Presentation about our business. Play along with me if it gets boring. Before we start, I'm going to play a quick commercial that we run in the markets where we're actually building our new venue. I appreciate you being here. I'm going to show you this quick 30-second commercial, and then I'll get on to telling you about our business.
Music is the ultimate uniter. It belongs to all of us. This is more than just live music. This is Venu. My name is JW Roth, Founder, CEO here at Venu. I've always been a music fan first and foremost. I was the kid camping out for Stones tickets and singing along in the pouring rain. It's those moments that inspired me to build a live music company that is fan-founded and fan-owned. As a publicly traded company, Venu is redefining the live entertainment experience, one world-class venue at a time. We build premium music venues designed for the ultimate fan experience, blending luxury ambiance and unforgettable performances. As one of the fastest-growing live entertainment companies in the world, we are disrupting the music industry. Our venues are built for the music lover who craves more, more comfort, more access, and more rock and roll.
We are just getting started with new venues planned nationwide. Venu is setting the stage for the future of live entertainment. This is Music Reimagined. This is Venu.
That gives you a little taste of what we do. The music business is on fire, if you don't know that. Over the last five years, the surge in ticket demand and fan demand has never been higher. This last year set all of the all-time records for ticket demand in the United States for live music. It's the number one leisure activity in the world. At the exact same time, the supply of new artists has never been higher. I don't know if you watched the Grammys this year, but there are genres you've never heard of. And supply are all-time highs. Supply and demand in most places meet in exchanges, right? The exchange in my world is a venue. It's where artists meet fans and fans meet artists. They're old and they're dilapidated. The average live music venue in the United States, outdoor amphitheaters, is 40 years old.
Many are 50 and 60 years old and in disrepair. They are not the venue that the fan is demanding today. You watch the NFL and you watch Major League Baseball and what they have done in creating fan experience. Those venues and those stadiums and those arenas are built not just to enjoy football, baseball, hockey, or whatever you're there to watch, but it's there to create an ambiance and to create an experience. That is what we decided to do in music. Five years ago, when I set out to do this, I set out to build a collection of the greatest venues ever built in history. I do not come from the music or entertainment or hospitality space. I'm just a music lover. And I've been a music lover my entire life. My background is I'm the founder at Roth Premium Foods.
Roth Premium is the third largest prepared food manufacturer in the United States. We service almost every grocery store, if not every grocery store, every day in America, producing over 200 tons of protein for U.S. consumption on a weekly basis. A lot of our brands you would know as you walk through the grocery stores, but the one you would know the best is Whole30. Whole30 is the number one health and wellness brand in the world today, surpassed Atkins a few years ago. That's my background. I still own Roth today, but I haven't been in a plant in probably five years. I stepped away from the business. I sat down with my family, all of our partners at Costco and Walmart and Tyson and our partners, and I said, "Look, I was 55 years old at the time.
I'm 62 today. I said, "Look, I've got another one in me. I can go build one as big or bigger than Roth. I'm going to build it in the music space. I'm going to build it in a place in music that is ripe for disruption." That is what I did. I started by sitting down with BCA Architectural Group in Atlanta. They did the Mercedes-Benz, and they did the Raider Stadium in Vegas. I said, "Look, if money is not an object, I want you to create what would be the greatest venue in the world. I want to talk through with you what I envision there." As goofy as it sounds, I started with my backyard. 10 years ago, I sat down and I created a small venue in my backyard.
I think I have the world's largest residential fire pit suite in my backyard. I created an ambiance and a multi-seasonal sort of space in my yard. I said, "That's what I want to do, but I want to do it in a venue." We started with the idea of these fire pit suites. At the end of the day, we put on paper a venue that would never pencil. It is the coolest venue that has ever been built in history. I could not raise any money, obviously, because my ideas were crazy and my venue was crazy, and it was millions and millions and millions of dollars. Nobody is going to give me $100 million to go build something that just does not pencil. I put the money in myself, and I built it myself. I built what is today the Ford Amphitheater.
It sits at the base of America's Mountain, Pikes Peak in Colorado Springs. The Ford Motor Company came along last year, paid the highest naming rights in the history of live music to put their name on it. Pollstar nominated it for Venue of the Year worldwide. I'm headed to Los Angeles next week for Rolling Stones and Pollstar Conference, and I expect we will win it all, as there's never been a venue like that ever built. The problem is it wouldn't pencil. I sat down and I first took a page out of the playbook of George Steinbrenner and Jerry Jones of the Dallas Cowboys, and I said, "Look, I've got to figure out a way to get municipalities involved here, public-private partnerships. That'll be the first step in trying to make this thing pencil." My idea was to build 20 of them.
