Ben Tuchman

Ben Tuchman asked if 2026 could be an inflection year for Venue Nation's AOI, with further acceleration in 2027 and 2028, and if this framework applies to the consolidated business. He also inquired if acquiring companies operating multiple venues, like the Forum Net Group in Italy, would play a more prominent role in scaling Venue Nation or if it was a one-off strategy.

Answer

CFO Joe Berchtold confirmed that an acceleration in Venue Nation's AOI is expected as new venues mature (3 years for builds, 2 years for acquisitions), building a larger base of fans. He noted that about 20% of the fan count growth this year is from 2025 venues, a third from 2026 venues, and half organic. CEO Michael Rapino clarified that the Forum Net Group acquisition was a one-off; Live Nation prefers owning venues and taking over the full P&L rather than acquiring venue management companies, as the returns are more favorable.