OAK VIEW GROUP AND SPANISH BROADCASTING SYSTEMS' SBS ENTERTAINMENT INK MULTI-YEAR GROUNDBREAKING STRATEGIC PARTNERSHIP

Oak View Group and SBS Entertainment have established a multi-year strategic partnership to enhance the live Latin music experience across North America.

Rhea-AI Summary

Oak View Group and SBS Entertainment have established a multi-year strategic partnership to enhance the live Latin music experience across North America. This collaboration will bring SBS's signature events, such as Mega Mezcla and Calibash, to major venues including New York's UBS Arena starting December 2023. The Latin music market has significantly grown, with revenue rising to $886M in 2021, outpacing the broader music industry. This partnership aims to capitalize on this trend by creating new events and expanding existing ones, engaging a diverse audience. Enhanced programming will also take place in venues like Moody Center in Austin and Acrisure Arena in Greater Palm Springs, with plans for further expansion into Europe. This deal marks a pivotal move for both companies in redefining live entertainment in the Latin music sector.

Positive

• Multi-year partnership with Oak View Group to enhance live Latin music events.
• Expansion of signature events like Mega Mezcla and Calibash into major venues.
• Latin music revenue projected to reach $886M in 2021, indicating substantial market growth.
• Opportunities for new event creation in diverse locations across North America and Europe.
• SBS Entertainment's established reputation in live event production enhances credibility.

Negative

• None.

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Tremendous Demand for Live Latin Music Entertainment Produces First-of-its-Kind Nationwide Deal Making New York's UBS Arena and other Oak View Group Properties Home of future shows for SBS Entertainment

LOS ANGELES, April 12, 2023 /PRNewswire/ -- Building on the massive importance, impact, and universal popularity Latin music has in the U.S. and around the globe, Oak View Group (OVG), the global venue development, advisory, and investment company for the sports and live entertainment industries and SBS Entertainment, the entertainment division of Spanish Broadcasting System, Inc. the "Company" or "SBS") (OTC Pink: SBSAA) the leading Minority certified, Hispanic multimedia and entertainment company today announced a multi-year strategic agreement. The two innovative, growing companies will reimagine the live performance landscape by bringing together both a media entertainment company and a venue entertainment company to create new content and expand the presence of fan-favorite events to reach new mainstream audiences throughout North America.

Oak View Group and SBS Entertainment have announced a multi-year strategic agreement to reimagine live events.

SBS Entertainment is known for bringing to life some of the most iconic live Latin music experiences. Its line-up of live music events consists of experiences that have been around for decades, including the Crown Jewel of Live Latin Music events, Calibash, which has been historically sold-out since its inception. In recent years, the popularity of Latin music continues to surge. According to RIAA, Latin music revenue generated $552M on a retail basis in the US in 2019, $655M 2020, and growing to $886M in 2021. The 2021 total signifies roughly 35.3 percent year-over-year growth, against 23.4 percent year-over-year growth for the broader domestic music industry throughout the same period, outpacing overall recorded music revenues and reaching an all-time high in share.

As part of the deal, SBS's signature events including Mega Mezcla, Amor En Vivo, and Mega Bash, which all take place across key Hispanic markets, will also be produced at UBS Arena at Belmont Park, New York's entertainment and sports venue and home of the New York Islanders. UBS Arena's inaugural presentation of Mega Bash will take place December 2023. Additionally, the companies will team to present newly created events at OVG venues including Moody Center in Austin, TX; newly opened Acrisure Arena in Greater Palm Springs, CA; and in the Orlando, FL area. The program is expected to be expanded to additional participating OVG venues across North America and eventually Europe.

"As one of the largest concert producers in the nation and trailblazers for Latin music, it is our mission to continue to build upon our legacy by creating more unparalleled live music experiences for audiences across the globe," said Alessandra Alarcón, president, SBS Entertainment. "Our partnership with the Oak View Group is the first of its kind and we couldn't be more excited to work with them to expand our footprint across their world-class venues and connect more Latin music fans with the artists they love."