Today, we've got $1.2 billion of construction going on throughout the United States on these, but it all starts with the public-private partnership. Today, I made a press release, and you can read it. It's with Ryan and Company. Ryan and Company is the number one public-private partnership firm in the world. They did my first two deals for me, and they started walking across the country putting together public-private partnerships. Today, we have five of those signed. We have seven more in the making with them. Public-private partnerships, as you will see in your packets, represent 40% of the cost to build these. They average in cost between $100 million and $350 million. The first 40% comes from the municipality. Still wouldn't pencil. I took a page out of Ritz-Carlton's book where they build their.
They go in and they pre-sell condominiums on top of their hotel property, and it pays about 50% of the project. In my case, I did the same thing. I took the ground that the municipalities gave me, and I built a structure on top of that, much like a condo building. I went in and I thought I would sell condominiums. Those condominiums are fire pit suites, just like the one in my backyard. People can buy condominiums, fire pit suites, just like in their backyard, and they can sit in a beautiful fire pit suite outside and watch the Eagles. That was my idea. I thought maybe that would pay the next 40%. I did not know. I had never done it before, and obviously, nobody else had ever done it before. I hired a marketing company.
We put some ads together, put some television together. In 14 weeks, we sold them all for cash. That was the next right at $50 million in that particular project. Today, we sell about $5 million, or about $1 million a day, worth of product in fractional ownership in our projects. We make an announcement every month on where we're at in that process and did $77 million last year. We'll do a quarter of a billion this year in that product. That's the next 40%. There's 80%. I went from not being able to make this thing pencil to now I've covered about 80% of the cost to build these. Still short about 20%, and I want to make money when I build them before I decide to operate them.
I put together a sale-leaseback program where we take the ground that the municipalities contribute to us, and we do just like we do with some of our packing plants where you use sale-leasebacks on the property. That covers the last 20%. It also provides a development profit of about 15% or so. This year, we'll realize a development profit of about $25 million on this Ford Amphitheater in Colorado Springs. Much like I did at Roth, I want to de-risk the operating piece of this business. We do not operate our venues. We cooperate with partners. In my particular case, that's Live Nation, AEG, ASM, the promoters that are the operators of live music venues. I did that specifically to de-risk the business. We do not take any risk in operating our businesses.
My job every day is to get out of bed and build premium seats. I'm building tens of thousands of them every year. My job is to create partnerships with promoters and operators to then operate the business. I always set out to be fan-founded, which this business is because I founded it. I wanted to be fan-owned. We sat down with my good friend Paul Tolsma, sitting right here in the second row, and some folks at Think Equity. We thought through that process, and over the course of a year, we put our deal together. Last November, we went public. We came out of our quiet period and rang the bell here at the end of January. Now we're out talking about our business. I'd like to get music fans involved, and I want to be fan-owned.
That was the whole purpose of going public, was to be fan-owned. Love 'em or hate 'em, I think Elon did a really nice job of sort of inviting his customer to be a shareholder. We wanted to follow along that line and provide a way for music fans to become shareholders. We're launching a program here in the next few weeks to go after music fans and to introduce our company to music fans and encourage their support of not only our business from the ticketing standpoint and the fan standpoint, but also from the ownership standpoint. Again, we got a couple of $2 billion or so in project site, line of sight. Got about $1.2 billion under construction right now: Tulsa, Oklahoma City, Dallas, Fort Worth, El Paso, and soon to be Houston, Texas.
I'm going to show you a quick video of what it was like when we opened our Ford Amphitheater. The next time I'm here, I'll show you videos from what it's like to open the next five. I'm going to open it up for questions and answers and hopefully be able to answer some of your questions. Okay, here is our opening night. This was Ryan Tedder, OneRepublic, sold out 25,000 seats. He'll tell you what it's like as an artist to stand on the stage in the most premium venue ever built in history.
Running through the strange light, chasing all the green lights, throwing up the shade for a little bit of sunshine. A little bit of sunshine. Are we going to sink or swim? Try to deny, yeah, we might go under. We will always wonder.
