The Next Media Empire Will Be Built Around Live Experiences

In this week’s column, California Sports Lawyer® CEO and Managing Attorney Jeremy M. Evans discusses why the next media empires will be built around live experiences.

[L]ive entertainment remains a scarce resource that requires live human talent and/or human participants.

You can read the full column below. (Past columns can be found, here).

The explosion of digital content and streaming technology means that there is an abundance of media to consume. Music, television series, and films are available immediately with plastic or metal controllers, phones, and opposable thumbs. However, live entertainment remains a scarce resource that requires live human talent and/or human participants. Media companies that build around live experiences, concerts, and engagements with the use of performances and technology such as generative artificial intelligence (“AI”) will likely find success.

The Sphere in Las Vegas, Nevada, has famously taken The Wizard of Oz and turned it into a multisensory experience to take existing intellectual property (“IP”) and add real special effects with falling Styrofoam apples, smells, shaking seats, and bursts of air to simulate wind. Coupled with the digital effects and AI, Oz makes for an experience that is unlike any other. The show has been a massive, repeatable success that does not necessarily need live talent, just an audience enjoying an existing film in a new format. It is the equivalent of a drive-in movie, but within a protected environment with increased access to the elements in the film. Sphere Entertainment reports that the experience welcomed more than 3.6 million guests and generated more than $450 million in ticket sales during its first year. The format is repeatable without requiring live talent, relying instead on audiences experiencing established IP in a new way.

There is also Iron Mike Legacy: The Mike Tyson Immersive Experience, which is scheduled to open at Flamingo Las Vegas in fall 2026. The licensed Mike Tyson IP will give participants an opportunity to experience Tyson’s life and career through augmented reality, virtual reality, holograms, projection mapping, and other immersive technologies. Although holographic elements have appeared at concerts and awards shows before, this project applies immersive technology throughout a standalone attraction. In providing legal counsel on the project, the author saw firsthand how many rights, technologies, and commercial relationships must align to create a scalable live experience.

There is also MARI, a global events and experiences company founded in 2025 by Ari Emanuel, which agreed to acquire ATG Entertainment from Providence Equity Partners, subject to regulatory approval. Emanuel co-founded Endeavor and is now executive chair and CEO of TKO Group, whose businesses include UFC, WWE, PBR, IMG, and On Location. Mark Shapiro, a principal investor and board member of MARI, is TKO’s president and chief operating officer and previously held senior leadership positions at ESPN, Six Flags, and Endeavor. ATG owns, operates, or programs approximately 70 venues while also producing theatrical works and operating ticketing businesses, giving MARI the potential to connect live programming, production, physical distribution, ticketing, and direct audience relationships.

The point is not that live events will overtake digital content. Many people spend more time on their phones scrolling social media and otherwise engaging online than they do living in the real live world, but live events provide an alternative and mix of options. There is an additional layer that combines a digital experience with a live event.

The intricacy of live events is that it extends beyond watching a series or film or even streaming music for enjoyment. In other words, the economics for live events extend beyond buying a subscription or buying a ticket. The venue for a live event can provide premium access, hospitality, merchandise, sponsorships, licensing, content extensions, customer data, and international replication. Live events are a complement and diversification of content options not a mutually exclusive decision. For example, just because someone watches a series or film does not mean the same person will skip a concert or live event or experience.

The dealmaking involved with live entertainment, especially as it mixes with technology, is that IP can scale very quickly. Counsel may need to secure talent and IP rights, archival materials for screen time and experiences, technology licenses, music, approvals, venue terms, sponsorship categories, ticketing data, territories, and future formats. The legal and business architecture can determine whether an experience can expand into additional venues and markets. Combining existing and derivative IP with live entertainment, AI, and other technologies can create nearly unlimited possibilities.

The next media empires and those with long-tail economic prospects are those with great IP and streaming libraries. The content library and ownership or licensing of IP will be the foundation on which the future of live entertainment is built. The winners will be companies that can repeatedly transform intellectual property into live experiences across venues and markets.

About Jeremy M. Evans:

Jeremy M. Evans is the Chief Entrepreneur Officer, Founder & Managing Attorney at California Sports Lawyer®, representing entertainment, media, and sports clients in contractual, intellectual property, and dealmaking matters. An award-winning attorney and industry leader, Evans is based in Los Angeles and Newport Beach, California. He can be reached at Jeremy@CSLlegal.com. www.CSLlegal.com.