I keep seeing the same thread in the biggest pub deals this year. The money is chasing attention, not taps.
What stood out is how deal logic is shifting from property to programming. Buyers are paying for rooms that hold audiences and the data that proves those audiences will come back.
The Real Asset Is The Audience
Footprint still matters, but only if it can host live sport, music, screenings, and seasonal moments at scale. The premium is tied to dwell time, repeat visitation, and conversion into membership or loyalty programs.
This reframes how the industry builds value. Content rights, event calendars, and local creator partnerships are moving from nice to have to core operations.
Why This Matters Now
Streaming fragmentation is pushing live experiences into communal spaces again. Pubs are stepping in as neighborhood venues that can aggregate attention when home viewing is noisy and scattered.
That opens new revenue blends for the industry. Think ticketed nights, sponsor funded programming, and data informed merchandising layered on top of food and drink.
The Operational Shift
Tech investment becomes non negotiable. Expect upgrades to booking systems, new screen displays, acoustics, rights compliant streaming, and real time analytics that tie tills to programming.
Loyalty will evolve from discounts to identity. First party data, privacy by design, and clean integrations across POS and booking will separate leaders from laggards.
Programming will need rigorous editorial discipline. A reliable calendar beats sporadic blockbuster nights, because predictability builds habit and habit drives valuation.
The Takeaway
The winners will act like micro networks with local flavor, not just landlords with screens and flowing taps.
This is a vote for experience as a distribution channel. The industry that treats every venue as a small theater with measurable audience value will set the pace for the next cycle.
For a broader view on where audience and venue economics are heading, the PwC Global Entertainment and Media Outlook offers useful context: Industry outlook.
Joshua Campbell
Director