Prediction: The mega-residency is the future of live music
[This was my weekly column for GlobalNews.ca. – AC]
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.)
