LYV - Earnings call transcript Q2 2022 | Live Nation Entertainment, Inc.

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Operator

Good day, everyone. My name is Hector, and I will be your conference operator on today's call. At this time, I would like to welcome everyone to Live Nation Entertainment's Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded.

Following management's prepared remarks, we will open the call for Q&A. at given be will that time. Instructions

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

Michael Rapino

for joining Good afternoon. Thank you us.

to Nation is sold world. an shows, live second we network entertainment back Live fans the promoted artists seen metric and shows money, for around concerts, confirmed fans and brands at quarter operating that had tickets we a the at as bigger all-time to fans never this with as have more the best enable play return more Every continues than key more global attend before. more deliver and support they ever. spent scale industry high they led to globally The is connect

record with As relative $X.X increase and And experiences. Consumers a increase high the a growing remained fans. out reopened, XX% combined a demand result, months million. ongoing driving AOI our music are for events to is With in year seeking billion macro across our concerts XXXX, that concert with levels, revenue world XXXX. it's Momentum most in gives live substantial the demand over business on us the to strong a for any business to of confidence in $XXX our in more pipeline issues XX% clear and and this weeks, and and recent has cost to fully into priority far growth or spending outpacing increases. and remain

over all million demonstrating that addition and million strong X the fans over at venues most at XX% strong and from increased quarter, stadiums for over all attendance with for large-scale global broad-based demand of During focus demand the XXXX. Growth clubs sentiment theaters. sizes events quarter, the Europe by international of reopening the markets fans, was driven growth OCESA and and double-digit relative second festivals, XX.X from each of particularly million concerts through X we America. second XX,XXX promoted with the to came markets, of Of of quarter up and Latin types, additional this

the with XXXX, pricing for concerts the their for of our U.S. best period. up to At this less globally over time, to seats willingness With inflation the Even same the more those concerts XXXX. secondary for artists adopted average as level count XX% at this X% year, they our year in market to a it. grew, the being relative to only tours, attendance benefiting demonstrated and price to created from affordable price continuing up show and average from the $XX, entry fans remain by who pay the widely which ticket support over million from expect remains concert most shift are market-based XXX we ensuring

almost portfolio venue of the venues across build to operated business, active our On pipeline concert side with of we globe. continue of the XX an venues our new

XX% seeing the a quarter million we and full fans XX per number to revenue to relative on to festivals, site revenue average $XX.XX, venues venues the spending owned our fans theaters each up that relative million more at up fan shows per with XX at expect XX% year. XXXX. was And for of our this the amphitheaters clubs more during up XXXX, who our year the fan are XX% to and are of figure benefit reach as We amphitheaters, operated in over of average fans over operating with at and attended fans,

the similar tickets price first prices globally XX% up also year fee-bearing the accounting to $X.X low and billion, high the up volume concerts to XX% months. up was transacted transacted for period. for growth increase, during XX% the doubled ticket relative GTV with of XXXX all-time concerts, both and from double-digit ticketing events five XXXX. May approximately increases a volume our quarter, is business increased this XXXX. GTV three our highest remain both to high. GTV music. in fee-bearing ticket secondary as Even result, XX% strong relative live half the pricing, fee-bearing marketplace of ticket sporting and for more ticketing And the our strong Our demand relative quarter Along than our came with on as to of live sales for to events the demonstrated ever, saw primary with June, for transacted This quarter XX of April, indicator growth demand another and million top

investments continuing organizers. deliver new at sales marketplace, our are our between leadership in for We the including global our ticketing ticketing ticket of of effectiveness sales and digital event high the to Ticketmaster, see capabilities we technology benefits our consistently

by a As new had the tickets led again which international we our from new revenue to And first to XX% driving marketplace, the this XX.X existing year, accounted new concert and quarter, XX% this continue to half result, our to XXXX. million for also year clients. from fee-bearing win markets, has relative a benefited of of net Sponsorship growth in this business this we flywheel growth.

