LYV - Earnings call transcript Q2 2018 | Live Nation Entertainment, Inc.

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Operator

Good day, everyone. My name is Lori, and I will be your conference facilitator for today. At this time, I would like to welcome everyone to the Live Nation Entertainment Second Quarter 2018 Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. there a remarks, period. speakers' the will question-and-answer be After

measures are company's me on and Nation prospects, G, you In with release. contain and the Before their differ, filings and actual including be that including company's results or results. discussed Live turn SEC The Live the Nation Nation Live to XX-K, can investors.livenationentertainment.com. Rapino, now financial Live to to most in reconciliation cause Live cautionary included asked pleasure X-K description that certain information will to new to could statements uncertainties statements full statements Nation's non-GAAP Nation will this we SEC Relations comparable accordance for begin, on developments Officer be my Executive also And filings reconciliation impact to Regulation call and earnings uncertainties of performance, provided similar has matters. release, most in business remind and XX-Q actual over risks afternoon's that risks it forward-looking Entertainment. some the refer the statistical to a related subject has risk Form measure of financial GAAP call. on Chief other Investor the on President conference Michael anticipated tab that Please to factors of recent the refer under is a found the call and could this to and this

Michael Rapino

XX%, all AOI second contributed to of up free strong continued to quarter welcome XX%. and the businesses Each AOI quarter growth We've up these cash our up X%, afternoon quarter. conference in our XXXX double-digit results, second revenue flow and delivering for the call. our with performance Good

through scalable all ahead growth and Concerts, to with key year, live and for the of flywheel, business, most year. concert I'm Ticketing, confident million Starting in XXX fans our events is will unparalleled bringing have pacing again live tickets Sponsorship our putting company. and metrics AOI XX and industry's have in tickets which on to double-digit countries promoted for that platform, XXXX almost year over the each built We With million our in than last million deliver at year, second us million X more X% the revenue million delivering growth. sold fans, XX% point, year. fans we AOI over this last shows track quarter, July we shows increase this our XX have XX in this over XX X,XXX In a to concerts

strong to As year indicated, with by be we up and for fans this will the to full year. particularly grow million previously on quarter second track attendance in double-digits X our the amphitheaters,

the with and $X. on-site our highly sale, by fans At of our fan fan, From improved improving ability to and on-site we accelerate at increasing spending product points these additional profitable. Given mix pricing. additional time, $X.X per spend other per initiatives, to year to expect this optimized with this continue driving are amphitheaters, experience we audience, drive this high-margin same spend increased

Nation optimization, to for value pricing of We Live the delivering also continue artists capture value and market greater the the more artists. to through

the growth consistent a deliver in ticket second for result, $XXX arenas double-digit double-digits up shows, sell putting far average business. a up year, increases this increase price amphitheaters continue. assuming AOI arena and year, amphitheater XX% year, and is to the tickets we this so concert of As pricing quarter, XX,XXX on revenue our last shows X,XXX point over driving and track XX in booked in million million Through have over us

driven million provide with rapidly, fans direct of has our the and our over us platform XX% The strength quarter. business to up to and continue XX brands building revenue continues relationships strategic XX% with grow enabled Sponsorship ability our XX% Rémy number Our added AOI engagement of total and to This our for with double relationships American of General these such the of sponsors we year, sponsorship as Eagle, with that accounts much digits companies Martin. for Mills, group have this growth. as have has grown

As a committed time at receptive also the to is by mid-July. these through strategic to result, sponsors they key sponsors engage messages. Festivals opportunity are brand fans up provide a such spend a double-digits for when

at XX% committed. these grown double-digits ahead through of we European quarter, XX%. in strong Overall, year revenue last per for particularly have revenue planned festivals second of our year committed July, the revenue, are festivals Our with with pacing the up fan in

