TEG looks to UK expansion with acquisition of struggling venues and Ticketek launch

Live entertainment and ticketing company TEG is looking to invest in UK venues impacted by the Coronavirus shutdown.

In an interview with the Financial Times, TEG Chief Executive Geoff Jones outlined the Sydney-based group’s strategy for expansion in the UK.

Explaining that TEG is looking at a handful of options to buy venues with a capacity of between 500 and 2,500 as the halt on live entertainment puts the sector under severe strain, Jones advised “there will be a lot of casualties. Without sounding like a vulture that presents opportunities.”

Jones (pictured) told the FT that he expects that half of TEG’s earnings could eventually be derived from Europe while also giving an update on plans to expand its Ticketek ticketing brand in the UK.

Having last year said the launch would come in early 2020, he said this would now happen “when the time is right”.

With Australia’s live performance and sport sectors emerging from complete lockdown, Jones is confident of recovery already.

While encouraged by the resumption of NRL games, he acknowledged that it is as yet unclear how larger venues might reopen as it is not financially viable for concerts to run at lower capacities.

Not expecting that ticket prices will rise to make up for lost revenue given lower consumer confidence and concerns over safety, he added “it won’t come back like a runaway locomotive.”

TEG took a first step in the UK market last year when it purchased Bristol-based promoter MJR and venues including Cardiff’s TramShed and The Mill in Birmingham.

In October last year, TEG was acquired by US-based technology investors Silver Lake, whose other investments include Alibaba Group, Dell Technologies, WME’s parent company Endeavor, and the Madison Square Garden Company

Earlier this week it was announced that in November, 1,000 concerts would take place across 20 nights in NSW to help restart the live music industry in the state.

Click here to view the Financial Times story.