United Kingdom

Other Foreign

Total Foreign

Domestic

Europe

Total Revenue

2da98046b1cf4afab4caf008a790ca681b0d97ec2530ddf14da20a5522ffb2ea

Live Nation Entertainment, Inc. is a global leader in the live entertainment industry, focusing on promoting live music events, managing music venues, and producing music festivals **[0001335258-24-000017_lyv-20231231.htm:10]** **[0001335258-24-000017_lyv-20231231.htm:127]**. The company operates through several key segments, including Concerts, Ticketing, and Sponsorship & Advertising, generating revenue primarily from ticket sales, concessions, and partnerships **[0001335258-24-000017_lyv-20231231.htm:11]** **[0001335258-24-000015_lyv-2023q4xex991.htm:2]**. Live Nation aims to expand its global presence by promoting more shows, selling more tickets, and increasing sponsorship partnerships to enhance revenue and shareholder value **[0001335258-24-000017_lyv-20231231.htm:5]**.

1. **Concerts** - Promotes live music events globally, operates and manages music venues, and produces music festivals, with revenue from ticket sales, concessions, and venue operations.
2. **Ticketing** - Sells tickets for events on behalf of clients, primarily through Ticketmaster, and retains a portion of the service charge as its fee.
3. **Sponsorship & Advertising** - Develops partnerships in sectors like beverages, technology, and financial services to drive growth and revenue.

4c18297728ecd6297b4287c6ea05398517c55f210a5ab69964e6881bb0cdf70c

6e11b812ad365ed84ccfc03764d8f1a0aaa915582f000e45c2f3c2febbdb226a

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Concerts             | **3,395.9**  **[0001335258-23-000013_lyv-2022q4xex991.htm:3]**  | **2,281.2**  **[0001335258-23-000055_lyv-20230331.htm:18]**  | **4,633.3**  **[0001335258-23-000085_lyv-20230630.htm:21]**  | **6,974**  **[0001335258-23-000102_lyv-20230930.htm:22]**  | **4,874.8**  **[0001335258-24-000015_lyv-2023q4xex991.htm:3]**  | **2,879**  **[0001335258-24-000071_lyv-20240331.htm:19]**  | **4,987**  **[0001335258-24-000125_lyv-20240630.htm:19]**  | **6,580.6**  **[0001335258-24-000156_lyv-20240930.htm:21]**  |
| Ticketing            | **651.3**  **[0001335258-23-000013_lyv-2022q4xex991.htm:3]**  | **677.7**  **[0001335258-23-000055_lyv-20230331.htm:18]**  | **709.3**  **[0001335258-23-000085_lyv-20230630.htm:21]**  | **832.6**  **[0001335258-23-000102_lyv-20230930.htm:22]**  | **739.8**  **[0001335258-24-000015_lyv-2023q4xex991.htm:3]**  | **723**  **[0001335258-24-000071_lyv-20240331.htm:19]**  | **730.7**  **[0001335258-24-000125_lyv-20240630.htm:19]**  | **693.7**  **[0001335258-24-000156_lyv-20240930.htm:21]**  |
| Sponsorship & Advertising | **245.6**  **[0001335258-23-000013_lyv-2022q4xex991.htm:3]**  | **170.1**  **[0001335258-23-000055_lyv-20230331.htm:18]**  | **302.9**  **[0001335258-23-000085_lyv-20230630.htm:21]**  | **366.8**  **[0001335258-23-000102_lyv-20230930.htm:22]**  | **255.4**  **[0001335258-24-000015_lyv-2023q4xex991.htm:3]**  | **211**  **[0001335258-24-000071_lyv-20240331.htm:19]**  | **312.2**  **[0001335258-24-000125_lyv-20240630.htm:19]**  | **390.3**  **[0001335258-24-000156_lyv-20240930.htm:21]**  |
| Other & Eliminations | **-2.2**  **[0001335258-23-000013_lyv-2022q4xex991.htm:3]**  | **-1.6**  **[0001335258-23-000055_lyv-20230331.htm:18]**  | **-14.8**  **[0001335258-23-000085_lyv-20230630.htm:21]**  | **-21.7**  **[0001335258-23-000102_lyv-20230930.htm:22]**  | **-31.1**  **[0001335258-24-000015_lyv-2023q4xex991.htm:3]**  | **-14**  **[0001335258-24-000071_lyv-20240331.htm:19]**  | **-6.5**  **[0001335258-24-000125_lyv-20240630.htm:19]**  | **-13.5**  **[0001335258-24-000156_lyv-20240930.htm:21]**  |
| Total Revenue        | **4,290.6**  **[0001335258-23-000013_lyv-2022q4xex991.htm:3]**  | **3,127.4**  **[0001335258-23-000055_lyv-20230331.htm:18]**  | **5,630.7**  **[0001335258-23-000085_lyv-20230630.htm:21]**  | **8,152**  **[0001335258-23-000102_lyv-20230930.htm:22]**  | **5,838.9**  **[0001335258-24-000015_lyv-2023q4xex991.htm:3]**  | **3,800**  **[0001335258-24-000071_lyv-20240331.htm:19]**  | **6,023.4**  **[0001335258-24-000125_lyv-20240630.htm:19]**  | **7,651.1**  **[0001335258-24-000156_lyv-20240930.htm:21]**  |

4a2f737d57e851a208463a68f97163ed80ff52e17373e83ef912af062b5ca7a0

19fe58663f23a1bb33f93c05395cc351c18dcf63b6f8d854f60b78ce916a578e

1. With the ongoing scrutiny from the DOJ and potential antitrust actions, how do you plan to navigate the challenges in maintaining Ticketmaster's competitive position, and what specific steps are you taking to mitigate the risk of a potential breakup of Live Nation and Ticketmaster?