year, basis, from nine XXXX, enabled most levels integration, that AWS sponsorship well of we Latin further Hulu, accounted for businesses new American increase, in with roughly increasing an purchase our sponsorship including along festivals. more than XXXX. led with has And this we these number and a Mexico of fans with sponsorship technology, brands broad during than more particularly growth American festivals adding North more doubling As by the half on connect first half global the festival performed this categories to doubling Google, and of and more collectively path clients continue in across telecom in since the

XXXX, for the on-site Fan demand most year committed. sponsorship ticket second the than have and As over half is we look buying our given we concerts tickets remained And growth planned fully to XXXX. strong nature year spending. partnerships, year, sold our of long-term of continued million forward the sold sponsorship XXX now in more of and our we entire XXXX and for this for the into

year. fan As our the ever XXXX is actively this demand. for artist we for our results. And put let of prepare of point sale the signs tours at open for Joe that, on to concerts. With will pipeline I largest all are so through take details have you pointing XXXX, we far, strong And more have with rooting continue everywhere of seen globally we the all markets we

Joe Berchtold

Michael, good and Thanks, afternoon, everyone.

quarter, performance our understanding best operations in is QX last for comparison XXXX will with to of relative terms us of indicators, As XXXX. be key so our and focus the of most

almost the For a the constant of quarter, roughly and basis, better the not QX was was XX%. or for driven pound. a by currency of for XX% XX% million. AOI constant our free XXXX, U.S. million. revenue million euro $X.X $XX impact QX highest strengthening AOI In On billion we ever, was that this for QX record billion negative our FX devaluation of was quarter was $X.X improvement to $X.X our given XXXX AOI ever the there each revenue an than $XXX X% so reported On basis, impact in of quarter beating sponsorship. currency our quarter Company, AOI it The X% dollar. over converted and or increase This was highest to led $XX and of which our XX%. the Notable prior $XXX $XXX the million QX quarter, billion due up cash in reported XXXX quarterly $XXX but million than a was of also better by year, the ticketing flow of traditionally and QX our an our our only highest the the was AOI was AOI is $XXX of of adjusted largely million of million by

you Let me full indicators. give a year more division, each leading then on on I'll and color give bit more

region activity which Asia of despite in quarters First, cost XXXX. for was and in concert's $XXX AOI increases. compares second QX concerts, $XXX strongest to limited the quarter, one It our million operating our was million of Pacific ever in

XX very strong return to attend the sponsorship signs in XX,XXX its spend compared events, with million flows its had we and most nearly on-site to change. of when see their In had over AOI costs. a attend XXXX XX% Additionally, through to fans XX XX,XXX of concerts activity, while had no shows. million ticketing we our absorbs division OCESA QX growing largely while we And fans quarter, of growth continue

lane result sales cashless clubs night concession our and fan far has we're operated revenue as revenue by per amphitheaters, over our in pricing the of fan venue ancillary driven increased payment. theaters risen seeing U.K., $X of so premium or in compared levels as to XXXX higher a increased per to our our XX%, across and the XX% risen clubs beverage and optimization type food upsells. packages, purchases by fan show At as of $XX.X, by revenue this and fast increase of buildings. has ancillary the over and increased has consumption, fan what well In XXXX, ancillary per shift an or owned entry largely growth. XX% by U.S., theaters per year In Here's to

over experiences Finally, is revenue at campaign on our increased has XX%. over concessions, here operations and our includes eager grow throughout festivals premium more VIP which lot per fan experience our as elevating theme to a consistent this that their spending XXX still ancillary have or globally and to are we continue we The this venues offerings room options, more point. point, driven at higher-quality enhance hospitality operated festivals, fans by owned create and major experience. up At these portfolio,

of had of year quarter, ever XXXX ticketing million. beating set quarter delivering AOI the Next, doubling just successful fourth the results very quarter nearly profitable million QX AOI, most it the and making $XXX last record for another the ticketing, in $XXX

