Earnings call transcript Q2 2023

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Operator

Good afternoon. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to Live Nation's Second Quarter 2023 Earnings Call.

Joining us today from Live Nation, our President and CEO; Michael Rapino, President and CFO, Joe Berchtold, and Head of Investor Relations, Amy Yong.

And I would now like to turn the call over to Mr. Berchtold. you. Thank Mr. begin may conference. your you Berchtold,

Joe Berchtold

joining Thanks, everyone, for us.

We've our I facts. that time this a you little in we've to and this from of think noticed earnings numbers general. materials based the in on more release release it get our up time As gotten and switched data-driven on terms comprehensive some feedback the and

all a increase, earnings key basis So we and give that then an and that put the narrative release trending if you more you also on see the reduced I schedule structured numbers a I get make quarter's to think file, numbers or there so was a Excel history to some a link of to you an this relative as it can you easier. track can PDF

Amy and quick to go you So have. I that will it to then into and I'll reminders, taking questions Amy? straight folks over a Michael give turn

Amy Yong

Thanks, Joe.

to like new results to that anticipated would will statements afternoon's this forward-looking performance, the that We cause certain uncertainties to you contain prospects, statements business related remind and financial differ, including could subject call are developments company's that risks recent description to similar on and that refer to our most factors and actual XX-K, SEC Forms and could of a results. cautionary risks statements the matters. and X-K in impact our including for the XX-Q included filings, Please risk filings uncertainties actual

section reconciliation these website. found provided most our of today. this the accordance the release can with In measures definitions in measures and the reconciliation call. our Information also G, under issued will earnings on some Regulation we to be earlier GAAP Financial We have non-GAAP refer a The on comparable SEC release to measures full

we ready that, Operator? questions. to with take now are And

Operator

comes from LightShed of the And proceed with Ross the with line your Instructions]. questions. [Operator first Partners. Please Brandon question

Brandon Ross

you to you can next to And to and only years there strong, have, domestic positive but the if at trouble I that are pull COVID kind single-digit Street this mid- you growing guess, is that the growth. see is 'XX, break with international. out of concern buy to year. coming I problem into have so you're said past down if I think for going good and few the side now, of high wanted were investor to being a is indications think

the on that Will positive what pipeline? this has seeing tailwind supply early seen on side, LatAm obviously, So huge match in then we've what domestic couple are past indications the been very the years. a you're And international, post-acquisition. of besides

Asia or we in parts in expect M&A You've those Should on growth seen shoots other of Europe. some continued and markets green just more top?

Joe Berchtold

This Brandon, is So thanks. Joe.

is in where For shows coming you into probably 'XX. release relative I stadium put we on confirmed this think shows our this and last in we arenas, starters, point, the amphitheaters, that are at we at noticed our offers have as that to point shows up year

So continued growth to count, continued in which seeing should we're attendance. show growth in the lead

increasing and levels with know, sponsorship, per our fan increasing to formula that AOI from attendance As on-site, the ticketing there, growth higher in you profitability even drive increasing business. our accelerate is

So going are strong longest activity, that that time have to of be for XXXX shows I board. we're the continued a lot the up very on. into set across these a think the And growth lead

America global and nature, international. lot in So be cutting both a these across going to are of North

growth. see we so fan has of quarter expected last out, it I which part release the strong a very you I markets international this year, we been XX% growth for this growth lays and noted given of was closed up, think much As far that as think tremendous in year, to were

the early still we innings. we're But think in

the tickets, fans. year. But probably way XXX,XXX is early about tickets year-to-date innings XXX,XXX the with still take South in our We sold festival roughly in up so year think this its to we're you million XX% on which America. already If first Latin of XX Town unheard far we're launched America, in a festival we for

on sponsorship business layer throughout to business, it business promoting continue our we That to in ticketing forward. in our our bringing bringing Latin continues just as So drive America.