2. Given the recent downturn in foreign exchange rates impacting your AOI in Latin America, how are you planning to hedge against FX risks in key growth markets, and what measures are you implementing to minimize the impact on your financial performance?

3. Considering the increasing public attention and regulatory focus on the secondary ticketing market, what strategies are you deploying to address consumer concerns about high ticket prices and unregulated resale practices, and how is this affecting your relationship with artists and fans?

4. Despite stating that your M&A strategy hasn't changed, are you concerned that the lack of sizable acquisition targets could limit your future growth, and how do you plan to sustain expansion in the face of regulatory constraints and a potentially saturated market?

5. With significant investments in technology to handle high-demand on-sales and combat bots, can you elaborate on how these initiatives are effectively differentiating you from competitors, and what are your expectations for the return on these capital expenditures in the near term?

b71c2d00d04031824ef005c1292c58379b76d35b932d73f924d48e67b5775c23

- **Anschutz Entertainment Group (AEG)**: Operates under various names including AEG Presents, Concerts West, Frontier Touring, Goldenvoice, and Messina Touring Group  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Another Planet Entertainment**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **CTS Eventim**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Jam Productions, Ltd.**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **I.M.P.**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Outback Presents**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **TEG Dainty**  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **ASM Global**: Competitor in venue management  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Madison Square Garden Entertainment Corp.**: Competitor in venue management  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **The Nederlander Organization**: Competitor in venue management  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Bowery Presents**: Competitor in venue management  **[0001335258-24-000017_lyv-20231231.htm:16]** .
- **Tickets.com**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **AXS**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Paciolan, Inc.**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Eventbrite**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **eTix**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **SeatGeek**: Competitor in both primary and secondary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Ticketek**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **See Tickets**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Dice**: Competitor in primary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **StubHub**: Competitor in secondary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Vivid Seats**: Competitor in secondary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .
- **Viagogo**: Competitor in secondary ticketing  **[0001335258-24-000017_lyv-20231231.htm:17]** .

d4fa0a6f00b4a9c49b9d755c26846098cd9f488bfa38771e83f0f44b9a21a13e

Concerts

Ticketing

Sponsorship & Advertising

Artist Nation

Other

Eliminations

Other & Eliminations

55bb5f58635d8e9ef4c9904afe09e0cce65c08ebf38ec19684522572d3d94365

e799bfab8ea350ce6aaf1ee876b7420c9fe0199494265452945a78dbde0bcaec

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

7ec34b57f745e19e1e8db6d0f363bc0037780f927b6522af261ac83cea7cf5b4

**Concerts Fan Count (millions)**

**Onsite Spending per Fan at US Amphitheater Shows ($)**

**Fee-bearing Ticket Sales (thousands)**

**Estimated Events**

**Estimated Fans (thousands)**

**Estimated Number of Fee-bearing Tickets Sold (thousands)**

**Estimated Number of Non-fee-bearing Tickets Sold (thousands)**

**Ancillary Revenue per Fan ($)**

**GTV (Gross Transaction Value) ($ billion)**

**Astroworld Estimated Loss Contingencies ($ million)**

4b86ab09a5003753facc3d22227c114043672e0f7d06e0b1f014085be75dd63e

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2025
- **Guidance**:
  1. **Sponsorship Business**: Continued growth expected, driven by globalization and strategic partnerships, with ongoing AOI growth  **[LYV_3407698_4]** .
  2. **Concert Segment**: Anticipates a double-digit increase in advertising expenditure for Q4 2024, with margins around 2019 levels. Strong revenue and AOI growth expected in arenas, amphitheaters, and stadiums next year  **[LYV_3407698_4]** **[LYV_3407698_1]** .
  3. **Ticketmaster**: Sales up 15% year-on-year for early October, with strong Q4 and continued performance into next year  **[LYV_3407698_1]** .
  4. **CapEx and Venue Development**: Plans to bring 14 more venues online by the end of 2025, expecting about 8 million incremental fans  **[LYV_3407698_5]** .
  5. **Foreign Exchange Impact**: Potential mid-teens FX impact on AOI in Q4 2024, not expected to be material in 2025  **[LYV_3407698_3]** .
  6. **Premium Experiences**: Focus on increasing premium experiences at venues  **[LYV_3407698_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Sponsorship Revenue and AOI**: Sponsorship revenue up 3%, AOI up 10%, guiding for double-digit bookings growth and stable margins  **[LYV_3395042_9]** .
  2. **Fan Count and Attendance**: Fan count grew 5%, with continued growth expected, particularly in Q4  **[LYV_3395042_1]** .
  3. **Ticketmaster Performance**: Expected mid-single-digit growth for the year, driven by Q4 sales  **[LYV_3395042_7]** **[LYV_3395042_3]** .
  4. **CapEx Guidance**: 14 major venues expected to open between 2024 and 2025, focusing on a 20% plus return profile  **[LYV_3395042_7]** .
  5. **Concerts AOI and Margins**: Growth expected, with margins moving towards 2019 levels, Q3 as the high-water mark  **[LYV_3395042_6]** .
  6. **Overall Growth Outlook**: Confident in double-digit AOI growth for the year  **[LYV_3382233_3]** **[LYV_3382233_8]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Concert Segment Margin**: Expected to be higher than the previous year, influenced by FX rates and Q4 activity  **[LYV_3382233_7]** .
  2. **Growth Outlook**: Optimism for double-digit growth driven by concerts, sponsorship, and Ticketmaster  **[LYV_3382233_8]** .
  3. **Double-Digit AOI Growth**: Confidence in achieving this despite deferred revenue being down  **[LYV_3382233_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Double-Digit AOI Growth**: Driven by a strong show pipeline and profitability from arenas and amphitheaters  **[LYV_3374601_4]** .
  2. **CapEx Guidance**: Approximately $540 million, with significant investments in new venues and renovations  **[LYV_3374601_5]** .
  3. **Concert Segment Margin**: Expected to be higher than the previous year, dependent on FX rates and Q4 activity  **[LYV_3382233_7]** .
  4. **Sponsorship Growth**: Anticipated to remain a double-digit growth business  **[LYV_3374601_9]** .
  5. **Ticketmaster Sales**: More tickets expected to be sold in Q1 and Q2 for amphitheater shows  **[LYV_3374601_1]** .

