- Earnings call transcript Q3 2022

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Operator

Good day, everyone. My name is John 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 Third Quarter 2022 Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] Before we begin, Live Nation has asked me to remind you that this afternoon’s call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ, including statements related to the company’s anticipated financial performance, business prospects, new developments and similar matters. X-K Nation’s included including recent could in Forms XX-Q Live and risk filings impact to of XX-K, statements description cautionary the and the refer actual SEC uncertainties the filings, factors on risks results. Please and a that for company’s most on Nation Live measures also to refer call. will non-GAAP some this measures release accordance the SEC to provided website measures these of full also with financial Regulation reconciliation has contains earnings on In or to and most call. the in supplement, which GAAP statistical comparable definitions or be G, Live their this a other Nation discussed information The release Financial website the Live reconciliation under Nation’s website and at investors.livenationentertainment.com. be found section on can Information supplement Rapino, Entertainment. It of Executive is now pleasure turn my Michael and Live President Officer to Nation the to Chief over conference go sir. ahead, Please

Michael Rapino

demand joining including AOI demand XX% at results showing around advertising, and inflation, to least concert summer record in with concerts. all with not the afternoon varying to economic up XX% up With was on-site you the Good the over live at of year-on-year pullback all divisions stadiums. with each XX% least up XX%. and in thank relative prioritizing spend this events, all demonstrate XXXX world Live from have ongoing headwinds, growth. $XXX any as other on live seen quarter. Nation strong Despite delivered clubs operating we division continue spending, on-sales drove particularly up Fans metrics million, demand, their sizes biggest us. increasing to attendance at history for a These events events that continue globally, season for and revenue

XX,XXX million was our which performance our to countries. this fans XX we concerts by business, led XX expected, As quarter concert across held

by attendance strong relative Stadiums growth of quarter of double-digit having audiences Weeknd growth. to billion of acts had and million a from count We to Bad X global the Bunny, such genres types all As fan types, across around fans growth venue tripling including Red top strong and respectively markets South continue showing for America as across than long amphitheaters, number XX% up and clubs, arenas, delivered $X globe $XXX global a result, particularly million Hot we generated festivals. Chili America demand XXXX AOI more and to of QX. the across the The theaters, nearly runway and over the attendance and double-digit established of quarter, revenue with North Europe to XX% a Peppers. all emerging our with Shows stadiums driven demand

Our year-to-date. fans hosted $XX we relative to with Venue division Based quarter to million XX% XXXX the fans XX and than division. at our more host attendance million current and Nation Venue Nation for expect on to up XX our fans more Festival pacing, million

As GTV reduction to venues includes year-to-date continue over have market strong effort up and respectively our Fan the with summer, for more pipeline. GTV while theme tremendous was is up across and in venue year, year. XXX growth respectively. buying from portfolio, XX% artists business. we continue see And XXX% spending was now XXXX. both XX% the we concerts on fans and provide to over million premium for and secondary, clear to per throughout together have over these with elevating have room still million spend Concerts XX we growth We primary operations full of but their XX% of consistent XX% billion demand onsite GTV, to tickets, up almost events fee-generating accounted pricing U.S. XX% primary were up experiences XX% get was concerts and the our also transacted XX globally, sports their course in of venues of of which of festivals to options. live that new across high-quality relative our $X.X expand venue venue ticketing combined in XX% leading This top remained our help $XXX ever. to months payments marketplace. demand in seek point, the online platform, this We top service shows. driving XX Ancillary also continued to its At GTV, driving excluding operated greater transacted strong X enhance clients of and within to value X The XX fan this our new continue to past months hospitality eager out growth. Europe. refund in our revenue, throughout the experience, venues are with expect as no continuing the to amongst the all the strong enterprise were months grown Globally, attendance, secondary quarter the habits. consumer our over we our artists our Ticketmaster’s additional transfer occurred to due and software the for effectiveness

a XX to We to Ticketmaster, tickets prices live continue basis. advocate value and shown event for all-in in advocated we pricing upfront. new New million year, which requires As face net we far a fee year this for this result, global At York fees ticketing. early on mandate be contracted and passed so transparency

last by truly online previous marketplaces our festival they consumers of quarter, ticketing have the and following in can than mandating together biggest in Sponsorship XX across strength more as so ticketing the world for around with this all mandated pricing we countries all-in partnerships. accurately compare the board. shop tickets. and many nationally. the our and It only its had FTC driven the We when works ever, adopted marketplaces seen And support adopt countries record operate quarter successfully

million, of AOI $XXX drove performance higher in Our XX% XXXX.