Our or billion XXXX relative ticketing by our tickets, XXXX. besting now this largely our highest ticketing markets and primary former of $X.X ticket XX% our besting ever, XX% up XX% XX% growth and XX XXXX ticketing are came of than billion, and GTV, in tickets growth $X.X both was Transacted QX ticketing was record GTV transacted $X.X of XX% of secondary volume, QX million of highest excluding billion quarter refunds, with Transacted record respectively. by with QX higher back tickets to ever, GTV former transacted and than up million and XXX%, to contributing our refunds, of International quarter XX from XXXX. higher QX and million QX XX% XXXX. XX excluding

due fan As of also a sales higher to our came at and concerts up attendance number into was happen growth QX. concerts, Michael our mentioned, which expected moved on of approximately timing in from QX with XX% both to getting

best five in of content XX organizers, the to ticket our resale in marketplaces days top Even value QX for secondary with continue captured four rapidly of as grow resale our of our ever XXXX. XX and is days more

continue few We against a market believe indicator well is a to as buffer for secondary next primary demand leading as fluctuations. that over any the pricing years the opportunities

$XX $XXX higher of biggest million, AOI our sponsorship XXXX with than of quarter AOI its had Finally, QX XX% million. ever

both fans With live on-site now Mainland music of opened, had in sponsorship brands. the with QX all sponsor AOI. multiyear in high our fully Europe and our The with global U.S., online U.K. growth large delivering connecting record speaks growth the we to and multi-asset value each

such XXX our XXXX. sponsors XX% on of relative that, represents growth over major nearing and are billion in well in $X.X to We in total, nearly generate revenue

through XXXX, we leading to all starting the late indicators with As remainder July, our relative look XXXX. to of

double-digit all bookings First, over in are increases show venue market confirmed driven types. by every up XX%, and across

Our than our of over are end ticket count. the tickets higher full XX% XXXX through XXX for concert fan and this year, events July sales million up year

As base. to a see to the the of fan where growth expect U.S. anyone and growth I over at America result, operated this relative year, with global XXXX. concerts increases. the will we very driven numbers X QX market are adding we APF strong including North strong much in shows extrapolate year continuing of drive Michael or a also higher fan QX. are to fans expect But similar gave last QX to attendance, venues don't by we a of we in QX fan as for the to health million our owned this being markets, over much Also, is our fan extending which indicator of year, international amphitheater want growth our great later broadly our in around the more

events, we'll hasn't for also by that QX ticketing moved do remain the Live We QX for in XXXX. of double as that deferred Of XX%. strong sales revenue fee-bearing deferred Nation for the the of over concert into to primary largely $X.X up Second, on flowed events and yet, revenue occur. the impacted year, billion a and but of which ticketing we of event-related year AOI million sold XXXX. these, as so course concerts tickets this, are our the XXX QX. been than through this XXX next have are in higher has level million the Related is These by events but course shift tickets is on some revenue, our recognized tickets in Ticketmaster have XX% sold for

activation to expect the driven sponsorship our activity by on-site of side, On some strong support. lineup this growth we festival QX see involving continued with also

per $XX ticket approximately increases FX rates, has the And to there's expect to in the festivals. rates U.K. remainder rates detailed we've increased experienced in the second the June, clubs that provided calculation and current line U.S. On theaters items FX I We of the the A with that and half. in adversely which second we as we almost the update EPS million million. ancillary X% at revenue-generating other In which But entirely mainland guidance through to of $XXX against headwinds been U.S. the in due X% cost our delivering currency expect expense in continue was having to on with on below-the-line points this to we of anticipation expenditures all opportunities our revenue. through profitability X/X ahead to the the balances foreign the fan This of XXXX us pound. headwinds. growth $XX the balance revaluation losses quarterly are us hit allocated quarter to on of sheet to XXXX, in end continue projects. million, side, year, approximately be dollars. noted, dollar venues forward few wanted and quarter, impact AOI operate, our last Europe, and on our result the we due cases, as year, the continue make one significantly expect capital increased our just is, AOI primarily here, continue exchange and amphitheaters, current to given impact British presence impacted to we by a strengthened euro and Based to

for investing available in with billion the giving we capacity mid-XXs QX from expect conversion continue free $X.X free And growth. cash AOI cash full untapped between flexibility us year. sufficient ended of to liquidity be We the back flow and in revolver to

us roughly interest with at that, We for our this Operator? environment. leverage the fixed let With debt of debt cost questions. comfortable our in me XX% open X.X%, and are of over our positioning with call a of rate average rate well