b61c80eb564c0b2d311a86a7b8a6d52247cf66a3c9358e28b1983126c568f093

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Michael Rapino     | President, Chief Executive Officer, and Director                         | August 2005        | Michael Rapino has been the President, CEO, and Director of Live Nation Entertainment since August 2005. He has been with the company or its predecessors since 1999  **[0001335258-24-000017_lyv-20231231.htm:24]** **[0001335258-24-000060_lyv-20240425.htm:19]** .                                                                                                                                                             |
| Carlos Alvarez     | Chief Technology Officer – Ticketmaster                                  | September 2020     | Carlos Alvarez has been the CTO of Ticketmaster at Live Nation since September 2020. He joined the company in August 2014, holding various IT roles  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                |
| Joe Berchtold      | President and Chief Financial Officer                                    | July 2021          | Joe Berchtold has been the President and CFO of Live Nation since July 2021. He joined as COO in April 2011 and became President in December 2017  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                  |
| Brian Capo         | Senior Vice President and Chief Accounting Officer                       | December 2007      | Brian Capo has been the SVP and CAO since December 2007. His employment agreement, effective January 1, 2022, ends on December 31, 2026  **[0001335258-24-000017_lyv-20231231.htm:24]** **[0001335258-24-000045_lyv-20240409.htm:79]** **[0001335258-24-000060_lyv-20240425.htm:79]** .                                                                                                                                                                                      |
| Liz Dyer           | Senior Vice President – Human Resources                                  | September 2020     | Liz Dyer has been the SVP of Human Resources since September 2020, having joined the company in April 2016  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                                                         |
| Johnel Evans       | Global Vice President – Diversity and Inclusion                           | June 2021          | Johnel Evans has been the Global VP of Diversity and Inclusion since June 2021. She previously worked at Becton Dickinson and Company  **[0001335258-24-000017_lyv-20231231.htm:24]** **[0001335258-23-000014_lyv-20221231.htm:24]** .                                                                                                                                                                                           |
| Arthur Fogel       | Chairman – Global Music and President – Global Touring                   | 2005               | Arthur Fogel has been the Chairman of Global Music and President of Global Touring since 2005. He has been with the company or its predecessors since 1999  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                         |
| Kaitlyn Henrich    | Senior Vice President – Corporate Communications and Social Impact       | January 2022       | Kaitlyn Henrich has been the SVP of Corporate Communications and Social Impact since January 2022. She joined the company in January 2016  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                          |
| John Hopmans       | Executive Vice President – Mergers and Acquisitions and Strategic Finance | April 2008         | John Hopmans has been the EVP of Mergers and Acquisitions and Strategic Finance since April 2008. His new employment agreement is effective January 1, 2024  **[0001335258-24-000017_lyv-20231231.htm:24]** **[0001335258-24-000045_lyv-20240409.htm:80]** .                                                                                                                                                                     |
| Bob Roux           | President – U.S. Concerts                                                | October 2010       | Bob Roux has been the President of the U.S. Concerts division since October 2010. He has been with the company or its predecessors since 1990  **[0001335258-24-000017_lyv-20231231.htm:24]** **[0001335258-23-000014_lyv-20221231.htm:24]** .                                                                                                                                                                                   |
| Michael Rowles     | General Counsel and Secretary                                            | March 2006         | Michael Rowles has been the General Counsel since March 2006 and Secretary since May 2007  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                                                                          |
| Russell Wallach    | President – Sponsorship and Advertising                                  | July 2006          | Russell Wallach has been the President of Sponsorship and Advertising since July 2006. He has been with the company or its predecessors since 1996  **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                 |
| Michael Wichser    | Chief Operating Officer – Ticketmaster                                   | January 2021       | Michael Wichser has been the COO of Ticketmaster since January 2021. He joined the company in September 2014 in various roles  **[0001335258-24-000017_lyv-20231231.htm:25]** **[0001335258-24-000017_lyv-20231231.htm:24]** .                                                                                                                                                                                                   |
| Mark Yovich        | President – Ticketmaster                                                 | December 2020      | Mark Yovich has been the President of Ticketmaster since December 2020. He was previously the President of Ticketmaster's International division since November 2011  **[0001335258-24-000017_lyv-20231231.htm:25]** **[0001335258-23-000014_lyv-20221231.htm:25]** .                                                                                                                                                           |