The demand for Latin music continues to grow and sold-out tours around the world have become a profitable expansion opportunity with a growing openness to new artists and music. Recognizing the overall demand for Latin music, the 2022 Coachella Valley Music and Arts Festival (commonly called Coachella) doubled the number of Latin performers from the 2020 roster with more than 20 multi-genre Latin artists. Latin acts accounted for 22 of the 200 biggest tours in the world in 2022.

"As the popularity and globalization of Latin music continues to rise, we're delighted to partner with SBS Entertainment to broaden its audience, while delivering greater diversity across our business, and bringing its iconic live events to OVG's roster of world-class arenas," said Francesca Bodie, president of business development, Oak View Group. "This partnership represents a foundation that we plan to grow, both nationally and internationally in the coming years, and we look forward to developing more programming with Alessandra and the SBS team."

Widely regarded in industry circles as a leader in the Latino multimedia sector, SBS is the largest certified minority-owned, Hispanic-targeted media company in the nation, operating top-rated radio formats in the country's largest markets, including flagship WSKQ-FM in New York City, America's most-listened-to station in any language (and the #1 Spanish-language station in the world); Aire, the most expansive Spanish-language radio network with 300+ affiliates; LaMusica, the country's highest-rated and fastest growing Hispanic streaming app; MegaTV, the popular news and political commentary television network; and concert promoter SBS Entertainment and its perennially sold-out roster of signature live events.

SBS Entertainment's pre-pandemic Calibash 2020 dominated Billboard magazine's Top U.S. Concert Promoter's List as one of the highest grossing events in the nation, alongside ticketed performances by Elton John, Madonna, and Celine Dion.

About Oak View Group
Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG is focused on being a positive disruption to business as usual in the sports, live entertainment, and hospitality industries and currently has eight divisions across five global offices (Los Angeles, New York, London, Philadelphia, and Toronto). OVG oversees the operations of Climate Pledge Arena at Seattle Center; UBS Arena in Belmont Park, NY; Moody Center in Austin, TX; Acrisure Arena in Greater Palm Springs, CA; and CFG Bank Arena in Baltimore, MD opening April 7, 2023; as well as arena development projects for Co-op Live in Manchester, UK; Anhembi Arena in São Paulo, Brazil; FirstOntario Centre Arena in Hamilton, ON; a New Arena and entertainment district in Las Vegas, NV; and a New Arena in Cardiff, Wales. More information at OakViewGroup.com, and follow OVG on Facebook, Instagram, Twitter, and LinkedIn. 

About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of Los Angeles, New York, Puerto Rico, Chicago, Miami, San Francisco, Orlando, and Tampa, airing the Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Urbano format genres. SBS also operates AIRE Radio Networks, a national radio platform of over 290 affiliated stations reaching 95% of the U.S. Hispanic audience. SBS also owns MegaTV, a network television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico, produces a nationwide roster of live concerts and events, and owns a stable of digital properties, including LaMusica, a mobile app providing Latino-focused audio and video streaming content and HitzMaker, a new-talent destination for aspiring artists. For more information, visit us online at www.spanishbroadcasting.com.

Media Contacts:
Larry Solters, Sam Threadgill
Scoop Marketing for Oak View Group
(818) 761-6100
solters@solters.com, sthreadgill@solters.com

Analysts, Investors or Media
Brad Edwards
The Plunkett Group
(212) 739-6740
brad@theplunkettgroup.com

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SOURCE Oak View Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of the partnership between Oak View Group and SBS Entertainment for SBSAA?

The partnership marks a groundbreaking initiative to elevate live Latin music events, enhancing SBSAA's presence in the growing Latin music market.

When will SBS Entertainment's Mega Bash event take place at UBS Arena?

The inaugural Mega Bash event at UBS Arena is scheduled for December 2023.

How has the Latin music revenue changed in recent years?

Latin music revenue rose from $552M in 2019 to $886M in 2021, representing a year-over-year growth rate significantly higher than the general music industry.

What venues will host SBS Entertainment events under the new partnership?

Events will be hosted in venues including UBS Arena in New York, Moody Center in Austin, and Acrisure Arena in Greater Palm Springs.

What are some of the signature events planned by SBS Entertainment under the new partnership?

Signature events include Mega Mezcla, Amor En Vivo, and Mega Bash, which are popular among Hispanic audiences.