In full the America bottom. we're We're fan with we're North think North double-digit good that very seeing be as top clubs. the verging strong fan on growth in X% year seeing expect possible growth growth count growth QX, ongoing double-digit fan to America, year theaters probably and year-to-date, that for North is to a in in the this again, of America up sort and year, seeing we in

Our fans seen the some to of low demand is I've doing great, and things amphitheaters are well. all show per high-end middle, number doing of are about the attending end is continues very how strong. be substantially the talking across up those very stadiums in

Michael Rapino

just in. just Brandon, right? for year. is next for pipe just the And jump The how I'll the thing does And to us reiterate important look most pipe,

As these long-term here, growth the of all would know, you industry, whole talked consumers. a and artists, in We've to global was and were before, into 'XX. on back. on the step this to just on a bunch happened live air think We why year, we everyone global basis. is an 'XX a written multiple surge ago, thought general, a we've articles in that year sat factors I business headed pocket, in the blown I going a years a believe there's and a international, off we for next record boom great There's have doors basis.

We think time we're going on going to any basis So run also. is that we'll global COVID is come. a growth the live any have growth We we market of incredible an obviously growth capture years for this to that level time this think gets to be from that this because just don't is benefit catch-up. the

across the all venue seeing filling looking we're pipe we're that as top and to said, of So different markets incredible year, next will bottom, world. artists of types be Joe the

onward, new market very, XX entries multiple the is growth XX, a next ongoing of demand us to top going market we're for venues, acquisitions, is So our a organic strong X, years. and X the to very compounded going grow, is on growing bolt-on growth of punch of continual heading our the this give consumer combination we think to

Operator

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

Stephen Laszczyk

there in the this could are parts you're maybe Just the impact going the discuss think the skewed of consumer you And just would cohort? you outlook of just over spending starting of consumer if fall. festivals, spending. business made months more demands loan that into for based last payments deeply how maybe of of what could then for you next less think risk into your about more been any remind broadly on the back Joe, couple and thinking curious half comps or a lot about if up little There's toward or you Maybe percentage exposed perhaps be more the that be bit maybe pulls the dive the year are equation. year? Are student might and under a the back the us

Joe Berchtold

Sure, Thanks. Stephen.

just scale. it's first, context, relative important remember a I think think to I for

versus experiences. you consumer look on spend at if discretionary So goods spend,

has Goldman mean we this a caught it I dropped high it As this. know, about in in up. was yet pre-pandemic that and experience. talks report how is the and hasn't XXs that then

back a XXx shows potential of coming is spend analysis getting the the that our the tailwind impact impact from as portion headwind discretionary to experiences from loan payments made. of So needing about any student get

any headwinds. far outweighs that on specific macro that think the tailwinds as factor we So

as As you talked we globalization Michael to on as global of further tailwind have and further this a demand. see tremendous basis, business continue a

at high of mid-level show, single-digit As we amphitheaters which increases all We're seeing really by sold. pockets, lawn the earlier as the I tickets in look attendance that an is is act. driven different being example more a mentioned per

going up. are to that they per to means to the that is as spend the the caps we're fans strongly increase spend you of to fan be a say show might which our price most So number continuing even even when show, lot conscious continuing again people marginal growing per continuing are

seeing So we're slowdowns. concern any any that any would us indicators not give on

Stephen Laszczyk

Great. the up like margins Concert Thanks just And ALM segment margins. for in were on quarter. maybe one that. year-over-year second It looks

been there given margins that the year-over-year stadium I towards the and slate might some assumptions just mix arena would be pressured of have think year. this

quarter? So the I'm in is drove think that will And margin you Thank rest if trend you. curious for sustainable of the the expansion a this what be year?

Joe Berchtold

Yes.

is last As for we that you the year said our last relative margin concerts year. on see to will expansion in the full quarter, expectation

different venue buildings increase that profitability be going any generally in margin we But per-fan the correct lower is in to building. You're of than that a all across the fan the fans countervailing factors is third-party our continue types. to

we monetize, profitability the from to we our focus caps it ways to we're also then increased as own comes the to different on all that on That per continuing that So some costs. building, fan see increase going from per have comes margin expansion. through

at last our I globally, this actually average think margins. relative we to look to clubs We our year, per we've amphitheaters, with cost North certainly we've operating look theaters very able helps our in been our effective. in fan and year if which particular, drive at America, been down