driver XX% up to both America brands XX% attract XX% sponsorship we online, And effectively growth broad-based sponsorship. leveraged have have theater partnerships. growth in a we and relationships Our with see and attendance to-date unique been strong live record with expand events largest continue platforms current this this up year. and online as been has driver increases been integrations demand festival with growth and new this revenue and partners. with great Platform North and on-site compounded XX% our Festival international sponsorship respectively year up per growth our has double-digit fan

the early monetize returning Ticket via Clearly, the importantly, that into now in growth continue shows our And sales concerts value to than across to sold Ticket up with year non-service process been double-digits year-over-year, Ticketmaster’s strong purchase and XXXX. excluding an signs we fee more shows pointing pacing rescheduled were resiliency were XX% is heading up our year, quarter in drive has opportunities and In commitments we businesses. are and continued at to stronger double-digits of for last up XXX XX%. they from long-term our time XXXX, showing momentum stand XXXX confirmed XXXX have sales for million business. expect to business, commitments for sponsorship and for tickets finish shows. this year, even the with XXXX strong. for this As sales revenues, from this for events incredible up year are XXXX to XX% brands live relative up

by continuing going benefit will world adding drive in fan indicators, leading market value these from And I we globally expect revenue to into business clients to market shows in Joe. expect to while add furthering artists. we also concert ticketing, ancillary increase to our it With platform. will the we in growth to trends that, the turn class pricing efforts specific for new continued our XXXX, to and per our portfolio, our more over these venues to deliver Beyond

Joe Berchtold

Thanks, Michael afternoon and good everyone.

terms in quarter, for with understanding As results. XXXX last is best us of the our comparison

of to most QX discussion So, will XXXX. be our relative of

billion XXXX increase of currency of or the XX%. basis, our for billion revenue $X.X the for better QX For than the On company, a an reported $X.X our was was quarter quarter. billion revenue $X.X constant

in of and due the And of up for and roughly record million The reported this constant a million. an largely a roughly of cash AOI for or XX% was $XXX second dollar. row XX%. was of devaluation our X% by $XX for sponsorship. adjusted there and by of bested currency U.S. over the a $XXX impact better QX basis, have XX% revenue And year-to-date, AOI concerts So, $XXX was of impact million quarter million. million the figure X% AOI the a in XXXX, in pound. the led our than This euro $XXX free million million $XX was quarter On by improvement was $XX strengthening negative converted driven FX to QX quarter of our we the flow and to

on Let you I indicators. color give division on a each more will leading give me more then bit

strongest in an of in record million quarter the AOI our compares concerts. It most QX First, the when QX which summer fans improvement season surpassing We XX%. quarter, over to a XXXX, XXXX to million was U.S. XX close far of XX% in we the concert’s XXXX. million of million million of of was ever, in compared to QX growing for $XXX the concerts, ever had fans. stellar for XX $XXX AOI had previous quarter, $XXX

an deeper and XXXX capturing for million XX% stadium attendance with strategy premier point entry affordable was bit has million our than a the tickets of in festival Pricing for more fans at Looking pricing fan fans. attendance nearly this our Reading tripled while metrics, from fans of been of Lollapalooza. up the a best Rock X.X quarter, Werchter, year and maintaining in Rock Rio, part events, including QX XXXX key in all in to X.X QX market

the by levels our ancillary globally, our to growth. by in all XXXX, and camping year, rose the per X% higher stadiums of XXXX over fan was increased And tickets cashless entry, double-digits our concession per festivals XX%, average. fan at by that fan by major experiences sold or to more concessions, in theaters an payments. lane per ancillary XX%. night increased and increased U.S. pricing For giving this just increase prices ancillary our $XX, globally U.S. And up XX% amphitheaters, each while for on and of sales, the relative clubs shows and VIP drove per revenue shows in on over move starting and remain close upgrades fan U.S. to At revenue on spending revenue arenas UK, front-of-house revenue for to and show per $X details driven amphitheaters, fast venue the nearly by $XX you type fan under ancillary

