Tim McGraw Entertainment Holdings | Supporting Market Research
Nashville has emerged as America's fastest-growing major entertainment market, driven by unprecedented tourism growth, corporate relocations, and cultural momentum. The city's unique position as the global capital of country music creates structural advantages for TMEH's platform.
| Year | Visitors | Tourism Spending | YoY Growth | Notes |
|---|---|---|---|---|
| 2015 | 12.3M | $5.8B | — | Pre-boom baseline |
| 2017 | 14.5M | $6.9B | +9% | Growth acceleration |
| 2019 | 16.1M | $9.1B | +6% | Pre-COVID peak |
| 2020 | 8.8M | $4.2B | -45% | COVID impact |
| 2021 | 12.8M | $7.8B | +45% | Recovery begins |
| 2022 | 14.4M | $9.0B | +13% | Approaching pre-COVID |
| 2023 | 15.2M | $10.2B | +6% | Exceeded 2019 |
| 2024 | 16.0M | $11.0B | +5% | Record Year |
| 2025E | 16.5M | $11.5B | +3% | Projected |
| 2030E | 19.0M | $14.0B | +3% CAGR | Projected |
Sources: Nashville Convention & Visitors Corp, Tennessee Department of Tourist Development, Nashville Area Chamber of Commerce
| Demographic | % |
|---|---|
| Leisure Travelers | 78% |
| Business Travelers | 22% |
| First-Time Visitors | 42% |
| Repeat Visitors | 58% |
| Avg. Length of Stay | 3.2 nights |
| Avg. Daily Spend | $215 |
| Activity | Participation |
|---|---|
| Live Music | 89% |
| Dining/Bars | 85% |
| Historic Sites | 62% |
| Shopping | 58% |
| Concerts/Events | 47% |
| Outdoor Activities | 34% |
Nashville serves as the undisputed global capital of country music, hosting the industry's major labels, publishers, and talent agencies. This concentration creates unique advantages for TMEH.
| Category | Value | Nashville Share |
|---|---|---|
| Major Label Operations | All major labels present | HQ or major office |
| Music Publishing | $1.5B+ annually | ~60% of country |
| Recording Studios | 200+ commercial studios | More per capita than LA |
| Songwriters | 10,000+ registered | Largest concentration globally |
| Live Music Venues | 180+ venues | Broadway alone: 30+ |
The western lifestyle market is experiencing a cultural renaissance, driven by mainstream media (Yellowstone franchise) and shifting consumer preferences toward authenticity.
| Metric | Value |
|---|---|
| Total Market Size | $1.5B annually |
| PRCA Sanctioned Events | 600+ annually |
| Total Rodeo Attendance | 25M+ annually |
| Growth Rate | +4-5% annually |
| Event | Location | Attendance | Est. Revenue |
|---|---|---|---|
| Houston Livestock Show & Rodeo | Houston, TX | 2.5M | $350M |
| Cheyenne Frontier Days | Cheyenne, WY | 200K | $30M |
| Calgary Stampede | Calgary, AB | 1.2M | $100M CAD |
| National Finals Rodeo | Las Vegas, NV | 170K | $25M |
| Fort Worth Stock Show | Fort Worth, TX | 1.2M | $75M |
Nashville entertainment assets consistently command premium valuations due to scarcity, tourism tailwinds, and cultural significance.
| Company | Valuation | Multiple | Category |
|---|---|---|---|
| Ryman Hospitality Properties | $6.63B (market cap) | 17-18x EBITDA | Venues, hospitality |
| Grand Ole Opry (implied) | ~$2.0B | 14x EBITDA | Iconic venue/brand |
| Big Machine Records | $1.05B | 15x revenue | Country music label |
| Ole (Nashville) | $500M+ (private) | 12x revenue | Music publishing |
TMEH models exit at 10x EBITDA—a 40-45% discount to Nashville public comparables—providing significant margin of safety.
| Player | Focus | TMEH Differentiation |
|---|---|---|
| Ryman Hospitality | Grand Ole Opry, hotels, Ryman venue | Complementary; different segment (rodeo/western) |
| Live Nation | Concert promotion, festivals | TMEH owns content + venues; integrated model |
| AEG Presents | Festivals, touring | No Nashville-specific western lifestyle play |
| Local Venue Operators | Broadway honky-tonks | TMEH brings national brand + artist exclusivity |
| Risk | Assessment | Mitigation |
|---|---|---|
| Tourism Downturn | Low-Medium | Nashville showed resilience in COVID recovery; diversified economy |
| Over-Tourism | Low | Infrastructure investment keeping pace; visitor satisfaction high |
| Competition | Medium | TMEH first-mover in western lifestyle; Tim McGraw exclusivity |
| Economic Recession | Medium | Entertainment historically resilient; Nashville economy diversified |
Nashville's structural advantages—music industry concentration, record tourism, and cultural momentum—create favorable tailwinds for TMEH. The city's demonstrated resilience (fastest COVID recovery among major tourism markets) and continued infrastructure investment support the long-term thesis.
TMEH is positioned to capture this growth through destination events (MCR), hospitality venues (Draft House), and Nashville-centric content (Down Home Media).