Operator

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

David Karnovsky

think fans, you're third-party the relative you there? your as But haven't for or voluntary And about competing shows the impact for venues lawmakers. clients, impact curious I what then, demand that think about you the Thanks. know maybe have your I'm from you least that would with reception optically been discuss, all-in to raising yet. initiative, then at you as demand opt-in, prices far has potential how locations? pricing maybe any And would implemented venues thought so this can now curious I

Joe Berchtold

Sure.

the been general understand the best upfront I the that getting overwhelmingly reaction is consumer price has all-in People experience. positive. absolutely think

for our tickets go lot there a and a concern the that approach. is be will a shows of there sites there you see be think of and mix marketplace pricing secondary primary to in our sites I confusion on because still on sites, different all-in the on will you'll

fees. legislation we support without all-in consistent generally primary Because even to general I drives service events, in our that the in lower even expectation that experience. going secondary is price So still these that a any primary provider continue think be we to that's than are ticketing price fan why it's

recently thus any experience far York New primary ticket seen we sales. or in impact on that's Louisiana our it, our implemented So haven't

David Karnovsky

then, locations, to see of going international you kind builds Venue is or pipeline. Nation be release now adding key venues? to And your interested, where for specifically the international that? provide the growth $XXX if you're new between see could then initiatives? concerts noted other area growth ticketing then you wanted I'm of million CapEx, and that Joe, and you around Okay. I the bucket any color would additional And for within concerts, How

Joe Berchtold

Sure.

I side. on of XX%, overall think if spend the would million look vast the $XXX of XX% at be of concert concept-driven, is you would be majority it it

If look going clubs lot putting put to the set revenue-generating side, where amphitheaters I in would of of it in of sale, in a tactically on and or X theaters drive new then a bar buckets. across tactical points additional our APF improvements doing concert designs, One things we're broad are our you opportunities, levels. help is around putting that

we long-term is, investment. renew a get be to return have our theaters clubs, a because a strong amphitheaters off to going CapEx when we're often to that going we're refresh Second cycle, or go we able through of our that lease, and

large generally new the but those taking going coming shell bucket. within those be X, builds building where the year-to-year would around third in would would third level be and buckets. that the be and to building whatever it's And move then, on X out the And

the in arena NBA, absolutely, because some that benefit more And their then strategy. a the of international, teams world. NHL, priority of strong Venue that you having have for and is the Europe the priorities, In from America, and U.S., provide their to rest in in the infrastructure affiliate teams terms of Asia tend highest with Nation Latin you you infrastructure don't

more put strongly on those us So just place shows previously lets also, for on both infrastructure fans, that benefit an more in because returns venues we're putting from exist. this attractive didn't let's

Operator

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

Stephen Glagola

for on bearing ticket first track tickets bearing year which on year-over-year. growth the X% XX% fee growth over Joe, IN you're this is XX. fee half million is $XXX

in more understand what's one that maybe half I the in some ticketing follow-up. in us conservatism or just help And second Thanks. the then is So numbers. slowdown just the have

Joe Berchtold

Yes.

think next QX year. I just with you know it's terms -- shows for of in looks yet on sales what don't timing like

the visibility the this in point number confident here have. When we're with next. we sitting $XXX think talking I at So million we're

we'll what have and from we'll think into I better there. is guide visibility QX

Stephen Glagola

XX% you in similarly QX. then north you. ticketing the Okay. Thank in And of came margin on side, again

excuse reiterating mid-XX% of takes. half. sequentially You're the in just high the and -- me, the margin line, half implies sort puts back for on back in there similar year, and going the revenue full XXs But Thanks. to a like what's the

Joe Berchtold

Yes.