to in the ticket On all in per due are theaters and amphitheaters, and clubs fan delivering indicated before, the primarily increased to cases, ancillary as this operate, revenue. we growth in and festivals. But increases profitability cost side, sales double-digit continue venues impact we

our was million have successful ever our this ticket was highest of of Next, year. the fee-bearing the is ever numbers XXXX. our QX X the sold we quarter, had of incredible GTV in XXXX. ticket look of we of XX% to XXX GTV or QX in at and When nearly XXXX. in another $XX XX it reported GTV up for transacted the top million than sales delivering or reflect $XXX terms QX billion, higher demand behind up second to Through AOI, September ticketing performance quarter XX% in XX% quarter compared terms had. tickets XX, business, in million $X.X sales we year-to-date have compared ticketing months tickets, first billion only

to first strong As which operating all a we And $XXX XX% this, XXXX. or up AOI to XX% result, average seats events, continue both purchasing is buyers X XX% and market close the we ticket the drove year-to-date up best million price relative driving deliver for to prioritize Across billion XXXX. year, $XXX in primary the million, with a months the are to available, concert of leverage. compared to almost revenues sporting as increase $X.X

volume well. has risen Secondary pricing sales with on up average by XX% as

demonstrating With the a price as twice U.S. secondary market-based a pricing the almost buffer of these ticket, average for additional opportunities that ticket from well demand as any increases, remains in primary shifts. large

along QX with evaluate focused our on you clients impacted of indicated margins of as margins, by single a to difficult technology it’s quarter. investments. and those based on mix were previously, For shows, we have

is expected margin full we line year as All in few been indicating the expectations our the quarters. past as of have over and this with in high-XXs

XXXX revenue in high again with driving of onsite now growth to record Finally, $XXX quarter, XXXX QX We growth QX higher sponsorship, XX% AOI. XX% year-to-date. than and high-margin in this once relative million, QX our sponsorship continued and both XX% had business online AOI up our up

Looking platform first we through double back seen than festival business nearly the have growth at our integrations and sponsorship’s months, X double. more our

and approximately XXXX, XX% that in grown us. Our our the number such for in of number over the place partners of clients, now strategic and two-thirds $X.XX revenue. XX multiyear Today, importance representing multi-asset on-site such of growth Back the sponsors and of the unique in we our both platforms. they billion scale we sponsorship that XXX revenue to has generate online had for demonstrates partners level our deliver their revenue, value which spend, account on total

remainder ticket million events As all leading XXX XX% sales the we through full to our than XXXX concert late our of higher with up XXXX, for fan look October, XX% XXXX, tickets and relative this to over indicators year, are count. starting year

tickets deferred in our this, XXX sold in up had the over of at Related XXXX. are million is in tickets XX% XX% Of for year’s despite last which XXXX has concert Ticketing higher numbers. levels this year, we fee-bearing with deferred billion events relative $X.X shows Second, XXXX, to event-related this consistent revenue, million QX these, XXX than primary events, for point. to

shows A points headwinds. up XXXX, AOI by in This UK forecast revenue-generating our U.S. XXXX Excluding Based been in a we X% almost year’s through numbers, September, entirely in rates, Due given the approximately projects the pound. be have And of and chain this now quarters third supply delays expenditures XX% other has would the the the second end we presence was two-thirds impacted significantly on few with as capital some in forward last as of dollar and AOI negatively million. $XX to the our disruptions, construction $XXX we to projects. roughly from experienced deferred against is FX current to and expect our mainland on Europe, the impact result of allocated British million, quarter a final year. year-on-year. strengthened euro

key be expect will delayed, year. We the completed projects, early revenue-generating which next still are

on projects. the So year from these impact next don’t anticipate any return

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

this with our cost well our rate, comfortable and our at X.X% of debt us are is in We interest positioning over leverage of a average rate roughly XX% debt fixed with environment.

of our convertible only next In long is XXXX addition, dated majority the debt X the maturing debt with within our years.

let Session Question-and-Answer me based the We on market will With continue questions. capital our call conditions. to for structure optimize open Operator? that,

Operator

Partners. from Thank you, sir. question. [Operator Ross Brandon proceed the Instructions] Our first Please line with your of question LightShed with comes