AOI Given team this, best venues, fans and to delivered demonstrate this GTV tickets fee-bearing growth sell artist on continues XX% that with to Ticketmaster expect year. globally, we the up this again for tickets to marketplace double-digit I quarter. growth Sponsorship in it's

ticketing and As XX% up a for to platform the technology world, result, the the Ticketmaster's up sports buyers. and the attract be continues to teams quarter AOI convert service revenue marketplace effective and artists its was core, the in venues, most At ticket and with Ticketmaster XX%. to

proceeding our this this positioning systems. us Phase using we to date, have To the is fans access year. focusing least X installed Presence next Presence XX venues have planned at year, rollout in on second venues, million half XXXX plan another in XX control ticketing with digital with systems in Our system of on XXX deploying

tickets, even ticketing now to maximize and the to of buy value our the to this for of technologies continue concerts delivering options artists performance sales high-single fans, providing mobile, by teams for better we validating mobile this With a types fan events ticketing while contributing for to and number of building revenue and redesigned through and purchase From we for I events with a With tickets. cash details fans are Each XX% we sponsors. AOI us Ticketing service quarter. we events. great to along the a buy success, to broadening continued were XX% as businesses to this mobile to increased XXX,XXX flow. strategy's an year. our behavior enterprise to standpoint, to in Ticketmaster venues, sales, to and up have investing million is addition I that, expect shift a to gains our on venues, of summary, experience, ongoing to In fans to following fans, solution June. digit the Overall, on artists ticket continue year for an all double-digit fans to all to marketplace of is additional conversion AOI Ticketmaster who to looking their of for see almost in this double-digits. our this turn put the track year, rates demonstrate up for call results efficient growth deliver will deliver over Ticketmaster you continue fans accounting company In shows strategy In of better software strong XX% on to events more more teams, our further make XXXX marketplace of number with tickets to listed growth, the free success, come monetize greater the take sell Joe XX value through of and

Joe Berchtold

Thanks, Michael.

festivals. was highest including highest XX% second as AOI AOI second quarter a the revenue Before arena XX% which with the up reminder, million this and AOI Getting backdrop, quarter X% that and with that amphitheater global across quarter was another up the X attendance ever, festival million our grow XXXX, or attendance Nation record had quarter festivals Sponsorship growth. crowds fans ever, growth second XX% at this growth growth including Against is million Driving Concerts' we're third Concerts quarter, fans, was up AOI against first AOI XX%, growth growth, was year, division over quarter XX% XX up attendance X%. ever, our of business AOI Concerts Concerts, into and growth up into AOI in to its and segments, Live of with XX% XX was with in largest attendance by numbers, growth, trending was $XX XX%. X.X these I our now QX, comping get overall

again, million million full increase for this promote expectation our of we top with year for XX the X%, tours of an have the the full July, through and expect we fans about year to tickets XX surpassing Looking XX consistent already shows global XX almost this year, to of sold year.

ever, year, our in very Coming last count this pipeline be amphitheater and XXXX, but the still arena to July, expect strong a stadium XXX-plus fans bit biggest second-largest history stadium X,XXX our Our with will expect are year July million over lower we over will almost be festivals shows Festival attendance the the through shows host double-digits year. up shows off point booked through with be sales this stadium this show our in up continues XXX year. year we of will globally. company and of compared and to X ticket XX%

As we growth for and year, now therefore Concerts' ticket attendance, spending, that confident we into amphitheater mid-single increased in visibility pricing digit we again of the on-site will we solid expect growth and double-digit the have are growth good full fan deliver double-digit in full-year. AOI

quarter, the of second Turning and evenly drive Concerts North XX% growth to America XX%. flywheel, Sponsorship, XX% our up was our fairly In this AOI Sponsorship from & split helping quarter, business while AOI Sponsorship Advertising business, benefited our was revenue the from up between over International.

ad AOI we remaining units the now we're quarter, the online for deliver financial Based America the year, services the by business full-year. North the for growth contracted on in Advertising AOI will Our again Sponsorship double-digit driven new growth the category. for net revenue & drove confident

so summary, and global Kathy AOI X% primary now our results and XXXX XX%. activity that businesses. primary growth was for from line in global be and will Ticketmaster GTV. Finally, came pipeline, material was for Concerts full North low-double half of secondary specifics, XX% GTV to for Ticketmaster This another we America now top more our QX and continues the up to for the up through in was up than was we and in XX% far deliver up growth the X% go year. back and accounting what was QX approximately the revenue the sports, overall heavily GTV for of driver the we FX, our In to X% expect results AOI first had providing our quarter, by of primary financial be and results. Based secondary GTV Total growth fee-bearing QX. the and I'll quarter quarter. XX% driver confident the a business digit the Ticketmaster, few notably, in to of for on are year year concerts, increase high-single quarter. the gained AOI GTV primary largely up overall positive second on also a the and with more growth, growth, XX%. impact growth and halfway we NFL X% growth fee-bearing on give the GTV AOI XX% to a be driven this half our GTV to through in digits, of record on up year, to QX we each call for expect expect turn second On over also in

