Lady Gaga recently sealed a deal that will earn her an impressive $1 million per show. It’s set with 74 dates in MGM’s Park Theater beginning late 2018.
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How many people want to see her?
How much are they willing to pay?
What is the best income the venue could get from a non-Lady Gaga event?
Work out those values and see.
Presumably someone already has and the answer is “yes”
Nobody is worth that much. But the world of entertainment works in absurdly lucrative ways.
5200 seats x $200/each = $1,040,000
So the venue can make that back just on the tickets; drinks, food, gambling, merch, etc. will be for other expenses (like my fellow stagehands that will work the show, etc.) and for profit.
And it’s not like a show 4 nights a week; it’s roughly 1 show per week for 2 years.
She used to spend a LOT of money on her show. Wanted to make it memorable and extravagant. Costumes, dancers, lighting, decors, theatrics. She went briefly bankrupt for spending so much. I guess she now has learnt a lesson. The shows are still extravagant.
Hmm, let’s see: a long term residency for a performer whom folks think of as uninhibited dance music, who preaches a message of accepting the weirdness and embracing your decadent side, with a show featuring huge spectacle, in a town where folks come to let loose and where performers like Siegfried & Roy packed them in? She’ll do fine.
This should be in Cafe Society.
Moved to CS
Check this out: S&R were in a 1500 seat theater doing six shows per week. That’s a very impressive number of people to pack in 6 nights a week, for sure; that’s 9000 people per week. (For years on end, too, which is the really impressive part, IMO.)
Lady Gaga only has to get a little more than half that number once a week, in a city that sees, on average, about 750,000 visitors per week. That’s a number that should be easily achievable for a performer with the kind of dedicated and enthusiastic fanbase that Lady Gaga has.
Whatever. Liberace for a new generation.
Oh, most certainly. If not 2 million dollars a show.
If she brings in $1.1 million a show, she absolutely is worth that much.
Yes.
Does she wear fresh bacon for each show? That can add up.
That is of course the answer. She’s worth what the market will bear.
Great stuff. Thanks Bo.
Sure thing.
FWIW, IMO these residencies are going to become more and more of a thing here in Las Vegas. They are a huge win for the casinos that book them and artists love them. Barry Manilow was given the keys to one of the 3 penthouse suites at the Hilton (now the Westgate) but he never used it, opting to fly home to Palm Springs every night instead. Celine Dion had a chance to have a life outside touring and performing and loved it (great lady, btw). It allows a flexible schedule with a guaranteed income, for one thing.
And for those who haven’t been active creating much, like Mr. Manilow was, it offers a great way to re-connect with your fan base and try out a limited amount of new material when necessary.
And fans love them. Ladies would go see Mr. Manilow’s show 2 or 3 times during one stay, according to friends who worked that show. Les Paul’s residencies at New York City’s Fat Tuesday’s and Iridium nightclubs were legendary draws for music lovers and guitarists for two decades. I can tell you that if Slayer ever took a residency here, even if it’s just Kerry and Tom with 2 random other guys, I’d spend a chunk of my income seeing them every month. If Phish ever took up residency, they could sell 8000 seats 5 nights a week with no problem (but the town would stink of peanut butter sandwiches and patchouli all the time :p).
If I could find a sports book that would take the wager, I’d bet on lots more residencies happening in Las Vegas over the next decade or two.
A lot of people think the way you do. They are wrong.
For sure. Residencies are great for everybody involved. Elton John proved that back with his Red Piano stint at Caesars. Why go out on tour and spend all that money when you can stay in one spot and have the fans come to you?
Exactly. Far easier to have the fans bear the cost of transporting and lodging themselves than to move the entire stage and set and crew around the country.
A nitpick tho: Celine’s A New Day was the start of the residency thing here in Las Vegas, in 2003. Elton’s thing didn’t start until 2004.
I know this because I did the lighting for their (and Tina Turner’s) New Years-ish concerts for Caeser’s High Rollers 2002-2003. It was one of the biggest rigs I’d ever programmed at the time, close to 200 moving lights and about 140 conventional fixtures. IIRC Elton John was the 30th, Celine was New Year’s Eve and Tina Turner was New Year’s Day, all in a ballroom exclusively for Caesar’s High Rollers. I “met” Celine while she was changing in her dressing “room” (a Pipe-and-drape setup in the back hallway); my dimmer and distro racks were back there and I had to do something (I had no tech on the call so I had to fix any lights that broke as well as program the rig). She was gracious and funny and totally unassuming. Friends that worked on her residencies at Caesars confirm that my impression wasn’t off base at all; they liked working for and with her.
Cool. I mentioned Elton because that was the first residency we saw. Good show.