I happens a a long lot talk. think a given of that quarter. is There's in with us timing

I had questions. margins cycles second lot with We the think lot of same the contract costs you saw last we a of a in half year factors. renewal associated as had and other lower

at think ready reiterate yet more to get but not to XXs than the continuing point, comfortable for I the this we're So that. specific high margin,

Stephen Glagola

again to renewals Okay. for And QX, expect we year? last similar should contract

Joe Berchtold

the for guidance. margin I give quarter don't looking overall to as a as specific year think we're much in just a specific guide

Operator

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

Peter Supino

might company and all a scalpers that And in could solve second with the growing visibility strongly, materially problems? changed and higher tourist all? you things strategy fact Question shorter artists is there the international so indicate just M&A? spend do spend Are you on Thanks. that on to more controversy some now year globally. with bots question productively last major demand touring to money Has not it past? around the those other international perhaps international Does technology have technology. more can There's over on invite that of your on you done this at -- the more

Michael Rapino

part, -- strategy I changed. global the think the has On Joe don't

unlocked the I for gatekeepers. think about X Consumers, thanks to talking years, global been last if no globally. a We've been live as media listened to or business, global us you've artist consumption others with longer. social are that the and driving has

XX countries. So over offices in we have XXX

global But lots there's as build long artists and be Pacific would Eastern We would the still plan York the have Rim, been and a artists And more just Beyonce’s predicted about this Boston for those opportunity, kind of think time. we talked Europe. would march New international like on America, of of want we markets. world, continue to had obviously, go is markets to as -- following global Latin so we we in hosting of an be to out to UX want and opportunity kind

come for we that see on great down, So growth of pedal lots opportunity years to front.

Joe Berchtold

or sophisticated out certainly, new to the to And well weed continue a processes to the trying some trying versus to deployed bots. actors lot on advocate get allow both in working try we the cheat actors bots. why like behavior is real more and the of Problem ticketing to more terms in a We're support think is as is billion get to to tickets, they enable stop jump and speculative legislative continuing bots, and the $X been line that incentive practices punishments just visibility year we'd by bad that price some or us is as more technologies actors, get for we've the on platforms technologies need regularly of seen new manipulative bad clearly the the of technologies anti-consumer. have a those those same humans least ending being also at which the like to we've that on I the bad

we'll that get some be part are with that help we're for we some to penalties cheat. some rules with and and trying able So it, our hope to to do people fight continuing to real

Operator

question. proceed next Jefferies. from of Please the Katz the And line with David your comes question with

David Katz

harvest digital and second I and being gathered better information if drive et the then the mind, wanted ticketing, derivative you to process, just off of digital an update, able right, from of returns the it. cetera, don't to get on

today where that is can how where opportunity? And you So it and go? do that see

Joe Berchtold

very of this sold over barcodes and rotating digital It's it point, COVID. from what ubiquitous call informed a over. safe we be seen ticks, At and out being haven't but largely keep are NFC ticketing the counterfeited tickets tickets. I which or XXs digital is expect now barcodes shifting from latest Yes. globally numbers, I the to is coming to that

connection, able able messages them to with behalf go the have when bringing how how that talked the that to a they some sponsors, So to have digital we're them to How extensively about things better we're to done use fan, them in our that upsells market on we understand how for buildings. on of we're market our of clients, all the of fan. able of we We've number of market Digimaster to together our shows in data marketing, data. initiatives them we've to launched send behalf to to

So that all continues.

what we And gets how in market concert of, then that can and and for call it, understanding shows, that a do use their in demand the the have they clients price folks out their they terms specific background, tours tools figure in the of tools how are they purposes it shows, likely terms Ticketmaster using I'll markets. learning should shows data for help helping of in range machine our

So the that used is where business. is certainly, it's now data point now and permeated the

David Katz

than can the if how and it. in have cetera, any toward grow? please. where right, et inflation Got artists do that? sort play be it, right? higher? points pressure respect here. pressure I it Where Platinum cetera, mixes things, at But the growth And Platinum, is themselves And with that cost other discussions follow which we respect can up, of et points to Any you authorizing seem to doesn't about and of With

Joe Berchtold

can our job it. it have of as are the to not allowing base I information them set the artists their provide in that's the the pricing mean their their tickets, the help fan tickets. It's value of are artists right terms I who balance and the ones to figure them the Yes. out them of to want price they understand market so tickets. to for characterized

fans, the the of to their can take So the it front keep artists becoming house buy to to now they want from make ticket is a Otherwise, it's in. priced they the of every going they're capture price value. they most who's understanding the that to house scalper that standard they're Are scalper. then do getting it I fan to going the almost should back say to it. they sure lot it's And of the afford value. of would so giving how the get can the A