Kathy Willard

Thanks, good Joe and afternoon everyone.

of cash the our quarter ticket was was our in was Concerts across quarter $XXX both future revenue June the flow up with as $X.X was and up and compared second Ticketing driven AOI revenue Free $XXX to adjusted Our billion. amphitheater up Europe, million. of to related second deferred all and XX% million key up to of Sponsorship $XXX financial XX% our XX%, or was was billion. highlights XX, to shows volumes. was million, X% up revenue from And increased activities. North segments. for XX% $X.X revenue fee-bearing in XXXX. growth arena America X%, increase increased by The XXXX,

by Our the each growth. all was XX% for quarter segments with AOI second delivering double-digit driven growth again of three

interest operating in year, to was $XXX foreign million rate compared to increases the quarter $XX higher the interest XX% for and over in the And quarter as of due income net growth $XX a driven along with income year, impact last Our expense, for non-controlling million, expense AOI. the losses. last by million, was increase net exchange

the fairly For XXXX. from per the accretion the share quarter quarter, with of of earnings million, redeemable the first impact was $XX non-controlling consistent of interest

adjusted increased billion. For million, $XXX six XX% was up of to revenue XX% the flow to $X.X cash up free and AOI months first $XXX XX%. million was XXXX,

XX%, three with revenue to XX% first and growth arenas increased AOI & was impact higher attendance from income revenue the the foreign and of of in Advertising half in was million $XX The AOI for fee-bearing delivered the segment, along six in growth for of growth growth non-controlling AOI. increase Operating the segments interest $XX Ticketing the million the income income All to in up expense sales. show ticket higher America, rate and in increases strong in XX%, our count Concerts of largely six net and in was first amphitheaters. the and months. revenue operating double-digit year months all first for strong million from from XX% losses. was segments. interest across from the the first revenue, up net half $XXX last up compared due increased the Sponsorship majority of year to was increases year, with expense, exchange North And

full we the across currently share year of six two be from quarters. the that first last the the non-controlling accretion remainder approximately was impact and million, $XX $XX interest will the fairly earnings the for to the impact for year consistent million, estimate with redeemable For months, per the

working for to million our event impairments last by to to million. deposits million we of balance ticketing event-related the including million year, cash, total as due to of to months capital leaving $X.X final related artist related cash and cash provided activities $X.X sheet, operating had free Moving timing was cash six XX, $XXX Net net billion, concert in the primarily clients. ticketing in June billion $XXX $XXX amounts, first $XXX compared cash of of

for revenue-generating XXXX half Our We approximately total were first $XXX half CapEx. expect for revenue-generating expenditures roughly the on $XX spent expenditures be total capital capital on with months, to six with currently million million, over items.

total and our debt our of debt XX, June average weighted X.X%. of $X.X net As was billion cost was

the interest in compensation half year remainder of For second the and months, be second fairly to six Thank for we now of the consistent non-cash expense similar that will expenses the two XXXX the joining currently the call each of of quarter quarters last questions. XXXX, acquisition for and first of open we expect will Operator, to XXXX. the you for expense will be today. us

Operator

Brandon to at first Ross go We'll BTIG.