Operator

you. Thank

JPMorgan. David be with session. question. proceed [Operator Karnovsky now question conducting with from comes Instructions] will We first Please Our a question-and-answer your

David Karnovsky

seen I VIP to and tickets. be thoughts from pushback a get and Michael, amid me We've negative in even years. on to pricing artists inventory fan press, looks prior which break wanted your some to VIP

So where of process? collectively drive think to do place you artists a how has gotten kind comfortable room the now market industry economics? to more kind is of are there And the secondary then, this reclaiming much

Michael Rapino

you. Thank Yes.

a depending few over the while some number that transparent. they too getting been you think by put start online all to The artist saying It's just for show more that, billion, the pricing hard see level. see secondary XX that time, we've what so captured that billion, globally we XX years on to on. I they at work has believe of

like do don't in have deal think looking somebody else. sold a right $X,XXX of else us spending that Fans make at $XXX XX So to getting out it I end. want to someone be at at artists I'd they're to saying, XX $X,XXX. from the some front I anyway, not count

So one every they're and the looking seat. do capture fill the, of I as to think as the saying, some the we advantage venue the do Now, can demand? front house, has objective artist is we

the that. never every gross, sure We for looking that. best seat you're experience. make to the just So filled We looking you're that want for is want

I looking think become, better charge holistic do Maybe they're can the more the at new the bit in spot our net to the in have charge these end got row I a is back that the the dynamic I'm back the the tools I business. pricing, we So going picture. artists, through sell of to always less because row. front maybe in to house

price get the in you can for ticket you gross, can of lower everyone. that's a house, back still part same the the if win the but Now

right small the as again, So, house. dynamic, yes, X% runway were Joe capture nonexistent X% the higher will we're looked We exact X%, kind a it versus -- the long outside We is growth than at small, the business platinum XX% price just It's where percentage to still you about even much so a and artists of second little priced at heard of of a now -- and/or math. the has tickets really numbers, sale, total there's the of Springsteen yesterday. America. as the of look the always,

I artist, I dynamic, expand the product, the do basis. runway on capture price the the price look think to front, how premium, for to on So lower us back, better my then fill think and and us that's at -- the the they'll more global house, years we got a of many of the

David Karnovsky

Great. to Okay. just And I AOI wanted quarter. the concerts then on in ask

it versus with 'XX, think per the I was and roughly increase the that's in fans and caps. flat

wondering APAC then you inflation, Just impact could like well. mix. fully if I timing said know wasn't speak the cost as things open you to of and maybe

remember if QX QX had in I pull think 'XX, I some that from year? correctly, forward

Joe Berchtold

This is that. Joe. I'll Yes, take

laid we that that timing handful impacted of quarter. we were a combination this out think factors some think of one-offs and I

open Pacific yet got fully to Asia we've being not and prepare is the open. for organization up running

in But growth for North concert I America. about And of North a markets increases, have that structure costs then driving mind, of just but of operating really we in drive lot less they is it's I America. have still talked in some wouldn't the whereas OCESA's increases some instance, their of QX the had this venues, one then We side. cost per a you -- this profitability growth, growth through quarter. sponsorship lot in economics we ticketing operated Just is and fan gave most international you in was our cost in P&L for that quarter there. in over structure our read their

overall, America at the at look America, I growth. North has if look North XX% XXX million our As you numbers tickets,

read So much some I as don't flows it too through that and around. it. see want to flip into you'd QX, just that to expect of

Operator

Ross your comes Brandon question. next LightShed question from Your proceed Partners. Please with with