COVID we've used international I being very a more markets. think, being it seen the coming of in switch heavily in or adopted out here The then is, year America. from ubiquitous becoming over trend past much so is partially to And North

think attempting long at lot gap and fans go with towards a the that see artists continuing to if there's that I have or ways platinum, look evolves you And still substantial which to to relative are international to give value we'll time. secondary adoption. still imply average markets we a in full over pricing of the would how pricing a

Michael Rapino

in isn't the artist Platinum Platinum The The is magic gives whole house. jump increase to that to first it on to opportunity of the Platinum. rows. of magic at Just look the

and never, have and call We told earnings sell you XX couldn't out. the an rows first jumped on historically we

the the out call upper last Our is XX to as always in nosebleeds they them. job sell rows

end of down night get let has platinum should is figure house. but house increased that the the of the a price the for of closer the what to gross and artist some how to show So to is needs also we us maximize to as front cost out in the bring back the industry enabled that's market, do certain has

more gross opportunity. on it's didn't We net rate that ticket X be sell-through of of overall, end locked that have be fans kind house. but the can into used back prices to the better giving So the a

end advantage So more in just harder so proper over you really walk people of sell the How prices benefit price few the house the the through you and artist doors. then when to how the to a are dynamic sold? for do the platinum get of reduce help on always us house and the biggest ones the the house? last you those gets pricing But was years back whole do gross full truly all

Operator

from And question. Please with the comes proceed the next your question of with Citi. line Jason Bazinet

Jason Bazinet

question I talked like I on volumes up being on And think talking a more secondary Is GTV pretty secondary the almost XX market. about XX double simple. just than this ticketing something you're the this philosophy in question had in double emphasis Because levels secondary your market in you my $X.X about on or your digits. changed? is billion release, K,

that just something that live events? is indicative interest seeing consumer you're to as or So strength going well of Or in overall this we're and is both? the it doing

Joe Berchtold

a context, kind foremost, ticketing secondary just again, to we've portion the first primary is and is that, mid-teens GTV. it keep off, company long ticket. in to of a first to low job said Well, sell of our our primary and its We're

the So it's relevant, focus. but not it's primary also

option thought ticket, better when an that need long platforms buy to because is to legitimate And them we giving tickets, a ticket. think within Ticketmaster other have We a we need served buy they're out being in them their to fans if ecosystem. forcing go not and then secondary buy a we're we're off be to sold a to have the show secondary to

NFL, NBA better have with needs as and a we job side understanding do a different for we've the the sports others to continue as how friction, our secondary. aligned the slightly reducing deliver on offer, with think to fan I on the model

market. keep is sale, naturally have think that's managed a But that a going I grown and what foremost, really we to way in to that the content our and position we've first primary happy. us, matters is in great

Operator

question. your And from with Please proceed of question the line next comes Paul Golding Macquarie. the with

Paul Golding

and wanted then, on been price as general, think backdrop I had are quarter. the But as watch an in tightening given if you've so that's that for that sponsorship, give you see color you on the business. follow-up, secondly, you. as cohorts a in tracking on how meaningful it's said we the track your growth any sort you've average this and past, more I not less update before And we forward you've trending? metric in Congrats of $XX. that in a into in could seeing ticket environment. for below tightening just to Thank the or quickly terms of the sponsorship macro much been been

Joe Berchtold

on for price, all, still price, ticket for in Michael secondary I because can entry average of show. a gone market, average what and the of or all and pricing past tickets theaters ticket the can talked up the on at they've that $XX. because total to, while then the is sure $XX first our their get from have see think Ticketmaster, entry is is going of spoke number we've a the overall below remain below seen closer are clubs And to -- to the is seen of sold generally that in the double GTV so some have because what the the So lowest amphitheaters, low. digits you've ticket pricing. that almost And in see that costs it I the mean, ticket artists the for that in can house in what's you fan find their year-on-year parts average wanting up increased prices the reasons be to make fans price continues