Brandon Ross

for Hi. taking actually. of Thanks the questions question. Couple

look And to I from last bigger your your held guess, mind geographic of, constant maintained pretty your and or International to global unlocking Is access business? some you of biggest mix your have balance back several becoming What a International sheet revenue at the If part share has your has opportunity? constraint capital then follow-ups. your a over I years, AOI. back in

Michael Rapino

continued And No, rates. context Brandon. the we've exceptional I back business the news don't great is that is thanks, holding the think at grow been has International growth. The to U.S.

us to increase amphitheaters U.S., sponsorship talking in, pricing, driver alone So growth cities we next at monetization the great long big keep we still as runways heads. lot and market as U.S. term, for huge global that's within a that opportunity about, of in a also going and we we years per for markets a see still has be that the we're a look but both of International few not footprint and the

across continually able at been equally we've we've revenue business it both Sponsorship our U.S., and both been grow and while the platform, and just to Concerts. TM, drive AOI, the growing executed So International

term, So from and most continue be long-term are International think over we AOI. we great businesses think a that global, revenue opportunity opportunity long like will that a the to

and Africa those continue Eastern were will opportunities. markets Asia, great You've zero be like markets market share, relatively Europe, and seen America South into move long-term South us and to

real keep current think the the we grow to monetizing U.S., it X or balance opportunity at that We business something and to next while our both want acquisition keep an internationally we a that business So There don't hasn't us. or capital never Canadian we'll do constraints. bolt-on has see across growing years is minimum afforded we a been our any sheet for our businesses.

global business beautiful story outside on it's is mom-and-pop As large you Live fragmented, acquisitions a basis. we're not know that, the looking I the still think very for Nation a of of core,

we've balance or our really accretive a in festival venue. it's those it's advantage bolt-on Philadelphia those buy or So fast. and of We're to Milan, take basis making current sheet. a global whether or able at promoter synergizing can with them We good whether on concert our strategy, been a very

to don't balance constraints our we see So, sheet. any

that have buy day, of at we're sheet. bringing from in pipe. end the We field balance our we center revenue business. our in looking to South promoter and of on a be But core are the going ticket AOI when lot because a And to and accretive, festival sponsorship Africa, buy most a our Milan, business instant we're content left of capacity things to the down they're

sheet global, to growth. So continue and U.S. see both balance growth that to continue power current our can

Brandon Ross

driving And initiative this primary I for a you wide has ticket guess Great. been big industry and price guys year.

look do you has continue taking do we the price price As you been a think tickets to push on believe successful to XXXX? And for half, first on back about endeavor the as plan industry? you

Michael Rapino

Yeah.

think pricing not there's a – exists, number still product is is secondary it's and on artists, sold but which for that the not huge that the still $X table. inefficiency primary tracked, money talked alive both I where a still means used, great because teams of well and out it's lot leaving but precise is a is price sports loud we've that billion business there

the strategy. great maximize opportunity annual minimize business, content to an your is we to ways be us years, content scalping So, artists, the the pricing ongoing owner price efficient, the try and as as we've it Nation, larger to I'll for to market Live the that maximize probably a to appetite five said over of out has saying sports higher, of the of will meaning those opportunity more at take of last becomes for tickets the convince the couple next one years, it the some team,

or the of take ways the we do tickets, of business got that pricing to increasing is the also into in VIP there's and to the and backend team. or the no through it simple and of but the and pockets one strategy, the the secondary the way you sure a house you the to sell overall some tickets platinum Now, prices make know great lower there's artist turn PXs sports

Joe Berchtold

pace, $XXX as of yeah, XX% year. maybe that's giving pricing and we'll and numbers, opportunity. few And to so arena think again, artists, deliver mentioned, far double-digit at another the is amph – secondary specific this Brandon, Brandon year you a this just Michael we up million this And

So, it, to and better long continue runway to they're more get comfortable the models to continue we getting get opposed that brokers. artists doing that as money better and as should ones be who pricing

Brandon Ross

Great. QX? in you mix versus shows quick just housekeeping, And to can the QX a speak amphitheater of

Joe Berchtold

be would It double XX% QX, is as QX. checking, about I'd roughly but say it's Kathy XX% XX%

Brandon Ross

Great. Thanks for the questions.