Brandon Ross

could of -- of sale and ticketing a think everything and not the platinum down drill you Michael, released investors wondering, of about where in the and time? about little on sets kind fairness because cadence role move more to profits maybe be maximizing really over And how that was prices more the educated about with was fandom how wanted are releases? if And ticketing. the are of on when I of question trickling who the you for and how on idea available this what think you just And ticketing lot I fast then you -- out can balance fans a ticket platinum of and to works, dollars going kind David's talk Just your tickets at is? artists to think this tickets from the about

Michael Rapino

artist. business. some to We try All they a that artist BXB work how a right. That's take decides for tour. is lot. I'll We're The tour, pieces. the when they

to is and tools, year. a all platform job the provide in succeed Our services -- them from tour that help to

demand -- of decision to They fans, they're the pricing. their and brand our Now balance supply is genius managers. have needs

And do at always have some experience saying artists very proud enable that fans But I fine the So price trying that a Rolling money think can it see brands, think and the all how fairly accessible? I that. I make and good How make been show deliver they can to position. expensive my are to like line on do brand find do we're show? I always I how Stones, much How sure I make? versus

house the a X, ways and position. house of X% advancing -- at think some to shows and stable higher versus at the keep that is starting achieved they those and think brand pricing good data, of they're XX% and I the some while while price, technology I technology economics scalper more the today, still now more very pricing look they realize can of

and This that a is three That's years, industry be night They would set would price a way three XX an in and every XX, that a on going New a do can operate tour. the know. it's different So forward, you we every will Tuesday. for we Friday than for both. ticket XX prices achieve market, on Indianapolis the to as in city York prices XXX, for

provide pricing, economics, secondary, leakage we're how maintain consumer out secondary get So that I and dynamic the it do -- have they're now And tools able to sophisticated. figure sophistication, now much able better price are bands better to smart to more some that an between still the to ticket of the some the leaving they've balance but overall price, slippage still that the table, the demand, losing. on of been brand the but dollars of economics finding and

Joe Berchtold

Sorry, Brandon.

one to. comment to I just Sorry, have respond

Your a commentary that something That's about do. trickling the out tickets, practice. something is norm that or not that's not we

theory that market speed for at think them which to try sell so nothing it the price, they It Ticketmaster directly It I artists, has that or lot to pace them with takes at some out the the tickets of does a if all price what's supply sale. they anything hour, some of nothing of may not ticketing puts sell limit with in do just gets the to out all has in do. manner. to first on tickets. -- the being

clear So want sure I on that. crystal to just we're make

Brandon Ross

decision Yes. agreed on anyway. wasn't No, that I

Michael Rapino

XX just Yes. -- been time consumer secondary gets right? buy and at out tickets, to there's the had when have to But secondary a a at Bruce go would of to fan the XX:XX, marketplace. lots addressing I sold So historically, because little obviously good The seat. that think we're

can on can and to none put adjusts. Ticketmasters where provide the the sale data the the job process fans. But information market invest artists they all we provide ticket -- up that to the every we're is down into today, secondary sorting provide as and and that our market So at through

Brandon Ross

downturn was it. be same if next tools in or up do Got prices respond pricing, flexibility entertainment as live as kind the actually to to you see that as market the about then ticket business, kind much so demand of dynamic bringing talking the bring down environment? this year conditions to them in there And some of affected you in

Joe Berchtold

Michael. go used can Sure. ahead, Controls -- be

Michael Rapino

sales, call, have were our tool. we mean, in ago, single-digit some did on No. recession, I I -- at indication the said nor -- last there looked it same in even we we years back ticket was last before not the in the pricing a but

So had out through. and pricing for at back price yes, dropped we pricing, side flexibility prices right in because supply/demand now, we sales look the price or premium the band do to that of what business, the if data to upside that ticket much that we in our market is at X% that needed And to believe sell the if house of look we have to figure sell-through so algorithms by now and of through XX% was pull point we'll secondary get lower dynamic all data and that match still inflation, done pricing a to tickets. sell