This has been an honor to play here on the inaugural night. This is super cool. The venue's beautiful. The fire pits, I've never seen anything like this. I feel like I'm in Abu Dhabi or something. Baby, I've been up and losing sleep, dreaming about the things that we could be. Baby, I've been up and playing hard. Say no more counting dollars. We'll be counting stars. I swear I did it all. I did it all. I wonder the second that this world could give. I saw so many places, the things that I did. With every broken bone, I swear I live. I swear I live. Thank you guys so much. Drive safe, be good to each other, stay warm. We'll see some of you tomorrow night, and the next night, and the next night.
That gives you a little flavor of what we do.
We're in the rock and roll business. We are going to change music history. We are going to change venue history. We are building a collection of 20 of the greatest venues ever built in history. I'd love to have you as a shareholder. I'd really love to have you as a fan. I tell people all the time, the best way to know us and to understand us is to experience us. In each of your packages, I put a come visit me. Fly out, it's inexpensive. Just come stay in Colorado Springs. I'll put you up at a great place at our club. You'll sit in my suite, and you'll see the greatest set of shows there is to see. I am going to answer any questions that you'd have. Again, I'd love to have you as a shareholder. Yes, sir.
What are you doing in training?
Outdoor concerts are typically sort of all weather, right? This particular venue, I did not put a roof on it because it sits at the base of Pikes Peak across from the United States Air Force Academy. It's gorgeous. All my other venues are multi-seasonal. They have a roof on them. They actually operate year-round. It's the first multi-seasonal venues ever built in history. Billboard ran a big story on what they're going to do and how they're going to change music because typically in the wintertime, as a music fan, you sit in a nasty sort of not-so-great hockey arena to watch live music. Not anymore. From now on, you will sit in first-class premium seating, and there won't be any rain. Yes, ma'am.
[crosstalk]
It's a great question.
When I set out, I grew up in a—I did not grow up in a wealthy family. Going to a concert for me usually required climbing a fence. I wanted to build a venue where every seat was premium at every level. If you're sitting in the grass here, you're sitting in HydroChill, which means that you're sitting in—no matter if it's 100 degrees outside, you're sitting in a comfortable spot in the lawn. That ticket's going to cost you about $60. If you're going to sit in a premium seat down below, that seat's going to cost you $100 to 150, just depending on the artist and who it is. A Fire Pit Suite's going to cost you $250 or $300. These Fire Pit Suites are all fractional ownership owned. People buy them, families buy them, corporations buy them.
Again, we sell about $1 million a day worth of fire pit suites throughout our system. I wanted to have seating that, while we're building the most premium venues ever, I wanted to have seating that I could have gone to if I would have wanted to back in the day. Yes, sir.
Two questions. First, I think you said you don't plan to operate them, at least right now. I'm a little confused on how you generate revenue from the presentation. Can you take us through post-IPO what your balance sheet looks like?
Yeah. In your packet is my balance sheet. In your packet is my performance on each of these venues and how they operate. The basic answer is I'm a participatory landlord. I build these venues, and I have two sources of income. First is I have a lease.
The first $8 of every ticket comes into my pocket as a lease for that evening. The second thing is I participate to the tune of 50% of all of the profits. I take zero risk, but I participate to 50% of all of the profits. Every one of my contracts, for example, AEG in Colorado Springs, they guarantee the shows. They guarantee a quarter of a million tickets. My revenue is fairly contractual, as are my profits.
Essentially, as an event happens, you take 50% of the profits, of which a certain portion is already guaranteed when it's in the run.
That's exactly right. That's exactly right. What I did in that packet, you'll find my balance sheet. We grew about $150 million—I have to go back and look—roughly $150 million last year. My balance sheet's sitting around $200 million today.
I'll end the year somewhere around $650 to 700 million net tangible assets on my balance sheet. It grows like crazy, obviously, because I have so many municipalities that are participating and contributing cash, real estate onto my balance sheet. At the exact same time, every time I sell fractional ownership, that capital ends up on the balance sheet as well. Don't you want to know what the next show is? I mean, what is this? We just signed. We just signed. Every morning, I sort of look and just kind of see what's coming. The last one that we just signed was Chicago. REO is going to open for them this season at the Ford. We've got a great set of shows coming. We'll have 35 or 40 of the biggest routed shows off of Red Rocks.
Red Rocks is the most legendary amphitheater ever in history. It's about an hour and a half up the road from me. Anschutz is my partner on this one in Colorado Springs. AEG has just been great partners. Couldn't have better partners. We work with all of the different promoters. This one here, about 60% or 70% of that venue drafts off of Red Rocks. Thank you for coming. I appreciate it. I'd love to have you as a shareholder.