Operator

And next to at we'll go Jefferies. Janedis John

John Janedis

on maybe but somewhat follow-up buys ahead local? global Maybe Asia you. and you've or the of you & be as Advertising about now and what opportunities question, a U.S. be it a of and to Thank but with festivals, clients more global expansion, European growth of or or making Are combination, more are Sponsorship business, or the global done for LatAm a some guys regional driver? will to Brandon's a acquisitions talked the the result,

Michael Rapino

Milan are Tampa is three. of or have Yeah, package advertising buying amphitheater all sponsors, at of our – Bay a an sponsors our that selling or local lot XXX We're business the series. out we arena

the you then strategic global And clients. business. have regional a have We

points, global obviously and talking global – touch an out that is the can the a of team Germany, as CEO, our need works opportunity sponsorship on at market to local inventory instant and foundation. of to we that promoter our in more move when and laying you organization regional which a into And levels. platform festival all will being a buy all we my the buy, it more the CMO, markets and and Sponsorship The team more our a provides it touch, for present So when brand. –

with concert. both central execution So, then a we need But of are strategy. and and buying combination drive the local local always sponsorship a to central been business a strategy the ultimately you a

John Janedis

as it. Got time or you venues? with cost million move do it And Presence, towards you time get over on plus smaller maybe Okay. is XX million prohibitive separately, fans over XXX that to or

Joe Berchtold

No, there just limitation it. is It's no ramp up. the cost on

to it expect We the control system. quickly standard fairly become for access

John Janedis

you. Thank great. Okay,

Operator

next We'll Karnovsky go David to JPMorgan. at

David Karnovsky

seen recently given you just in and venues space? just that, and division Denver, separately, right. then on before the at the expand the new All with success this club provide America you having your Thank amphitheater footprint more opportunity you. potential theater you We've Cleveland, to can color do North your you're in And all, on-site? see at see

Michael Rapino

now to multiple that within Thank there's the at talked continue look in and that. you. We we XXX-plus grow and channel, in. Festivals, within to we've channels we our want business about, there's festivals, sub-strategies have

in your the be to is and dance a X,XXX a venues, used bar theaters may has So is the club close explosion probably or well, and U.K., bar now book, and basis, live a U.S. That and read to global and you a at Canada and Australia, and the we same. seat lease division manage, seats. and the probably we On look alive music live XXX sense, XXX experience, about clubs been we're local growing that X,XXX town, or of some because in what

a for live is malls as club converted, anchor being new a one So, looking whether retail seen surge, of we've developments, where in – tenants. it's their a everyone

or young So, sponsorship, venues margin, or film to for our X,XXX XXX of a and lots incredible Blues we're platform many seat us, talking that of high our adding of artist a about provide the our House all for network. time one developers to are

opportunity the continue location to retail a or an So to works, global there. or and developer a if markets expand with right developer we'll that we to we're in going think continue on a basis, looking there's then

David Karnovsky

expand then, on America to North footprint amphitheater opportunity all? And your at Okay. the

Michael Rapino

lots are new Boston Toronto. the in of there's amphitheater of think Same urban – thing. XX of opportunity town have a amphs like outside is the and or again, times and We lots miles don't amphitheater cities

to or in research, outdoor looking Canada position looking In – at is our amphitheater experience. if whether we're think do see where where to a it's their markets of international can or on than and and where ask the they fun, elevating from we're kind dance band small UX some see they have see want our love you outdoors then want an the of they'd current upgrading we club at obvious list to great in So, fans choice, them they U.S., goes a there.

and know all we social makes good sense things is to those experience, for continue gathering, real we'll So, a amphitheaters that look outdoor important to value expand and proposition, places us. for

David Karnovsky

just on think XX% just And to you think the year. Okay. about growth digit of puts high-single for got first you've AOI I half did then you the some Thanks. Can takes the walk growth Ticketing, how and in growth the in for back-half? through into and

Joe Berchtold

later by the is see stadiums, as generally then this particularly tend We summer then and for size QX. driven arenas, for and our bit the QX Yeah, QX in smaller in starts, for and Joe. QX the on-sales next the the a QX QX and to QX is is in and in smallest largest quarters. when amphitheaters, the the

for have sale. less got and and a arenas to summer. on the end they're So trailing amphitheaters the you QX, then QX And of has the tend closed lot going

side. the from So, less activity concert

David Karnovsky

you. All right. Thank

Operator

Borst Drew to next move we'll Goldman Sachs. at And

Drew Borst

Thanks. if Couple I questions of may.