Brandon Ross

everyone. XXXX. this is point, Hey, At most focus investor on

view And next that touring quality what the your year, year? the hard apps So I wanted last determine to side dig a current little more about kind there. And next can the quantitatively is I of know that you what’s for for to supply then I side looked for maybe ahead you year? year-over-year. it’s like But versus top gave the this and that qualitatively think trending? year year. supply the on How full speak of the year demand and

Michael Rapino

start on I’ll the quality.

pipe difference next ‘XX ‘XX say terms no of in year. I really We’re good quality. to there would seeing would be a in for

a act, went you If you in a arena ‘XX out stadium ‘XX. large whether or probably act, you debated went were in selling you out

in So, pipe similar in of to look of great to lots quality. from arenas. terms It stadiums like artists the a clubs will year

Brandon Ross

Second piece.

So...

Joe Berchtold

just specifics. and few a – Yes other

want mean three stadiums tickets. our to going in quality are said, their sales Michael that sell we’re by double so-called most references, up for artists to take can largest most up you digits. are be I next definition if year the the As these which,

quality are we good to So that would start. indicate off a

all our at to the sale if sold XXXX have sold point other show arenas, we at are sales year shows. is The festivals amps, were tickets up year for they cases, on stadiums, next at for tickets from in what per relative we on look that last this

of So the both I out. breadth the depth that’s think those are indicators going supply all good and the of

Brandon Ross

you kind XX% Sponsorship recent Great. And universe. year-over-year. said and your any in across And you think, ad And what we’re think up sponsorship of slowdown than seen your book story there? on keeping the generally different Have why different then ‘XX, than trends are a we’re I do seeing? that’s sponsorship is, hearing you

Joe Berchtold

No.

any slowdown. haven’t We seen

us of different are think month-to-month get out week-to-week, by the The decided I not from by with based marketing. performance relationships. It’s long-term being driven trying to strategy. brands. are it’s commitments big pools really they multi-asset, on major money Sponsorship These what multimillion-dollar relationships of Michael you gave are stats. multiyear, these

year of for with filled book XX% up we’re next and So seeing our not business over a half slowdown. already

So we’re feeling with very it. comfortable

Michael Rapino

also. public reporting sure the be comparison, for would NFL record if NBA, I’m or company sponsorship – was a that Brandon, the

we league, pullback. not of from that He’s put So any kind us having off right?

got you’ve have tour them. with, rare a of those be or beyond longevity want an you very they like scarce are associated and If to a state that to still game, commodity business NFL pieces

So to NFL. we haven’t the seen talking any slowdown NBA and

there it seen over haven’t We either.

So you. I think the are those for comparables

Brandon Ross

Okay. I what law And otherwise regulatory of seeing you’re then but are just any the on on with noise changes there went know for is. that kind there pressure, right And offensive What you? potential to would front, regulatory contending is now? – you be fallout that Ticketing if is or always pressure there the other would there is finally, the transparency, on the

Joe Berchtold

mandate looked that the fee will you regard. model at, pricing. for with the at commentary done look whatsoever just brought was business is any Yes. our that the people and really what all-in you to not in We issues some comfortable were has other we comments, or the think up. feel been of it if comments is all about there about any which transparency, sense. The levels have That’s and listen all-in a if back believe there collectively time. don’t be be pricing. impact was same nationwide to It makes And We

work So the think that I we will FTC. with

very with more DA will We other a and of York, and make and consumer of work in transparent experience. the ticketing State the some shifts to supportive New we’re that better

Michael Rapino

couple business of for We play to outlawed. We’d on on, into in bot points pricing. lot has chasing a selling rules unregulated. comes A secondary of this to we that’s love spec love love would our all-in of better better to do regulation Just jump years kind the business We as tend ticketing. space. been be

We’re adhering York to all-in pricing New now. in right

to now. those company we’re probably adhering the actually think I right only regulations ticketing

to coming the sunlight like generated we noise the and part So business. unregulated of business. the is most from that’s of been most business the The secondary