I sure not I'm sponsorship, the understood your question. fully On

terms we've business. sponsorship no I think of slowdown our seen in

long-term by have being work to who with go driven that the that multimillion we agreements large sponsors with booked more. us We revenue our the continue have is well lot over of to sign a very continue and XX% dollar year of multi-asset, expected for

Paul Golding

around that around I more was guess my question sector.

tail maybe for sports Anything last example, or color boost in around year of a type sponsor, that area if year. the end about mix. So this and we betting to of sports predominant of were think at being the

Michael Rapino

Every have imagine different distributed is XXX fairly can We you evenly. category sponsor brands.

than targeted much said, the that seen an less of is any -- approach. that investments overall. much that of always business affected believe it a lot any business investment other brands our of core the it's campaign TV So make, we a and sector haven't we a pullback is a We've big more has

So kind elsewhere. brands event on more digital their of can get to we've categories direct the dollars other shift that they some get can't where the of seen that consumer they and interaction maybe from space

with spend that sectors we've as their trying So seen give figure growing with consumers been trend in Pittsburgh. a scale at all most and them category. because digital stay think Thursday we've is they're to live, been world, a our we going out it. increase It's sports growing, to one We how to in in connect that on consumers in opportunity hit to

growth So we're think going in see more our to we category.

Operator

question line comes Stanley. And the the with next Mansoon-Perrone from Cameron your of with Morgan question. proceed Please

Cameron Mansson-Perrone

in can you now little Two, about of of points feel Can kind through specifically the then OCESA? it's imply in what guys. organically? might America, can. Thanks. individual of in Do been like increase release of you obviously you Or sense OCESA, region in for that touch accretion the been Latin in you kind has expectations position with you're earlier other bit with that talk performance The Colombia, Mexico, there for to if generally, you outperforming Brazil, a I a rest to that in markets expand penetrate year. the where with there of that expectations pretty focus more the the where a M&A? year connected it call kind is pacing make are And terms more well your above

Michael Rapino

up can been these that the we to most build -- a get think the we market. low bring tour We the of enter maybe or always of the the we same. kind We market, promoter that has bolt-on enough markets, playbook then cost, global end our content festival. and flywheel We to once up having

there, the launched there. Brazil, in an great we've incredible We've touring ground. So In ticketing have our business and bringing a there, now business artists launched We now got to sponsorship Rock foundation. Rio, just festival we've

down So I the think Brazil, as entire sales. market is see a on America, like year it's in market is a Latin big there. ticket Argentina a great We and combination. crazy We'll continual growth the

and up and So always a you'll powering bolt-ons on we'll see use predominantly business there. organically to us organic-driven keep continual been our efforts doubling We've grow. then

Cameron Mansson-Perrone

How about on OCESA and what's driven outperformance? that

Joe Berchtold

spend mean I the board. that across

think I get of concert on artists to in well are their to on Mexico. done fire. side, clearly starting our Latin terms on shows platform we've down dream

set business got with doing. We've very, been enhanced well, in and is regional very get Their festival to that's great. shows platform they've to of them strong the bringing continuing they've worked been sponsors. and they've So doing perform ticketing very

would them thought all we would what this or acquired say, now X really we be. or elements I ago, has when months outperformed to their business, ago of months X year even we thought across So it's when well relative

Michael Rapino

we bought that we IRR no. the out OCESA our market, believe as in in bounce COVID. as would has, Remember, industry big model back think the We did it to

we're that with sponsorship They're anything very, we've and overall. above down what and beyond on very a the ticketing of now we've upgrades. well-run it archaic take partners platform really incredible CEO. management there continually organization. and reinvent They've Ticketmaster we're got kind ticketing side, able venues, in their market Latin got the been And we So an expected been for has doing partnership industry team down general to

and expertise market incredible an So off the base, our return. dynamics. incredible been It's their

Cameron Mansson-Perrone

on they America, quickly markets? may in that of sponsors elsewhere also have a up where giving follow one-way there not local that is can them taking dynamic North had into a Europe bringing new generally you're those those Is exposure kind previously? points. from and one I reverse sponsors If of Or also

Michael Rapino

Olympics global FX regional. global they're to Yes. any most because team. completely with of one and sports but When way, partnership you're imagine sponsorship a with the that sell it's our of the want sitting doing to you right, lot a say can properties, it's these trying there's sponsorship and not brands maybe global NBA, only you're big I don't is