102cfd52cd528494c0383279cb21fd1c9cfb642c59275a0a7552e1650527d5c4

**Quarterly guidance for Q4 2024:**
- **Sponsorship Business**: Continued growth expected, with ongoing AOI growth  **[LYV_3407698_4]**  (no prior guidance)  
- **Concert Segment**: Double-digit increase in advertising expenditure, margins around 2019 levels  **[LYV_3407698_4]** **[LYV_3407698_1]**  (no change from prior guidance on margins  **[LYV_3395042_6]** ; no prior guidance on advertising)  
- **Ticketmaster**: Sales up 15% year-on-year for early October, expecting a strong Q4  **[LYV_3407698_1]**  (raised from mid-single-digit growth  **[LYV_3395042_7]** **[LYV_3395042_3]** )  
- **Foreign Exchange Impact**: Potential mid-teens FX impact on AOI in Q4 2024  **[LYV_3407698_3]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Sponsorship Business**: Continued growth expected, with ongoing AOI growth  **[LYV_3407698_4]**  (no prior guidance)  
- **Concert Segment**: Strong revenue and AOI growth expected in arenas, amphitheaters, and stadiums  **[LYV_3407698_4]** **[LYV_3407698_1]**  (no prior guidance)  
- **Ticketmaster**: Continued performance into next year  **[LYV_3407698_1]**  (no prior guidance)  
- **CapEx and Venue Development**: Plans to bring 14 more venues online by the end of 2025, expecting about 8 million incremental fans  **[LYV_3407698_5]**  (no change from prior guidance on the 14 new venues  **[LYV_3395042_7]** ; no prior guidance on the 8 million fans)  
- **Foreign Exchange Impact**: Not expected to be material in 2025  **[LYV_3407698_3]**  (no prior guidance)  
- **Premium Experiences**: Focus on increasing premium experiences at venues  **[LYV_3407698_6]**  (no prior guidance)  

9906e18be30747d1e1c283cb53b20bcad30cf14735fc375beca7ec59dfacb2c5

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2005  **[0001335258-24-000017_lyv-20231231.htm:79]**    | Present  | Current auditor   |

4cd21908ad29caa269c6e164d2f0ddcf2e63e3393c7b4a45397ab3d42ee438b0

435228b1abe0f51d1ba2d091a84627a499d0b2a75d738e653e3e0942654a6cb3

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $7,651.1 million (-6% YoY)  **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:22]**   
- Concerts: $6,580.6 million (-6% YoY)  **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:22]**   
- Ticketing: $693.7 million (**-17% YoY**)  **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:22]**   
- Sponsorship & Advertising: $390.3 million (+6% YoY)  **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:22]**   
- Net Income: $444.1 million (**-18% YoY**)  **[0001335258-24-000156_lyv-20240930.htm:4]** **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:4]**   
- EPS (Diluted): $1.67 (-8% YoY)  **[0001335258-24-000156_lyv-20240930.htm:4]** **[0001335258-24-000156_lyv-20240930.htm:21]** **[0001335258-23-000102_lyv-20230930.htm:4]**   

0fcf513a2d3a4f6edfc21b956f72ec4d632d052a64794222c93a0efc9a4955d1

Number of events in North America (events)

Number of events in International (events)

Total number of events (events)

Number of fans in North America (thousands)

Number of fans in International (thousands)

Total number of fans (thousands)

Number of fee-bearing tickets sold (thousands)

Number of non-fee-bearing tickets sold (thousands)

Total number of tickets sold (thousands)

8e3b1a3876c8e9d8983806614a6b4d00e654eb0521ab3910359b56f618a74e80

| Year   | Amount Due (in billions) | Debt Type                              | Interest Rate | % of Total Debt                     |
|--------|---------------------------|----------------------------------------|---------------|--------------------------------------|
| 2024   | 0.550                     | 4.875% Senior Notes                   | 4.875%        | 8.7% = (0.550 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2024   | 0.129                     | Euro-denominated note related to venue| N/A           | 2.0% = (0.129 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2025   | 0.400                     | 2.0% Convertible Senior Notes         | 2.0%          | 6.3% = (0.400 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2026   | 0.300                     | 5.625% Senior Notes                   | 5.625%        | 4.8% = (0.300 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2027   | 0.950                     | 4.75% Senior Notes                    | 4.75%         | 15.1% = (0.950 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2027   | 1.200                     | 6.5% Senior Secured Notes             | 6.5%          | 19.0% = (1.200 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2028   | 0.500                     | 3.75% Senior Secured Notes            | 3.75%         | 7.9% = (0.500 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2029   | 1.000                     | 3.125% Convertible Senior Notes       | 3.125%        | 15.9% = (1.000 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |
| 2028+  | 0.043                     | Other Long-Term Debt                  | N/A           | 0.7% = (0.043 / 6.3) * 100 **[0001335258-24-000156_lyv-20240930.htm:14]** **[0001335258-24-000156_lyv-20240930.htm:45]** |

670dbcb56b8bf8530c596c208f4a3e66b49eda659f1aa6b89dfafa864350d27f

- **Strong Consumer Demand and Ticket Sales Growth**: Live Nation reports that ticket sales for their over **100 festivals worldwide are up double digits year-over-year**  **[LYV_3382233_4]** , indicating robust demand. Artists touring again this year are seeing **sell-through at or above last year** with higher grosses.  **[LYV_3382233_3]**
- **Significant Growth in Sponsorship Revenue**: Sponsorship revenue is **up 24% year-over-year in Q1**, particularly driven by international growth in South America and Asia.  **[LYV_3382233_6]**  Sponsorship on festivals is **up over 20% year-over-year**  **[LYV_3382233_4]** , and the company expects this growth to continue due to strong brand demand.  **[LYV_3382233_6]**
- **Confidence in Double-Digit Adjusted Operating Income (AOI) Growth**: Live Nation is **confident in achieving double-digit AOI growth for the year**  **[LYV_3382233_3]** , with full-year concert segment margin expected to be higher than last year.  **[LYV_3382233_7]**  The venue build-out is a key part of their long-term plan to drive strong AOI growth over time.  **[LYV_3382233_8]**