So Right on ground. of equal business, we love secondary selling. spec below regulation, sites. That’s us value. footing puts secondary don’t an we on inventory what in now, our to probably price XX% We don’t do sits face XX%

actually disadvantage higher we we operating So because are now right operate standard. a at in a

a the we love pieces. transparent the make but fees upfront, to more had to have transparency. by So same everybody lot We’d those We pricing. going lead to we’re sure have plays rules, just more all-in

the just remind that as most set the fees. of it’s far fees, As you, venues the take fee to and the

you to monetized multi-hundred the prerogative I music stadium, get think that, We and – what decide or a think are if but on venue. your of I million build piece your fee a the and you sports So arena those venue by bought to you by want if a set is the charge tickets.

kind better job some got the ongoing a just do we’ve of So transparencies of business, explaining. to the of

Brandon Ross

Thank you. Great.

Operator

with line from question. comes of with David proceed Please the JPMorgan. question next Karnovsky our And your

David Karnovsky

of the or period. historical in push control around fan demand maintain of in a question done long a think and Thanks. for over just to flip double-digit environment, factors your but that some AOI able low demand attendance a down. in time been do markets keep Brandon’s other range? know side. you’ve you’ve spoke revenue that Maybe been even the given the that I’ll that has you kind And And But on on range cost supply, about you can how first you growth uncertain I in to

Michael Rapino

be? movies, but That’s let right? the only supply I Supply to side, Disney have It’s demand want your how just drives is going to and make talking to great. you content jump and in, going saying, to discount Marvel demand. to sure, Joe going don’t be like if I’m the

of So if demand is you’ve great, got lot a little a quality great supply, easier. the

to you that. want don’t I discount So

the that with proud very we best in We’re work world. the artists

first the attractive have you have sure have. platform those best what and to We to artists our That’s for global platform. make you

drive have to to So top going demand. the we That’s bottom. blockbusters the

the Now over will terms take in strength explaining demand we’ve seen. of so Joe far

Joe Berchtold

Yes.

are is year again, to across to have year which that So supply on relative of the are we sold ago. all sale shows for for next consistently – mean, just and I repeat up our which numbers, a tickets the that demand, the venue types to mix

absolutely So coming that’s up. the for the supply showing is demand

broader AOI. a we’ve Now our – we consistently on our consistently we’ve grown grew looked basis, XXXX, you’re fan you AOI In double-digit right, attendance XXXX if business business XXXX, was at to while down. double-digit

have number and other do levers, So of we part as a Michael those commentary. his of to spoke

grow shows base. more much And We’re others. venue fans our venues continuing that profitable in than to our are

spend. have We to on-site increased continue

to lever, into the continue business Sponsorship, which our pricing future. growth our a and to globally be given then both continuing business We concerts add the through continues double-digit Ticketmaster which as I’ve we to you And clients. have drives on think numbers ticketing a business

on of what look us of levers confidence gives to is top of growth potential. the those to our the supply-demand dynamic we all So future continue as

Michael Rapino

to And I certain spread. in like demand want of just as how to jump on the get the thesis demand is they There terms in Joe, spread. is

overall demand sold ticket. are a the to Our are is really – majority $XX is of $XX. still Most ticket concert affordable tickets

theaters to at customer does have the stadiums arenas. it’s up all or premium it’s high-end Whether business the from a $XX strong or clubs demand we’re and a attract fan, So, stadiums, seeing ticket, our levels. that someone a the that’s although clubs we is on premium a rapid business to split filling great

in something is split all back and the our ticket a think So sizes. very, for we we’re is very demographic accessible buyer have wide that And we across even everyone. pull of do It seeing very time. a

Joe Berchtold

to the have jump to on just dependent were on counter sorry, I’ve that long back of – in for not you. Michael, also commentary around a some heard out been time. Again, there we’re Yes, acts that

you are Harry The If are we’ve artists at Rodrigo. Wallen, Lipas, Styles, Bunny, artists are at and the career. breadth Morgan Olivia look most of I all talked These artists the – are early but stages how our Dua in just their Michael the Weeknd, had I that genres, year, that those of our obviously all this arenas we Billy about, showing tremendous top Bad have look Across, at are are in vibrant new talents mean, stadiums, the as these Eilish, of supply that business.