Joe Berchtold

artist... And

Michael Rapino

The one set number one ticket. goal is to -- their number goal -- every sell

price of Let's got house, I going our what variable on of do I to sell-through it end night Indianapolis? need to -- end pricing. adjust the a of -- house? a to Tuesday front we do how always do be there a are do in So What reduce in

Joe Berchtold

it itself, gave the how its the you I of big buffer, part the market is, just numbers. right? continued growth, Brandon, other is The and secondary

grew us quarter. for market XXX% secondary this The

So that up both terms volume on growing is faster, price tells going the points. you the in pricing is primary if that going secondary some up of up even and side, -- even

on that in variations our there defense eye line and any buffer using secondary So keeping our demand. first is is if of

Brandon Ross

Are -- you're it. that little adding. those? how venue talking XX the Got are a in And could then double-click you about you those venues if what see impactful be future? on do types And just additional finally, to that

Michael Rapino

but under we always got XXX we've it adding those been year conference, manage been it's over an focus last on our an in think to wanted We XX a We've few I of Well, highlight kind I investor development. design put the -- think venues. to operational we've strong over more -- from XX -- business, years.

basis As are when the market ticketing those great And behind for where we been pipe as and venue that's the before, provide the highest another XX everything us. the arenas in Boston streams, the that return. you sponsorship hole in may see depending we there. clubs exist. the from will we've our platform in And know, in which to an have said And an the on show of global revenue operated have and that return on now, we incredible XX beverage and more and a those all we success food

Operator

next comes Stephen Goldman Your Sachs. Laszczyk your Please question. from proceed question with with

Stephen Laszczyk

for prepared I you on and growth or come fan unpack what of this U.S. will year, for year? U.S. us your acquisitions that remarks, or the you market in the year. you bit on the On this a extrapolating portion growth markets Joe, versus think touch the maybe little contribution mentioned in maybe from like growth for maybe expect organic not international growth U.K. Can fan

Joe Berchtold

sold I July XX-odd use that XX% I'll just up and was U.S. we million the within basis, XXX-or-so I and as up over international that -- indicated, Sure. percent. tickets gives numbers the as the the facts. the just that about through because And think is that,

growth organic America strong North both across and international. have you So

half be OCESA, be primary of and growth. the would somewhat international Our acquisition, course, that of would less than

be in So XXs. acquisitions growth, absent would the mid- the international high to even

plus acquisition organic is acquisition. an this dependent growth? again, not So is This

Stephen Laszczyk

any Great. then was maybe you're one I for seeing That's year. curious fan trends develop of in if this Michael. helpful. And terms unique behavior

industry come curious set the seeing, that of or frequency. year maybe with these trends we've or if open any of first-time goers more haven't seen that be seen example, come I'd you're events fan you market you've attend points forward out into those concert up going to before? the For greater of data seen this portions any

Joe Berchtold

Yes. problems here. some I'll is take having this. Michael audio

high a seeing priority are that concerts. concerts broad-based, fans going against interested think in very to what that of is going I we're to

of we it's haven't in above. the all of concerts a people gone long So bit who going. certainly We're to have time a

We that to concerts two. have go to going one, will now

to concerts have that people are we We -- have going many.

you -- not as it it's one pull I think factor. So could don't apart

high they're demand to broad-based a you're site. a return broad-based when think I on seeing there, pattern and shows

Operator

with Your comes your Glagola line Cowen. Stephen Please question. proceed from question next of the with

Stephen Glagola

can ticketing market Joe, year-over-year out driven just much you that Concert pricing price XX% of being by on ticket increase being go is at prices, want to increases I versus the break XXXX. up sale? to back how versus this

Joe Berchtold

Yes.

represent said, tickets small Michael overall the percentage dynamically of the priced As tickets. very a

exact more to about And activity. proxy then for And lot $XX it's pricing. maybe how on up by as of going ticket -- I a have it's going much are by than use is don't is guess is overall not the price less I the can of attention a XXXX again, increase. with numbers. numbers driven from most a are those would the overall of is fact So prices there's And what's up. remainder the entry because the that felt impact front-of-house half I probably -- X% ticket the on general the from the there that. people. be I that would then

