Nick Holmstén Unveils Multi-Billion Dollar Plan for Times Square

November 19, 2020

By Jem Aswad – Variety

Former Spotify head of music Nick Holmstén has unveiled a plan to create a “playground for artists” in New York’s Times Square.

 

Musicians will be able to perform concerts, meet fans, sell merchandise and create other experiences.

Plans call for the development, which will include a street-facing stage and a retail space, to open in 2022, pending pandemic-related restrictions. Holmstén has joined forces with Fortress Investment Group to create a new entertainment company called TSX Entertainment that is executing the venture; he declined to reveal the amount of Fortress’ investment.

“This is a vision of Disneyland for music meets Las Vegas,” he said, adding that a a digital component will “amplify that moment globally.” News of the plan was first revealed in Hits; Billboard published the official announcement on Thursday (Nov. 19).

Holmstén, who left Spotify in September of 2019 after six years at the company, said his new project is designed to take advantage of “this enormous potential of new artists to find fans they couldn’t reach,” he said, noting that streaming services cannot fulfill the personal connection between artists and fans.

“It has always been extremely important to make sure we can paint the full picture, and that was always a limitation with streaming services,” he said. “I always felt like, ‘Imagine if you can take the best of two worlds: Combine the physical [experience] with the technology.’”

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