David Karnovsky

the apps kind sponsorships? of actions control, are the And I sponsorship, is then traffic more there these mentioned? on some about in then or grow you or strong versus platform think a integration, growth to And website How increases we terms here like which do online of your Okay. which really had in as of your quarter. how much the is of question on driver in band room

Joe Berchtold

Yes.

has on create drive the this the your on the growth just site obviously tickets And on your Ticketmaster that new focus of then top this you to of continue we math do can Our economics. or as latter platform improve year volume is been visits, assets improve of additional that. how

own any just on-site. view the in platform like feel we we its to a we way counterpart So, other own would

We have people’s a of attention through period time.

of platform dollars think We the progress a And are around that use as its think upstream. set non-service earlier can the be We that process. we that all that fee can has there advertising is drive think is runway. more streams. from there We of we particularly integrations, revenue much And something this on on platform through drive significant great long a checkout we going year. a that purchase to do is monetize. can still We have saw we Ticketmaster focused And own we how it. a them

David Karnovsky

Great. Thank you.

Operator

from question proceed Stephen the next line Sachs. your our of question. Laszczyk comes with Please Goldman with And

Stephen Laszczyk

that a could strong pricing still wondering Michael some are maybe taking advice giving you. a given at next there or their is pricing, on respect was selling maybe talk price? that the I you seeing the Hey. artists a Great. artists some more price, for one to year more focused is your be Is is Thank out little on demand concerts to Maybe with about bit you need to most messaging take this rather little ‘XX year. you if opportunity year, where of are to bit than

Michael Rapino

wouldn’t – say any in is ‘XX than I conversation Yes. different our any year. been it’s

an have a lot with pricing of managers incredible analyzing – agents. our and talking and that great scientists are We business the team, data

on one know, no as and So, is what is. – your artists paint you there you depending brush, in where demand what are your cycle

just out [ph] counts I this numbers some saw up, box. So, Today, big up-sell. for Shenoy of She big, iconic the morning went is an artist.

are on she Shenoy year. So, tour, you are to going baby tour and not talking prices you little worried her about a pricing are if if you how next

demo, audience, It’s have as can. isn’t as you your getting You to markets many are growth fans maximizing and you building priority. your younger a your

minds the Friday a over just Price ‘XX front better than years, say on is is day head dynamic their from wouldn’t in the Tuesday, than I aisle last it’s strategy underpriced. seat’s is one market. different on What buyers’ So, right my always The even middle. is the worth few in pricing a is the more now.

demand close yet. have yet to secondary get anything to We see

are shows be going our underpriced of the most still front. to So, in

to sell-through our lower front, through. the price way get back, can job the we can we the what do up-sell all in so is the So,

all Verified demand artists panic artist to going for went is Swift there. records. manager to is any break that demand me Taylor the about any the seeing probably that up Fan talking are say wouldn’t this next having I or week So, know of ticket year. I that’s mean They

you it have right price you got the If smart, markets.

of out been the maybe years, years. X have You market X

or We us pricing pressures artist being and better overall were are the by market strategy we today demand do are per for what at not that ‘XX before just It’s strategy. territory. inflation on year we the year from feeling driving than last

Stephen Laszczyk

more some you grew the that just helpful. somewhat you continue That’s factors then outlined? third twice secondary you driving GTV growth the it. is comment And strategy you could perhaps GTV secondary? something than in on think as related pricing primary quarter, key Got the And of that, of as this light can in fast to outsized in

Joe Berchtold

Yes.

lot as first build said, brands, ours their base, to went is see foremost, value help and secondary that get secondary is And primary do over data we the continuing the talk and we around how of to help the for on market table. ticket. you, they still I of money market. That average their insatiable more to build to are And show. their Michael want will ticket are talked them a are having he almost price and for strategy a that. more think our just paid almost reasons people spending twice to fan of they leaving the that in they I a to demand how on want that about

grow, So, continue catch to and price that we to bit that. to little up continues a trying to

sell eliminated us tickets and the be has last And we helped as are going going the and we about tickets. the active believe shift to buy secondary think to see away soon, use secondary the I to market talked, platform quarter So, because we that it’s don’t just participants. friction anytime to secondary us I fact the

them can secondary. we Ticketmaster get that tickets, your with better As you better can sell can buy our manage you them, on and you app,

that easier, easier us. the just of continues naturally all with and to think As I business gets build that

Stephen Laszczyk

Great. Thank you.