If you look and past at over years the U.S. inflation in as comparative. the is market, up of three XX% the between a U.S. terms XX%

Operator

your with Your with next Please comes question. from Katz Jefferies. question David proceed

David Katz

more weaker, relatively little and we at it stronger any international if color, a et of even look is international wanted international obviously that cetera? just demand, strong are seeing a to Or if are markets U.S.? if markets And or the there get we can, I are lot landscapes. relative we to about

Michael Rapino

Yes, we're in demand right now seeing across the globe. no difference

last Europe fast as look Malone, everywhere, at, in as on global here out can Kendrick. just just it Europe guess, sold I similar You Post did went stadiums Springsteen sale week, to across

continue demand of completely of spending current money. and are also at So kind demand. the markets. Mexico, data. up markets, buying to on-site in tours our as our strong those at as still see still international that There's right? high We're So festivals record that's They're in weekend, here selling tickets walk are seeing fast last America, it Latin selling still all

So we have pullback any Europe yet or market. in international

David Katz

And I went back Great. permitted follow queue? I prefer up? am Or in the would to you

Michael Rapino

Go ahead.

David Katz

and of could Okay. respect ticketing, to otherwise we're talk any initiatives digital around obviously about With far? and so observation in inning you it's surprising what or just sort of if you'd kind exciting -- say productive,

Joe Berchtold

very and at are spending, at venues, still shows increase on so to figuring parking, upsell depending the of who reach certainly premium sell ticket, really increases as of. they for and enhanced per is do the good connecting bought some our them going night and some reach our summer we seeing first fan to more we by that with and effectively, just clubs. on Yes, scale, VIP instance, our can that premiums not innings. the people about to This we're amphitheaters, -- ability upsells, out average out our technology It's it data you're fans the to entry, the early those talk we're out that deploying a more them that premium fans our platform have can in sponsors, first once reach in levels

So we're early very making. happy we're with the progress

Operator

next Please question. Sundby William question comes Blair. proceed Your your with with from Ryan

Ryan Sundby

and if here? quarter, With wondering that there maybe you Asia bit to a of little to little color quickly that acquisitions in talk the recent I together from bring be would comes was more Philippines, on I that one, And next long-term really, Thailand the plans a India how could on about, more place opportunity Any two, and Pac large Lollapalooza the kind great? how volume, limited this how ramps think still then in not year.

Michael Rapino

Cape that, varying of was XX it Yes, reference. Africa. XX countries, U.S. think degree Asia the most share in in currently or hundred from countries, offices market to I Town South We're of

got our So was we've and global that a always platform, priority. first

and to road the to in it start start and any So flag build sponsorship up Then our ticketing, the in happen. maybe of operate make artists, any put or our can model we launch say sponsorship you work. we ground, market build the kind flywheel can the venues, get that when we we on festivals,

OCESA, some we've Latin then a to in Rio going got bringing and going. that in markets promoters. festivals our across We're now that You in in very, Obviously, of at with all of America, can we're lot kind of look growth. globe, varying couple very the venues Latin we Lala, We get of flywheel markets. degrees bought different undeveloped were business Rockland Mexico. with America

is flywheel the there. So Argentina, zero starting from share to of go and but work kind in market big Colombia Brazil we're opportunity to and

continue the full add that or in promoter and those us. markets. a whether Portugal be flywheel don't focus continually to certain undeveloped still see for a Western there's Spain, venue we a us be or have festival a So you'll markets big will or we're some to markets, Europe,

