysia, and the Philippines. India wasn’t included either, despite a population of 1.4 billion and a rapidly growing live-entertainment economy. So why the flyover?
The pattern was a reminder that global touring is constrained not only by demand but by quality venues: stadiums, arenas, hospitality zones, and the infrastructure that surround them. A gap that is fast becoming one of the most investable real asset themes in EM.
A recent Americas Quarterly article highlighted how Mexican events giant CIE and global operators are betting heavily on the country’s live-events market — viewing it not as a peripheral add-on but core growth geography for the global live-entertainment economy in its own right. Since then, events giant Live Nation - which has cultivated ownership interest in CIE over years - announced that for the first time, international attendees to their shows now outnumber Americans.
The industry is leaning heavily into the EM side of that equation, and venue investment is in particular focus. For example, Live Nation’s Venue Nation vertical continues to feature as a strategically important - and most profitable - component of its platform; in its Q3 2025 results this month, the company emphasized that Venue Nation is its highest-margin division and continues to be its strongest growth driver. They also reiterated that their global sponsorship business, which is tightly tied to venue ownership, saw double-digit increases, particularly from partnerships in Hong Kong, the Middle East, and South Africa.
Controlling a venue allows capture for every layer of the value stack: from (increasing) ticketing fees to concessions, hospitality, parking, merchandise, naming rights, and increasingly, premium corporate deals that lock in cashflow for years. Growing consumer bases, globalized pop culture, improving public infrastructure and national competitive appetite for hosting these shows - much like other mega-events - all make EMs attractive from a venues perspective.
Mexico and Colombia are forerunners in the trend, along with clear interest in burgeoning Southeast Asia, and the markets mentioned above. Live Nation's pipeline now includes 48 large-scale (more than 3,000-seat) venues, of which more than half (28) are outside the U.S.
Despite the opportunity, upmarket venues aren't cheap from a capex perspective, nor frictionless, and Live Nation may already be considering adjustments to the how, if not the what. The platform noted in its Q3 commentary that many of its new projects benefit from joint ventures and co-investment structures that reduce capital requirements - expanding geographic reach and effectively reducing their own risk. The JV route probably means more selective geography, and perhaps rings a note of caution in an otherwise bold, very public gambit throughout the last couple of years.
Partnership capital will be copious: real asset investors and developers looking to anchor broader mixed-use projects with entertainment assets are likely participants - not unlike in the major stadium-centric districts cropping up across North America. The profile is akin to other public infrastructure concession, like malls or airports, but with an accelerated path to monetization and greater upside. Something Real Madrid's renovation has seen with Ms. Swift, herself.
It all adds up to megatours like Eras going truly global in the coming years. The race is on as to where; the brick and mortar will likely hold the answer.
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