09088fbde03fac3a05b112668e16376b6e1c8c8b30a56a82b4d426a45727fc67

- Live Nation anticipates strong growth in their Ticketmaster segment, with **Ticketmaster sales up 15% year-on-year in October and concerts up 23%**, expecting a **very strong Q4** and continued momentum into next year due to an unprecedented level of activity and a robust stadium and arena pipeline.  **[LYV_3407698_1]**
- The company is focusing on expanding premium experiences, transforming regular seats into VIP offerings, aiming to increase premium offerings from **current levels of 2%-6% to up to 20%** of a show, which is expected to significantly contribute to future growth.  **[LYV_3407698_6]**
- Sponsorships continue to be a significant growth driver, with strategic partners increasing by **20% this year**, and the company anticipates continued **double-digit growth** in sponsorship AOI, bolstered by global expansion into new markets like India, the Middle East, and Latin America.  **[LYV_3407698_4]**

195e3fa6ff111cbcac123645e6c0742f7a048f918756f1e24bc8e48aac3e5b1c

7bf6cf10625ead6a65a60b094f775ba90c576bcc389e4bd29820fb19cdaa5163

1. **Attendance Trends and Demand**  
   **Q:** How are attendance trends and consumer demand shaping up?  
   **A:** Demand remains extremely strong, with attendance growth driven by venue types rather than geography. Amphitheater attendance is up **40% in Q2**.  **[LYV_3395042_1]**  Tour cancellations are at historical norms of **4%-5% of shows**.  **[LYV_3395042_1]**  We expect continued fan growth into the second half, especially in Q4.  **[LYV_3395042_1]** 

2. **Post-COVID Demand Normalization**  
   **Q:** Is there a pull forward in demand post-COVID that's normalizing?  
   **A:** We don't see a pull forward effect; rather, demand continues to grow. We're still increasing show and fan counts despite fewer stadiums this year.  **[LYV_3395042_5]**  The industry is expected to grow at a **9%-10% annual rate**, with globalization and strong supply-demand fundamentals.  **[LYV_3395042_5]** 

3. **2025 Touring Pipeline**  
   **Q:** How is the 2025 touring pipeline shaping up?  
   **A:** 2025 looks to be a big year, with our stadium pipeline larger than it was two years ago for 2023.  **[LYV_3395042_2]**  Amphitheater and arena pipelines are also bigger than last year.  **[LYV_3395042_2]**  We expect continued growth in stadiums and the industry returning to an **8%-9% compounded annual growth**.  **[LYV_3395042_2]** 

4. **Ticketing Performance Outlook**  
   **Q:** What is the outlook for ticketing performance, considering stadium activity?  
   **A:** Ticketmaster is expected to have mid-single-digit growth this year, driven by Q4 on-sales.  **[LYV_3395042_3]**  One stadium show equals triple the fan count and average ticket price of an amphitheater show.  **[LYV_3395042_3]**  The reduced stadium activity impacts ticketing in Q2 and Q3, but we expect a strong Q4.  **[LYV_3395042_3]** 

5. **CapEx Guidance and Free Cash Flow**  
   **Q:** How does higher CapEx guidance affect free cash flow conversion?  
   **A:** We're now expecting **14 major venues** to open between 2024-2025, up from 12.  **[LYV_3395042_7]**  The free cash flow conversion remains consistent, as the cash conversion we use is after maintenance CapEx and before growth CapEx.  **[LYV_3395042_7]**  We continue to look for opportunities with a **20%+ return profile**.  **[LYV_3395042_7]** 

6. **DOJ Lawsuit Impact**  
   **Q:** Is the DOJ lawsuit impacting strategic decisions or capital allocation?  
   **A:** It's business as usual; the legal team handles the DOJ, while divisions focus on operations.  **[LYV_3395042_4]**  We're expanding globally, with **15 venues coming online** next year and **75 in the pipeline**.  **[LYV_3395042_4]**  Recent expansions include ticketing in South Africa.  **[LYV_3395042_4]** 

7. **Concert Margins and AOI Growth**  
   **Q:** What is the outlook for concert margins and AOI growth?  
   **A:** Q3 is typically our high-water mark on margins due to festivals and amphitheaters.  **[LYV_3395042_6]**  We expect margins moving back towards **2019 levels** on a full-year basis.  **[LYV_3395042_6]**  Concerts are expected to carry significant growth for the company this year.  **[LYV_3395042_6]** 

8. **Ticketmaster Take Rate Improvements**  
   **Q:** What factors are driving Ticketmaster's higher take rate?  
   **A:** Ticketmaster continues to perform well, adding clients internationally and improving upsells and ancillary revenue.  **[LYV_3395042_7]**  The AOI in Q2 was as high as last year despite fewer stadium shows.  **[LYV_3395042_7]** 

9. **Sponsorship Revenue and Margins**  
   **Q:** What's driving sponsorship growth and margin dynamics?  
   **A:** Sponsorship remains a **60%+ margin** business.  **[LYV_3395042_9]**  We expect similar margins over the year and historical AOI growth in the teens.  **[LYV_3395042_9]**  We're upgrading deals from local to national, integrating larger, long-term relationships with major brands.  **[LYV_3395042_9]** 

10. **CapEx Returns Calculation**  
    **Q:** Can we forecast growth CapEx returns using a 30% benchmark?  
    **A:** It's an oversimplification to apply a 30% return directly to growth CapEx differences.  **[LYV_3395042_8]**  Returns vary, and major projects have complexities over multiple years.  **[LYV_3395042_8]**  We strive for **20%+ returns on major renovations and new builds**, with **30%+ on tactical improvements**.  **[LYV_3395042_8]** 