Asia, we have good platform. a

the We got ground. look really flywheel the no up and a in We've have world, share, huge Zealand. opportunity as been building Pacific over all market people while. on and strong look business and But Middle Cape Australia we've is we we Rim, where America, to Asia, that moved next the slowly New in to work now and that We in that. they we one India, in TikTok But we video Europe We've look consumer those have low on else best Eastern more looking to Latin last whether on share. territory, the that's the night, that market live like in areas at we're market as everyone But East we markets. market. got biggest the probably at Asia knows Japan undeveloped is do Drake real the Town. Singapore, dropped the really at

of a we've So keep we've and got global growing. opportunity got to lots product,

Operator

Please proceed Your Benchmark. your Harrigan question comes with question. with next from Matthew

Matthew Harrigan

a weather there's get people, that, be you hit concertgoers. activity Recognizing or to there a a lot season think, to movie lot people of going behavior. are all of and serial pushing you're back historically I tends an like movie and inducing and go amphitheater out that feels are in lot that theaters, think, nature alter initiatives lot a really it weather and I maybe the things because concerns even people on a mean you going among you all and Do of you're somewhat in correlation, that seasonality to there's think I business -- can't active when more even take relative that? if and alter with all than basis repeat undertaking your a make QX the the direction you been has there are

Joe Berchtold

Yes. have amphitheaters. million This expect XXXX. you is some to in We Joe. more that numbers we X had do attending fans shows our in than I gave about

not particularly So, to QX. more the as Arenas by tend holidays. the the seeing we're an of be always just gets through amphitheater been and certainly clubs quite in gets outdoor states. very routing active more of southern extension season, because Theaters interrupted -- big have it the

a see dramatically don't we'll bit. So, think change. will it I

Michael Rapino

we Latin up lot say we the venues clog be let's arenas, the go artists into as in and a look it NHL business But winter. the why take Asia will global. and In -- at why NBA, to and of the U.S., our and now that's NFL Rim Pacific Pacific America. fall the these But

of markets as up. get go off-site open middle those to Let's America and those

focused markets you in a This basis. XX-month-a-year you business on the too XX-month show business is a big there for in So right, you're summer But Europe strong U.S. is sell-out a have are a a Western those lot while as global other summer where industry waiting market business on here. of expands put markets, a much business. you the can

Operator

question your from Please next Your question. Golding with proceed with comes Capital. Macquarie Paul

Paul Golding

just it and a incremental was pandemic, from is bit? on opportunity during I sort wanted into help going where walking presume sponsorship you. of does terms focal there streaming quarter. a investment for the the forward through but what a that be the will to just ask, that focus for strategic back we're advertising much point some us on here there in that congrats that strategy overflow know think that. course, demand is across seat, monetization the of if point, about it's seeing Just seeing Joe, or I or still get and unable now? medium-term of Michael board to I strong given the of more demand fit a How or

Michael Rapino

on incredible accessible, But to We physically by that two very weekend. broadcast Hulu we bit. be hours, we and always magic shows dedicated especially the that a a and live have experience had space. we But an duplicatable. today's there's a but were can't filming the artist all audience been It's this. and their to we've always digital. We live is thesis things for were we've have think an this can these unique clearing broadcasting that you festival, for most moved said duplicated in that the have not the It love that show moment that expand watch high-quality favorite What might fabulous. you over I [indiscernible]. wants said [indiscernible] and fan,

thought be an of the our sponsors to screen looking It's part the off. extension. great we always always both where for on is business, have we've and XXX show, So sponsorship

beats, sponsorship overall love we we business ancillary an love So, it's helps business. think We're the shows. as well we committed of as that doing our thousands festival business our And opportunity.

say I it both sponsor, a and would thought in. service artist, now. you Our to it's material provide have the own. its it's wouldn't festival be, another be and something it's but to so business big never is we piece on We

Operator

remarks. and the we to question-and-answer turn reached have the Ladies Michael of end the session, for back Rapino closing gentlemen, like call and I'd to

Michael Rapino

great Thank Have the and talk a you, we'll fall. everybody. summer, in

Operator

concludes conference. This today's

lines time. at you You your this your disconnect for participation. may all Thank

Live Nation Entertainment (LYV) 5 Aug 222022 Q2 Earnings call transcript