Operator

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

Stephen Glagola

spoke around concerns regulatory consent your question. us all-in Joe, with But on over the just And months, update Michael investor you things the pricing. – and And on around also FTC on Hi. us I been maybe think also in stand ticketing tickets. the regulation Thanks touching where know to on and maybe is you XX the there risk just DoJ still. relation earlier concerns I XX update decree? strong client and very last can around in million maybe – and for that, wins have

Thanks. wins the the competitiveness you and in primary United to market States to with regards see and of maybe So, regulation? relative ticketing the that those how

Joe Berchtold

have an we ongoing decree, consent the to regards discussion. As

an who have We have monitor we dialogue external regular with.

everything. internal oversees an monitor have We who

that’s dialogue we are that finding people, post and now, merger. We feel with I lacking all that good have all ticketing these are happy which first are those there independent the about tied of the is decisions the what was send together. discussions. We got substantive years message we anything don’t our that XX is structural, is of in we shouldn’t think which active inconsistent an on promotion be two and very our

that have So, we with feel them. about good that process we

it’s it’s As effective platform. a look I very be continuing we because Ticketmaster, successful at to think

driving scale we that, side past if North of think where for and differentiated to can – continue well about addition the America, have again, do few that’s enterprise price high-quality so profitably. lot over features. a I wins internationally. on look to we quarters it able as talked side, And think in of in has mature it’s market, internationally, compete continually to need business very grow both that the a you our as platform, shown a I you and more to the be at lot our improving particularly because customer

Stephen Glagola

a seen if know commentary case. And emerging the demand top-tier you where publications, have I have the lesser trend known that to And On had that hold the But lesser as out are the known of or a trend? and relative they I and in impact act emerging both – just potentially of XX here. Joe. recessionary can would one artists and of are months about Thanks. segments today for and how strong – artists you high-end top-tier you environment those ones? then acts over on or seeing follow-up Thanks wasn’t artists you just more an business up look the tickets struggling. maybe so, reported next that does a some your industry talk

Michael Rapino

Yes.

more win tickets be of sell room Just to level, shows that a always overall – we few don’t sell Majority macro sold. out, for is most this business a shows on a your don’t out. don’t

press talks the ticket, business. So, although the that’s sold-out not tickets the real always your expensive about or

is night amphitheaters, clubs, and day, arenas, those night by business Your selling theater, real night. tickets

canceled the gets most money. and some just sell well that ticket, money a So, the make lose enough that isn’t don’t And tours money. and end, small artists promoter artist demand the There in tours make or percentage tour there. do we are the ultimately the

publications six So, money to larger. make some I they where of want and seen extrapolate grab to that those those or some tours something try have didn’t then

as challenges, everyone deliver don’t and of are It costs for just I the a XXX So, see year with they tougher to their it. business the up shows this well going last tickets costs those industry that guards, work, the to did trend. as make do the chain and supply back labor, security their X,XXX getting and club all was over were XX% building X,XXX year. getting tickets associated or are We artists year and money will are everyone’s

So, have way affected to worked to through seem on But the their all system. the that relative their would those road artists revenue. have

they or see don’t time younger their are paying terms harder having in artists selling than and bills risks business. tickets, that building the emerging the Generally, the businesses trend I are So, up. way any any okay of emerging any their are when young majority be building on enough going artists taking to those

lots clubs We the XXX is portfolio demand we on the from artists demand the clubs theaters of that than in trends end, the every our club would bigger is any emerging bottom There seats. of and see isn’t the time, artists seats, trends new up up on suggest know in growing. and that to space building venue X,XXX market, and more options opening ever. So, lots play just opening all for any don’t

if there. the driven be wasn’t wouldn’t supply demand that So,

Stephen Glagola

Michael. Appreciate it. Thank you,

Operator

question. the your Wolfe question Supino comes proceed And from Please next of line our Research. with with Peter

Peter Supino

for Thanks the taking question. Hi.