5a1703a627fe15fd4ce9de1a9ba832dcffe0b4c07db0bb8c610490cd49997ef9

- **Live Nation is under an ongoing DOJ investigation**, creating regulatory risk and uncertainty for the company.  **[LYV_3374601_5]**
- **Capital expenditures are increasing to $540 million**, with **$360 million allocated to growth projects**, which could pose financial risks if expected returns are not realized.  **[LYV_3374601_5]**
- The shift from higher-priced stadium shows to lower-priced arena and amphitheater shows results in **lower revenue per fan**, potentially impacting overall revenue growth despite higher AOI margins.  **[LYV_3374601_1]**

21390e9085b0371b26023e50f6e2b6215f98ef7e99926114dd841d7ee1c37d70

- **Reduced stadium shows in 2024 are impacting international fan counts and Ticketmaster's growth**, leading to lower growth in high-margin ticketing revenues.  **[LYV_3395042_1]** **[LYV_3395042_3]**
- **The ongoing Department of Justice investigation could pose legal and strategic risks to the company**, potentially affecting future M&A opportunities and capital allocation.  **[LYV_3395042_4]**
- **Increased capital expenditures for venue development may strain free cash flow**, and returns on growth CapEx are uncertain over the short term, potentially impacting financial performance.  **[LYV_3395042_7]** **[LYV_3395042_8]**

49e49ee0c1ec458f05e48f84d2db74f06bd0d1f5ec3b6011b18dbf5e9d2c6720

1. **Ticketmaster and Concert Growth**  
   **Q:** How will positive indicators affect P&L, especially for Ticketmaster and concerts?  
   **A:** Ticketmaster sales were up **15%** year-on-year in October, and concert sales increased **23%**.  **[LYV_3407698_1]**  They expect a strong **Q4** for Ticketmaster, with over **200** stadium and arena shows going on sale next week.  **[LYV_3407698_1]**  This unprecedented activity is anticipated to continue into **Q1** and throughout next year, making next year's Ticketmaster performance similar to **2023** due to a great volume of stadium activity and deferred European events.  **[LYV_3407698_1]**  For concerts, they foresee strong revenue and **AOI** growth next year, with growth in arenas and amphitheaters and very strong revenue from stadiums.  **[LYV_3407698_1]**  While it's early to know the exact margin mix, overall, both strong revenue and AOI growth are expected for the concert business.  **[LYV_3407698_1]** 

2. **Financial Restatement and FX Impact**  
   **Q:** What triggered the 2023 financial revisions? Impacts of FX on AOI?  
   **A:** The financial revisions were due to a **noncash, nonoperating tax adjustment** related to the purchase of **OCESA**, involving differences between statutory and U.S. GAAP accounting on nonconsolidated investments.  **[LYV_3407698_3]**  It was **not material** to '20 or '23 numbers, but restating the numbers made sense after working with auditors.  **[LYV_3407698_3]**  Regarding FX impact, they observed a downturn in Latin American currencies, affecting Q4 AOI and NOI due to a disproportionate amount of growth coming from those markets.  **[LYV_3407698_3]**  This could lead to a **mid-teens FX impact** on AOI in Q4.  **[LYV_3407698_3]**  However, they don't consider it material for full-year **2025**, and it's more of a Q4 modeling point.  **[LYV_3407698_3]** 

3. **Regulatory Outlook under Trump**  
   **Q:** How will Trump approach antitrust? When will you engage with DOJ?  
   **A:** They are hopeful for a return to a traditional antitrust approach where agencies solve problems with **targeted remedies** that minimize government intervention.  **[LYV_3407698_2]**  Some parts of the current case reflect a more interventionist philosophy than expected from a Republican administration, such as the request to **break up Live Nation and Ticketmaster**.  **[LYV_3407698_2]**  They are ready to engage with the DOJ and hope to start discussions early next year.  **[LYV_3407698_2]** 

4. **CapEx Increase and Venue Expansion**  
   **Q:** Can you explain the CapEx increase and new venue opportunities?  
   **A:** They often build venues in partnership with others.  **[LYV_3407698_5]**  The CapEx increase includes a **$50 million** expected capital expenditure for the year, with **$30 million** coming from other parties.  **[LYV_3407698_5]**  Net cash outlay is less due to partner contributions.  **[LYV_3407698_5]**  They plan to bring **14** more venues online by the end of **2025**, accounting for about **8 million** incremental fans.  **[LYV_3407698_5]** 

5. **Sponsorship Growth Outlook**  
   **Q:** How should we think about sponsorship growth next year?  
   **A:** Sponsorship has seen multiple years of **double-digit growth**, and they expect continued **AOI growth** in '25 and onward.  **[LYV_3407698_4]** **[LYV_3407698_5]**  Globalization is a foundational driver; as they do more shows worldwide, they gain more opportunities and sponsors.  **[LYV_3407698_4]**  They continue to grow their current base of **900 to 1,000** sponsors, with a very good renewal rate and the ability to upgrade relationships.  **[LYV_3407698_5]** 

6. **Per Cap Growth and Premium Experiences**  
   **Q:** What initiatives are driving up per caps? Future of premium experiences?  
   **A:** Enhancing food and beverage offerings, increasing points of sale, offering higher-end options like mocktails and high-quality food are resonating with fans.  **[LYV_3407698_6]**  They've seen a **$2 per head growth** over the last few years and believe there's still lots of runway left.  **[LYV_3407698_6]**  Regarding premium experiences, historically 2%-6% of shows are premium; they believe this can grow to **20%** or more.  **[LYV_3407698_6]**  They're refurbishing venues to create better premium experiences, which is a big part of their CapEx plans.  **[LYV_3407698_6]** 