ramp to rolling on back-half in of year. you guys talk that financial the out? Presence the implications then about of system, going that ticketing over Firstly, the you're up digital Can how talked the the you about

Joe Berchtold

our Yeah. not access These expensive are overly frankly, systems controls.

systems components. terms off-the-shelf Presence standardized are more Our of in

So systems. than tend for to to to was it expensive deploy be our actually us traditional less deploy

which meaningful that don't all a think of cost, range. it's normal CapEx I spending is estimates Kathy within giving the you, within sort So, it's our overall we think is,

Drew Borst

as there also and to benefits profit was if, as next other year, into wondering it? revenue I you you out growth look deploy some is

Joe Berchtold

digital their Absolutely, Ticketmaster in and the there as the a more substantially both and provides we marketing there's exactly from their the ready they're to Concert I are ability will terms But important the that benefits, on value substantial come. the unlocking no sponsors the question driver be our are, we're declare don't of benefits for years who benefits. behavior, in ticketing on that get our side, with. has individuals also timing in terms who of the understand to of to yet data think those an business engaging those

Drew Borst

in on-site spending Thank guidance spending, increase and year. I the on-site on update the you. the for the appreciate And this then

look the at think driving that the you of to roadmap over continue XXXX, you couple As XXXX, next years, about do how growth?

Joe Berchtold

very parity with sports we've think to give we'll to we is, you $XX the there. focused and at on the and direction us I from what on guys to that getting reassess number and teams, least put major said once we're get $XX, guidance

Drew Borst

penalty, because on fall think me, in Okay. on any of recently that? if But one risk I from little had data color And then you of which recently you could a bit would this just a a just Ticketmaster last some was breach under London. implemented. Could just GDPR, there's color us give give

Joe Berchtold

Yeah.

was given on with which need working in ICO, be our is GDPR insurance global breached. will customer the our was at some comment, being obviously It EU to resulted impacted, as body We of it any don't the that we people low breached. specific percentage of it the expect not profile, one a they material, impact risk. loss see of given as look number do material single-digit Ticketmaster a this. We're customers our ours correct a systems to were Just of the vendor data, basis. of not

Drew Borst

you. Thank Great. Okay.

Operator

go at to Ryan And Sundby we'll William next Blair.

Ryan Ingemar Sundby

guys, thanks question. taking Hey, for Yeah. the

follow Just on to up Drew's question there. on Presence

of they XXX all kind out or turn you on systems, these ramp do there is – some of As kind the of kind roll period immediately there?

Joe Berchtold

and on systems all are effectively, systems compatible. immediately they're are backward the as the deploy them, So you

there and So, any it take of as stocks, those PDFs to are well. out can go-forward it sort a or or the the of then those then take in general, other systems on can digital RFID all as to basis, switches trailing still some extent a there, and combination digital

exactly was how to them So backwards into able tickets summer, worked, to that those have compatible, taking as on-sales had we it been those be our had systems be there because well. deploy this that PDFs, as amphitheaters

Ryan Ingemar Sundby

hear And Got will for helps. surprised Thanks. to concert I little the it. was this second a you that That guess, year guys. then, largest I still stadium be

big would is that you or So got be as as thought it more? the year it of improved maybe, maybe a you season mix, has of into headwind as this kind still

Joe Berchtold

as I expect didn't just think expected we to as we've have It's year. growth stadiums this we we said always many fan year. had that last

is that second want it clear trying we didn't read So, year, that make into too just biggest because our was to it. much

Ryan Ingemar Sundby

it. Got

Okay. Thanks, guys.

