Over a year after leaving his position as the global head of music for Spotify the executive is teaming with Fortress Investment Group to launch a state-of-the-art entertainment company, TSX Entertainment that will utilize U.S. Immigration Fund’s (USIF) EB-5 project, TSX Broadway.
Holmstén recently told Billboard that the TSX Entertainment is operational and pending coronavirus-related restrictions and the development is slated to open to the public in 2022. The focus will be on artists who will be able to perform music and concerts, meet fans and create other immersive experiences – while simultaneously reaching a digital global audience. With a layered background in the digital music space, the core of Holmstén’s strategy for TSX Entertainment is based on the same principles that led him to success – bridging the gap between artist reach and their fans.
For TSX Entertainment, he wants to take this to the next level and plans to “paint the full picture, Holmstén continued, “imagine if you can take the best of two worlds: combine the physical [experience] with the technology. His vision is to break the limitations of streaming services while continuing to digitally and physically expose new artists to fans they might not usually reach.
Before launching TSX entertainment with Fortress Investment Group, Holmstén joined Spotify in 2013 after they acquired his music startup, Tunigo, which ultimately became the framework for Spotify’s renowned playlist experience. His idea behind the playlist approach was simply for new artists to “find fans they couldn’t reach” in an era where music was heavily digital, and experiences dwindled and lacked the same spark.
He continued, “a lot of artists love what happened, but it also felt like a lot of that relationship with fans was lost.” He turned curated playlists like RapCaviar and ¡VivaLatino! into tours and created branded merchandise. However, Holmstén says “he wasn’t completely satisfied” and missed “the in-person experience that he says make music so impactful.”
Once learning about the TSX Broadway property which Holmstén says “blew him away” he spoke with Fortress and expressed his vision – “if you are willing to really have a conversation about creating a new entertainment company, I can build something on top of that becomes complementary to the existing music industry.” The partnership was solidified and TSX Entertainment was launched. The team is confident that by the time the development is complete in 2022, the pandemic will have hopefully subsided.
TSX Broadway located at 1568 Broadway, is a multi-million-dollar development with the first-ever permanent stage surrounded by an 18,000 square-foot interactive digital screen complete with views from the street. In addition, the project includes roughly 75,000 square feet of retail space some of which fans can purchase music and memorabilia.
Recently, USIF investors for TSX Broadway received I-924 approval and I-526 approvals. The I-924 approval complements a long list of unique qualities that have come to define the 1568 Broadway project. In addition, USIF individual investors and their families have begun receiving their I-526 conditional green card approvals
A version of this article was originally distributed by Billboard.