7. **Ticketmaster's Technological Investments**  
   **Q:** How is Ticketmaster reinforcing its competitive position technologically?  
   **A:** They invest tens of millions of dollars in capital on Ticketmaster, continually innovating products for enterprise clients like venues and promoters.  **[LYV_3407698_9]**  This includes pricing technology to understand market value, marketing science capabilities, and enhancing ability to handle high-demand on-sales.  **[LYV_3407698_9]**  They believe Ticketmaster is the best in the world at delivering a better experience and selling tickets at volumes others can't handle.  **[LYV_3407698_9]**  They've also invested in digital tickets and efforts to stop bots, viewing themselves as a technology company continuously developing products.  **[LYV_3407698_9]** 

8. **M&A Strategy Unchanged**  
   **Q:** Has your M&A strategy shifted recently?  
   **A:** Nothing has changed in their approach over the last few years.  **[LYV_3407698_7]**  They don't have sizable M&A targets regardless of regulatory environment.  **[LYV_3407698_7]**  They focus on adding arenas, amphitheaters, and venues around the world, looking at cities seeking great entertainment.  **[LYV_3407698_7]** 

9. **Secondary Ticketing Market Regulation**  
   **Q:** Any strategies to address attention on high secondary ticket prices?  
   **A:** They are hopeful for better regulation around the secondary market, particularly concerning **bots** and **spec selling**, practices they'd like to clean up.  **[LYV_3407698_8]**  They find it ironic that high prices in sports are celebrated, while music, priced lower, gets negative reactions.  **[LYV_3407698_8]**  They believe better regulations would help consumers over time.  **[LYV_3407698_8]** 

d9221967a7b64abde44363f4c8a2895ff7641f4f5cf6920d1d3b835700abf943

1. **Ticketmaster's Value Within Live Nation**  
   **Q:** How do you view Ticketmaster's value inside Live Nation versus as a separate company?  
   **A:** Michael Rapino emphasized that Ticketmaster is a strong business both independently and as part of Live Nation. While Ticketmaster operated as a standalone entity for many years, he expressed confidence in the current portfolio and plans to keep Ticketmaster within Live Nation.  **[LYV_3382233_2]** 

2. **Double-Digit AOI Growth**  
   **Q:** How can you maintain double-digit AOI growth despite deferred revenue being down?  
   **A:** Joe Berchtold explained that despite lower deferred revenue due to fewer stadium events this year, consumer demand remains strong with no weakness observed. The shift towards arenas and amphitheaters affects ticket sales timing, but the company expects higher fan profitability and margin expansion, supporting confidence in **double-digit AOI growth**.  **[LYV_3382233_3]** 

3. **Festival Demand Trends**  
   **Q:** Are you seeing challenges in festival ticket sales as reported in the press?  
   **A:** Michael Rapino reported that Live Nation's festival ticket sales are up **double digits year-over-year**, with over 100 festivals worldwide performing well. Sponsorship revenue for festivals is also up over **20%** year-over-year, indicating strong demand and a solid start to the festival portfolio.  **[LYV_3382233_4]** 

4. **Venue Strategy and Capital Deployment**  
   **Q:** How do you decide when to execute venue projects independently versus partnering?  
   **A:** Michael Rapino described Live Nation's approach as opportunistic, partnering with developers and sports owners when beneficial, while also executing projects independently. The company is enthusiastic about its expanding venue division, seeing significant global opportunities, and typically prefers to own projects unless partnering offers better returns.  **[LYV_3382233_5]** 

5. **Sponsorship Revenue Growth**  
   **Q:** What's driving the strong international growth in sponsorship revenue?  
   **A:** Joe Berchtold noted that sponsorship revenue grew **24% year-over-year** in Q1, driven by international festivals, particularly in South America and Asia. The company expects the highest growth rates in sponsorship during Q1 and Q4 as it continues building these businesses globally.  **[LYV_3382233_7]** 

6. **Concert Margins Outlook**  
   **Q:** What factors could affect concert segment margins this year?  
   **A:** Joe Berchtold identified three factors impacting concert margins: foreign exchange rates, the level of Q4 arena activity, and the timing of stadium tours. While confident in margin expansion, these variables could influence the extent of growth, and more guidance will be provided as the year progresses.  **[LYV_3382233_8]** 

7. **North America vs. International Attendance**  
   **Q:** Why was there a bigger increase in North American attendance compared to international?  
   **A:** Joe Berchtold explained that the difference is due to fewer international stadium events this year compared to last. While North America saw primary growth in Q1, the overall trend remains towards increasing international growth, and this year's change is viewed as a temporary fluctuation.  **[LYV_3382233_11]** 

f321909ac55c37ad64b6e51bfabb6a4323fef46020ecb32922b554232fe24abb

- **Live Nation is under investigation by the Department of Justice (DOJ) for potential antitrust violations**, with reports suggesting a possible lawsuit seeking to break up Live Nation and Ticketmaster. This legal uncertainty poses significant risks to the company's operations.  **[LYV_3382233_1]**
- **Deferred revenue is down**, potentially indicating **lower future ticket sales**. The shift away from big stadium events, which sell the highest-priced tickets earliest, could impact revenue growth.  **[LYV_3382233_3]**
- **Challenges in launching new festivals**, with the company **starting 10 and shutting down 6 this year**, suggest difficulties in sustaining growth in their festival segment and highlight the challenge of delivering large-scale festivals with unique headliners.  **[LYV_3382233_4]**