Operator

question Arthur next Huber Research. Doug from is at Our

Douglas Middleton Arthur

questions. thanks. Yeah, of couple A

going back events up mean, International really to mix, the think significantly, up again for America. North attendance I X%. XX.X%, was and is The Just number year-over-year I nominally, of

you've lot point? know Is talked in I a that continuation this a this just QX. the club of obviously, very stadium strong was mix. about activity the So, at in factor mix

Joe Berchtold

club question. business continued reasons David Yes, be absolutely. earlier has to for in alluded Theaters strong his that and very all the

So to all positive. us, it's

Douglas Middleton Arthur

in there done out partnerships made on terms guys that impact have a – of QX kind you and editions? a some of way of any is lot growth obviously in new And breaking acquisitions, of

Joe Berchtold

really XX,XXX small. our needle that of in shows, that small, everything dramatic, No. nothing base. of In the seen would small, fan we've It a the There's that acquired. be terms you've scheme is move

Douglas Middleton Arthur

of revenues a then QX similar expect at of amortization of in number down And a kind of non-recoups. Ticketing. finally, seasonality? Should because so then, It's last are and versus the Kathy, larger quarter this a QX, sort Okay. number in course, on the – of quarter, fairly we

Kathy Willard

to full be and prior but with still a be can I year. we're year consistent of at little expecting mean, last seasonality, there's you look to going year, bit

Kathy Willard

Okay, great. you. Thank

Operator

next go Evercore David We'll at to ISI. Joyce

David Joyce

was wondering clearly that wondering come. you. color – you I to growing more on plenty still you could are lot kind of for supply some on is demand provide you I content, artists the and the if who there's where – there if us, supply of plenty will are it because frame could how there a just pricing year. Thank of was of roads? just is, the keep Certainly are next

about think year? next us help for just could that you If

Michael Rapino

the there's more being the more Yeah. and that few events now. more We've bands years, said on road, geographies played think last happening are we there's

So the shows more fans basis, we playing some there'll big, to small be supply, venue from global a next after, the artists demand. a going on to year more year, those road think and on from

overall, as a think U.S. we the is industry we growth the build the while, to and it infrastructure. more infrastructure global continued a a think international especially great, having So will last phase quite start to lot emulate for markets venues and of and

David Joyce

you festivals opportunities And when would and you venues? terms on opportunities out or ancillary those amphitheaters, build created that in the fully own the at of be you've where revenue the operate

Joe Berchtold

nice they're think And how think at We've they've average of bring of into terms we making been are numbers. see there, so quite opportunity. spending. festivals, that great still still overall hospitality, substantial that we ones there's we we you again, I most phenomenal BottleRocks to still lot out amphitheaters, XXX in other given a of information just a guys like of in go of our more ways think the and DNA terms see progress. terms as runway driving being those substantial But there's there there. of in their F&B runway as the the on fan really Festivals, driving per best-in-class the some

David Joyce

All right. Thank you.

Operator

Bazinet at go Citi. to Jason next And we'll

Jason Boisvert Bazinet

question. market Just had a share

in for there then is is and food I something, the money Artist there's four think right, there's promoting and venues, ancillary, now and I Concerts, Nation. revenue get there you there's items, think the is distinct paid beverage this

and side in focus are terms If just of globally, festivals promotion you think you share? you market concerts of where now do on the

Michael Rapino

markets. the to global loud great There's lot we've in somewhere street we not out on think XX% at lot still. but a a market on broadly, data to to if festival, share, dates club be XXs. XX% opportunity the the of looked somewhere of might So, on XXs a we international But small can basis, in global you be that market defined fairly huge market said global a obviously the

Joe Berchtold

that latent necessarily markets. of promote And market. the market especially the just top the that will to other the as think hasn't there of we thing global a we we talent them that lot of is been through actual had infrastructure do demand then And the there's the think all just, today, that, top on for build

numbers firm hard market So, that's share real, makes to the just other give reason today. that it

Jason Boisvert Bazinet

If you reason? a the turns side, reason you win the most some someone don't for what's on mandate common promotion down,

Joe Berchtold

but... another promoter, History

Michael Rapino

competition of Lots out there...

Joe Berchtold

Yeah.

Michael Rapino

...locally, different basis.

Jason Boisvert Bazinet

Okay. Thank you.

Operator

And your ladies additionally for We'd participation. bring that end you question-and-answer and our bring to thank will gentlemen, session conference. an today's to like and end to an

now may disconnect. You

Live Nation Entertainment (LYV) 27 Jul 182018 Q2 Earnings call transcript