Photo Credit: Movistar Arena
BeatHub Entertainment acquires the remaining 50% stake in Movistar Arena Bogotá from Chilean company BeLive Entertainment.
Last week, BeatHub Entertainment announced the acquisition of the remaining 50% stake in Movistar Arena Bogotá from Chilean company BeLive Entertainment Group, gaining full ownership of one of Colombia’s primary concert venues.
The acquisition was reviewed by Colombia’s Superintendence of Industry and Commerce, which determined it would not significantly alter market conditions, as BeatHub already controlled the venue’s operations. The move forms part of BeatHub’s strategy to strengthen Colombia’s live entertainment industry
“We have been building this ecosystem for 26 years and developing the entertainment industry in Colombia. We believe in the country and the potential of this industry,” said Eduardo Olea, CEO of BeatHub. “Consolidating 100% of Movistar Arena’s ownership reflects that conviction and our decision to stay, continue investing, and continue building in Colombia with a long-term vision.”
Founded by Tuboleta’s creators, BeatHub operates an ecosystem including ticketing, event production, and venue management. The company boasts a portfolio that produces over 200 events annually, serving over a million attendees and generating 350 direct jobs. In addition to Movistar Arena, BeatHub also has plans to open DAVIarena in Medellín, positioning Colombia within major international touring routes.
“With the Movistar Arena in Bogotá and the upcoming opening of DAVIarena in Medellín, we will have two world-class arenas in the main cities of the country. This will allow us to strengthen Colombia’s strategic position within the routing of tours in Latin America,” said Gabriel Sánchez, Director of Strategy at BeatHub.
Movistar Arena Bogotá has been operational since 2018, hosting over 5.5 million visitors and over 400 artists. According to sources, the venue may be renamed Tigo Arena following Movistar’s exit from Colombia’s telecommunications market.
BeatHub’s acquisition follows news that Live Nation recently partnered with BeLive Entertainment to acquire a majority stake in Movistar Arena Santiago to fortify one of Chile’s most important concert destinations. Both acquisitions signal a continuing belief in the untapped potential of the South American live event industry.
Live Nation also announced a recent acquisition of Impact Arena in Thailand in a bid to further expand its live entertainment reach beyond the Americas. It’s an apt time for Live Nation to reinforce its global business, given the company’s continued troubles in the United States following the major antitrust case filed against it.