Swift, say signed the want First I very daughter you with I my pre-sale, XXth on Taylor month. the up to for just XX-year-old are the of on and much support appreciate

highlighted from per in more your venues in revenue. in on, operating your ‘XX release, portfolio to adding fan and ancillary business press the that come will concert growth increasing you Moving

see we about growth. have talk ‘XX. didn’t fan mention we heard obviously today, a of half a lot any So, robust And of then in first of the discussion

to half of topic, And this year. you kind understand the the much so company would how will up the visibility into of love second forgive if I again, picking me has ‘XX

I to months think are venues months six for booking cycles the big nine out.

second your growth And of ones, as that’s invest even larger So, in how Thanks year, one out new fan the has outside possibly this question. just been as aggressively change was this so does one country? venues, and ones strong much. you go might

Joe Berchtold

have have the Peter, the think that just to I then growth. addition out fact sales the talked is, story in question, technically, other answer in are the levers are it release he number your of and first, we way to a that about continue the first ticket those, we business. And just about talked said, up. He the to there laid talked Michael So, to then about he sponsorship grow that

So, I in that don’t fan growth ever we looking this. point, of anything yes, talked weren’t growth think into – didn’t come he arenas. we the said some ‘XX, got have said stadiums this At high the at about we

second shows this than next in the part still half somewhat many had feeling how booked. that those the talk terms But of going versus fans next figure venues. year. the of this very of early would because that’s rescheduled, hard good for attendance for more year. were it about about But out It’s levels we into flown not. the year. were year sorting that is out macro into just of for we naturally year, The trying will our for are Some Michael account pipeline have to we of the

Michael Rapino

Yes.

grow was I And think thesis could on for now our been say, to was sitting and blow to still doors think a it, ‘XX, just to high-single digits an and on so sit year like pocket. were was year. year. comment on an able business be this grow was able high-double on I We The to an we sell we the then exceptional are it that on mean we that base ‘XX, that exceptional idea have excited there and long fan you we will be We on off digits here heard the knew you that Joe’s – to and our air – a point, here. lot ‘XX top.

business our we and outlook, headwinds of proud this the very and of our size are had year. the We gains given the

have or business. how years, looking Venues, that we a the now we beyond out I the are X So, year laid keep we over into business think forward. growing and last it’s great

obviously live way that vertical. fully great We have XXX you to in our maximize event when portfolio. are It’s a

now. we right pipeline global have our like we So,

business We amphitheaters case and white are of our content to drive help ballrooms where that arenas big seeing lot can space from to a theaters.

us to as years continually over the you that last So, been many will adding see portfolio. we have

Peter Supino

Joe. Thanks Michael. Thanks

Operator

from line We Jefferies. time one your David Please from for Katz final proceed have question the of question. with

David Katz

near-term ticketing. please. was of An that’s In question. in is where helpful, have the on I about and commentary, how my end. progressed, in that we taking sort some past, for there and expect you talked might digital the update evolution know Thanks the what the it longer of And spending would believe be to I term

Joe Berchtold

Yes.

at as after, years internationally. X And sometime to the bit ticketing be and much minutes would grown America. pretty in year of a It or market. still ubiquitous secondary expect just year us is this has point few year rapidly I number by I It’s established, next behind. nearly digital think it’s I between North gotten in ago. already a there talked helped a a areas. maybe depending it’s about this

continue some So, in fans tickets. we as ability we manage are seeing terms the of direct to how benefits their improve

business advertising things to be And up working up-sells. with about. we come – this the over sponsorship those value fans business will us to the to the think get doing then sponsors having fan side see been it concert products the sets attending have the all to our They with to think what on next a who improve years. continue their I that key some scale. app. have continue how And the you of our enable continue site We on the we of more that And features the for deliver started to scale, can direct I want people and we how manage connection drive up-sells for from a direct year the few enough to focus to at actually working talking shows tickets. added fans, will now

David Katz

rubber road earnings where of from And benefit the the there is quantifiable meets sort a correct? clear that,

Joe Berchtold

a non-Ticketmaster, is Yes. about talked we fee driving and what part of are as digits think up that you And I our that our from of that. that, that’s revenue is we double ‘XX. non-service what’s fact all see This part the

David Katz

Understood. Thank you.

Operator

for comments. I to over turn would closing to of floor Mike End back the you. Thank now like Q&A

Michael Rapino

Thank you everyone.

We see in Liberty you November. will Day in at Investor our

check details. Thank can for more website our You you.

Live Nation Entertainment (LYV) 4 Nov 222022 Q3 Earnings call transcript