Entrepreneurs are a curious breed. They take inordinate risks in the belief their skills can master the any task set between them and their goal. Most fail, but those who succeed deliver astonishing results.
Tim Leiweke left Anschutz Entertainment Group and, along with Irving Azoff founded Oak View Group in November 2015. It was an audacious move. Oak View Group (OVG) builds and operates entertainment arenas, something which requires capital, political connections, and courage. Now, eight years later they have eleven arenas open or in development, including a ten-billion-dollar entertainment district and arena in Las Vegas, NV. They also operate more than 300 venues around the globe with and for their partners and affiliates.
Given that there was a global pandemic during OVG’s eight-year run, this is quite an accomplishment. The company now employs more than 40,000 people. So, it makes perfect sense that creating the position of Chief Operating Officer became necessary. There is a lot of oversight in managing these many moving parts across the globe.
Francesca Bodie has just been appointed as OVG’s Chief Operating Officer. She has extensive experience within OVG, as a tenacious executive who has been an asset helping the company’s explosive growth. She has held a front row seat to OVG’s growth from inception as an early employee who is also Leiweke’s only child.
The prior assignments Francesca handled within the company included raising billions in investment capital for OVG projects, overseeing development of arenas and associated entertainment assets globally, and working out the strategic investment OVG made into Family Entertainment Holdings which creates shows such as Mattel
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I spoke at length with Francesca, who is quick, bright, and well versed in how to turn entertainment into hospitality. That is a significant differentiator. Historically, fans turn up at an entertainment venue to watch a musical performance, a sporting event, or a touring production. They file in just before the start time and leave at or just before the end of the performance. That’s the rough equivalent of showing up at a restaurant just as the entrée is set onto the table. You’ve been fed, but the dining experience is missing.
What is changing in venues is they can host more than the event playing out. The venue itself can be part of the adventure, with the social aspects of taking time to enjoy a cocktail in a public lounge or eating something better than a half cold pretzel during a quick dash to the concourse in the middle of a performance. Why struggle to clear the gate and get into your seat before the first notes sound when you could come in significantly earlier and enjoy the social aspects of being in a crowd. This opens the option of dining well or finding an inviting bar where you can be social both with those who came with you, and those who you will meet while there.
Sphere in Las Vegas is an example of the venue itself being as attractive as the performer within. Just like casinos now are more than simply an opportunity to place a bet, venues can become more full featured attracting patrons who seek a full experience rather than rushing in from dinner and then back out for drinks the moment the event is over.
Francesca, OVG’s new COO understands this opportunity. Venues have been stagnant for too long. Often, there is a surprisingly large return on invested capital when you take a well-known concept and enhance it. As live events become more expensive, venues are filling with ever more affluent consumers who have discretionary funds and are willing to invest them into experiences. Those who attend events are inside the building until they leave. The more attractive the options, the more likely the venue operator can capture incremental profits.
Each year at Coachella, Jim Denevan’s Outstanding in the Field brings together 300 or more diners at a long table inside the Rose Garden for a $350 dinner cooked there on an open flame. This dinner typically starts with cocktails at 6 pm and runs until around 8:30. Think about this for a minute. People who have traveled to a music festival take a leisurely dinner while significant acts are playing at all the various stages over the course of the dinner. People chose dining over the twenty some acts which played elsewhere on the grounds over that time. The dinner ticket is almost as expensive as a General Admission ticket for the entire weekend. This is an indicator for what could be accomplished in venues.
OVG is looking at how to enhance the experience for their patrons. Francesca is very well versed in how to elevate the experience within their venues beyond more comfortable seats, better sight lines or cleaner sound. She and the OVG team understand that success comes from innovation. And, as the next generation of leadership takes hold at OVG, its future is now in the hands of those most likely to adapt quickly to what is possible rather than what works. It seems like a small difference but it’s not. Telephones work. The internet is transformative. Artificial Intelligence is presently beyond our comprehension. Companies like OVG who anticipate the future arrive there long before legacy holders realize what change took place. Hard to believe? Sears, Roebuck & Co. used to dominate retail. Now you get nearly anything delivered the next day from Amazon
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OVG has a lot of clean sheets out as they design new venues and the experiences within. They have a Stanford educated youthful COO with tremendous experience and the backing of powerful founders who are not afraid of change. These next few years will be fun to watch as OVG’s live event spaces mutate to become more than warehouses for people in seats. What will be fascinating is to see how Francesca Bodie places her imprint on this evolution.
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