Bloomberg Businessweek: "For the Love of Live Entertainment"

Hosts: Carol Massar and Tim Stenovec
Guest: Juliette Feld Grossman, CEO of Feld Entertainment
Date: December 18, 2025

Episode Overview

This episode explores the enduring appeal and evolving business of live entertainment through a conversation with Juliette Feld Grossman, CEO of Feld Entertainment. The hosts discuss how Feld's diverse portfolio—including circus shows, monster trucks, and Disney on Ice—adapts to shifting consumer habits, pricing challenges, and global expansion. The conversation provides insights into the post-pandemic live event landscape, company strategy, and the unique logistics behind a world-spanning entertainment brand.

Key Discussion Points & Insights

1. The State of Live Entertainment and Consumer Trends

• Feld’s Reach: Feld Entertainment operates major brands like Ringling Brothers and Barnum & Bailey Circus, Monster Jam, Supercross, and Disney on Ice, producing ~2,800 shows per year in 240 cities, reaching 14 million audience members across 80 countries and six continents.
  • (03:05) "We see the economy from a lot of different vantage points and we are in many different territories worldwide." —Juliette Feld Grossman
• Two-Tiered Economy: Consumer spending diverges between affluent customers (opting for VIP/more expensive experiences) and lower/middle-income audiences who face greater financial pressures.
  • (03:35) "We see the affluent consumer who's excited to spend on VIP experiences on merchandise, all of the plusing up they can get… [and] lower middle income consumers having a harder time, less discretionary income." —Grossman
• Inclusive Pricing Strategy: Feld works to offer a variety of price points to remain accessible and relevant to a wide demographic.
  • (04:51) "We offer different pricing and... different experiences connected to different price tickets… no matter where you sit, you and your family have that great experience, you take home those memories and hopefully you come back many more times." —Grossman

2. Revenue Streams and Business Diversification

• Touring and Beyond: Multiple simultaneous shows globally:
  • 8 Disney on Ice tours
  • 5 Monster Jam tours
  • 1 Super Motocross tour (31 events, broadcast live)
  • 1 Ringling Brothers tour
  • Merchandise, licensing, media/broadcast rights are major ancillary revenue sources.
  • (06:20) "We also have a merchandise business that accompanies all of our tours… a very strong licensing program… and media and broadcast rights." —Grossman
• Year-Round Engagement: Moving from event-based income to 365-day franchise models, building stronger, continuous consumer relationships.
  • (07:16) "Now we're increasingly working on building that 365-day presence with our customers, building out a more franchise-oriented strategy... so that we continue to stay with them all year round and be top of mind." —Grossman
• Monster Jam Licensing: Since 2020, Monster Jam has ranked as the top vehicle license worldwide, expanding into robust retail partnerships (Walmart, Target, Amazon, etc).
• Digital Subscriptions: Super Motocross offers a global video pass in over 140 countries.

3. Portfolio Expansion and New Initiatives

• Content Creation: Recent launch of the Ringling Kids channel introduces premium children’s content and a new slate of characters, expanding beyond live events into broader media and retail product lines.
  • (08:24) "We're developing premium kids content and a slate of characters… building out media partnerships around that... and the monetization of those channels." —Grossman
• IP Acquisition: Feld seeks both to develop its own properties and license externally, always scouting for new opportunities.

4. Talent, Casting, and Immigration Challenges

• Global Scouting: Feld’s in-house casting team travels internationally, networking with coaches, schools, festivals, and talent communities. Sometimes acts are custom-built for new, unique performances.
  • (09:53) "We have an in-house casting and talent team... they're visiting circus festivals, they're visiting schools... we're often creating our own acts based on ideas we have for something that… the audience has never seen before." —Grossman
• Memorable Moment: Description of a “bike troupe from China” performing a never-before-seen bicycle acrobatic act in the US, including a capstone moment with a performer running across the backs of teammates on bikes. (10:56)
• Immigration Logistics: With performers from 17 countries, Feld navigates complex immigration policies, sometimes requiring special permissions (e.g., comedians from Ukraine needed Ministry of Defense clearance).
  • (11:24) "We have performers from 17 different countries and it is quite challenging… In our last production… we actually had to get a special notice from the Ukrainian Department of Defense."

Notable Quotes & Memorable Moments

• Juliette Feld Grossman on Consumer Diversity:
  "Our focus is always on a very wide and diverse, you know, economic spectrum. So we put a lot of effort into reaching across that spectrum to customers and offering a variety of price points." (03:33)

• On Modernizing the Business:
  "We always look to say, how can we make sure we have a great experience for everybody who comes to our shows?... So that no matter where you sit, you and your family have that great experience." (05:40)

• On Building Year-round Relationships:
  "We've been a company and business that's about that special day… and now we're increasingly working on building that 365-day presence with our customers." (07:16)

• Unique Performer Stories:
  "We have a bike troupe from China that has never been to [the] US before… one performer who runs across the backs of all the people on the bicycles. It is unbelievable." (10:56)

• Challenges with Immigration:
  "In our last production, we had… comedians from Ukraine, and we actually had to get a special notice from the Ukrainian Department of Defense to allow them to be a part of Ringling." (11:34)

Important Timestamps

• 02:11-03:05 — Episode kickoff, introduction of Feld's live entertainment business
• 03:05-04:32 — The two-tiered economy, consumer behavior post-pandemic
• 04:32-06:04 — Discussion on audience, ticket pricing, and value proposition
• 06:04-07:13 — Revenue breakdown and diversification, confidential company size
• 07:13-08:17 — Growing beyond the “special day” to 365-day engagement models
• 08:17-09:22 — Expanding portfolio, launching kids content
• 09:22-11:24 — Talent acquisition, casting stories, global performer network
• 11:24-12:33 — Navigating immigration hurdles for international casts
• 12:33-End — Wrap-up and thanks to Juliette Feld Grossman

Tone and Takeaway

The episode is upbeat, candid, and insightful, blending behind-the-scenes business discussion with stories of logistical complexity and creative innovation. Listeners gain both a broad economic perspective and colorful details about the people and processes animating the world’s largest live entertainment spectacles. Feld Entertainment emerges as a forward-thinking, nimble player intent on remaining relevant in a dynamically changing consumer and media landscape.