So when we they to we sit City Milan. we have can that in now and and Brazil, in Sao office can and a room, market in know Mexico get you a and Paulo big Rio,

bring spot global that to can of had. to pitch basis, CEO, we're more bigger business helps the sponsors at when major can CMO on kind and a our our it So we with maybe now markets deliver they some add look global ship we deals that platform a local sitting

deal of with So be to we'll kind we return deal would replace for. look look global the the local a always

brands adding these story markets markets, in out for global Latin, adding most too. us more markets sell big So big Mexico gives our City to

Operator

Harrigan the question Company. proceed final your Matthew Please our of And question. with line from with Benchmark comes

Matthew Harrigan

[indiscernible]. to some fairly the down Down in

is did Clockenflap that a it’s any sort in early platform, that growth for put -- You of it. you? release an least, but vector potential on Hong out real name, acquisition in and March, the you a still did expansion Is say Obviously, market Kong, by that way. to a has the great

able you that sufficient this to the and is network earlier, at then, traffic situation going you of could same secondly, the didn't some but I was, to customers? if another couldn't scale Thank there Fan discount areas guess think like amount level be the November off your made so in question you. And not the be to Verified that through you'd get upgrades much that of the you point pass have you've Do was Peter's if do [indiscernible] generated. handle of so have issues with appropriately immediate weren't too, basically feel that you

Joe Berchtold

Let one is me This first. Joe. second take the

in were what At through bots we was happened that the that surfer it that have. to a vectors force was had of very there the system, down crash cyber-attack hack fan our a be One but it specific time, of Fan front specific, to that attack, into cyber not verified very fan our attack what could dial service large slowed the had on-sale. number but system. system, experience, through or door cause That Just a attempted of did the not trying during two fact of that Verified our effect was was same to stop. the brute a we crash

we to reinforce In back no order off attempted the cyber-attack, cyber-attack, out line any to system stopping started had how out had the have We to we our fully in defenses on-sale. so defense figured the X we hours, verified longer the to cyber-attack. it fight up. and that fan Within load know move stop fact, we experience, that the it for the on

It's X X something answer solved solve. that's the within question we problem. us to months out months X to your that how is figure not had taken to or hours, So

did day. were to let long was were sell there I'll ultimately those that X speak We passed, wait not of quickly. trying it were the the Michael for at it. to a it X while buy people a solved tickets there overload we So hours million And fans times once because issues. lot tickets, system

Michael Rapino

Yes.

to? you the deeper the were referring one? You're Which in [indiscernible]. What acquisition

Matthew Harrigan

expand was did release. and I of trade assume an small, Kong, it specifics have if would in of that much Asia, test Australia I meeting the obviously you do knew ability thought Clockenflap got and and on any your that little in be Japan, the festival. it out platform, market outside put that bit Thanks. anything expansion interesting. I more it a in a to isn't you but Hong of on press

Joe Berchtold

broad I would part it a in bolt-on was Asia. say strategy of

festivals local As Michael we sponsorship earlier, that platform, go promoters, then in we'll on our then concerts with we we'll said and in our bring into. tie for and local bring can team broader look can

example, So type the or type an M&A of of it was the say, region. doing we're that would activity in I of

Michael Rapino

others jump Pacific for about Rim talked are we to mean, on but America, Latin equally Just business. global It's I and a important. others.

in which up important already Pacific and had of why has world. operation have [cape PTS ended mean, market other the form So in on promoter the kind Korea, successful us. a the I in of] artists being Japan, we're [ph] for very a real, foundation we throughout Latin of general, in most for markets real offices Singapore. We've some Rim America, in been

as Venue us Rim important that we driving promoter content bolt-on continually look Latin also. a we're see festival equally Pacific is as America, business there at with building up So and you'll

Operator

end of the you, everyone. the this marks This Thank teleconference. question-and-answer and today's concludes also session,

time. You your may and great have you at participation disconnect a Thank for your day. lines this

Live Nation Entertainment (LYV) 27 Jul 232023 Q2 Earnings call transcript