b39c72e122f5345650e7741b9a78e29a089099a715f4fbd862aea53415e0c40f

- **Revision of 2023 financials due to a noncash, nonoperating tax adjustment**, which, although deemed non-material, may raise concerns about the company's financial reporting practices.  **[LYV_3407698_3]**
- **Increase in capital expenditures by $50 million** for new amphitheater projects, potentially impacting free cash flow and indicating higher investment commitments that may affect returns.  **[LYV_3407698_5]**
- **Ongoing antitrust investigations by the DOJ**, with the possibility of structural remedies such as a breakup of Live Nation and Ticketmaster, introducing uncertainty and potential challenges to the company's business model.  **[LYV_3407698_2]**

a79a5bdcb861fddf383906d65573fadb65bb7d24bc0d17c2fffd7652c59d1c87

1. **AOI Growth Guidance**
   **Q:** Why guide double-digit AOI growth earlier than usual?
   **A:** Our show pipeline is up **double digits**, driven by arenas and amphitheaters, giving us visibility and confidence to deliver **double-digit growth** this year.  **[LYV_3374601_4]** 

2. **CapEx Allocation and Returns**
   **Q:** Can you provide details on CapEx plans and investments?
   **A:** We're projecting about **$540 million** in CapEx, with two-thirds for revenue generation and one-third for maintenance. Approximately **$300 million** is for new venues or major renovations, including a major revamp of For Soul stadium in Mexico City with returns in the **20%** range.  **[LYV_3374601_5]** 

3. **Amphitheater Growth Potential**
   **Q:** How will you drive growth in amphitheater business?
   **A:** By investing in venue upgrades like VIP clubs and premium experiences, we believe we can **double** the amphitheater business over time. Utilization is currently around **35%**, so there's room to add more shows.  **[LYV_3374601_2]** 

4. **Platinum Ticketing Expansion**
   **Q:** How will Platinum ticketing contribute to growth?
   **A:** We're in the first inning internationally and about the fifth inning in the U.S. with Platinum (dynamic pricing). By expanding globally and pricing smarter, we expect significant growth, as secondary tickets are still almost **twice** the price of primary tickets.  **[LYV_3374601_3]** 

5. **Sponsorship Growth Drivers**
   **Q:** How do you see sponsorship growth relative to concerts?
   **A:** With over **$1 billion** in sponsorship revenue and approaching **150 million** fans, our scale attracts brands seeking broad reach. While concerts have historically grown faster, sponsorship remains a strong **double-digit growth** business.  **[LYV_3374601_9]** 

6. **Consumer Demand Indicators**
   **Q:** What are current indicators of consumer demand?
   **A:** Ticket sales are robust, with recent on-sales for Usher, Justin Timberlake, Jennifer Lopez, and others selling quickly. We're seeing **no slowdown** in consumer demand across all price points, and on-site spending remains strong.  **[LYV_3374601_8]** 

7. **All-in Pricing Adoption**
   **Q:** Will all-in pricing expand beyond your venues?
   **A:** Consumers appreciate all-in pricing, and we anticipate others will adopt it over time. We expect this trend to continue and potentially become legislated, benefiting consumers across venues.  **[LYV_3374601_6]** 

8. **CapEx Spending Strategy**
   **Q:** Why not increase CapEx given high returns?
   **A:** We aim to deliver our growth plan with current CapEx levels, adjusting as opportunities arise. The market accepts gradual increases as we demonstrate returns, so we're steadily building our pipeline.  **[LYV_3374601_7]** 

9. **Mix Shift to Amphitheaters**
   **Q:** How will shift to amphitheaters impact margins?
   **A:** The shift to more amphitheaters, which have higher AOI per fan, will improve margins, especially in Q2 and Q3. Despite lower revenue per fan compared to stadiums, we anticipate better overall profitability.  **[LYV_3374601_1]** 

10. **Venue Pipeline Expansion**
    **Q:** Can you update on the venue pipeline and deals?
    **A:** We're seeing opportunities to acquire or develop venues globally and are winning key projects. We expect to scale our venue portfolio much higher over the next five years due to increased focus and capabilities.  **[LYV_3374601_5]** 

11. **Shift to Global Booking**
    **Q:** Where are we in the shift to global booking?
    **A:** Artists are increasingly seeking global partners to support their worldwide touring needs. We see this shift continuing over the next five years as artists become global brands and look for coordinated support.  **[LYV_3374601_6]** 

12. **DOJ Investigation Update**
    **Q:** Any update on the DOJ investigation timing?
    **A:** We continue to answer any questions they have, but there's no specific updates. We are **100% cooperating**, and the timing is controlled by the DOJ.  **[LYV_3374601_5]** 

13. **Sponsorship Contributions**
    **Q:** How will Mastercard replacing Amex and Rock in Rio impact sponsorship?
    **A:** Demand in the sponsorship business is strong, with notable tailwinds from Mastercard replacing Amex and the inclusion of Rock in Rio. Our pipeline is up year-over-year, and we expect continued **double-digit growth**.  **[LYV_3374601_1]** 

14. **Real-Time Consumer Demand**
    **Q:** What are you seeing in real-time consumer trends?
    **A:** Ticket sales for recent tours are strong, with high demand across all price points. On-site spending, including merchandise, is robust, indicating healthy consumer engagement.  **[LYV_3374601_8]** 

15. **Amphitheater Business Upside**
    **Q:** What drives future growth in amphitheater business?
    **A:** By enhancing on-site experiences and monetizing our existing scale, we can significantly grow the amphitheater business. Investments in hospitality, VIP clubs, and premium services can potentially **double AOI**.  **[LYV_3374601_2]** 

16. **Adoption of All-in Pricing**
    **Q:** Does all-in pricing lead to higher conversion?
    **A:** Yes, consumers are responding positively to all-in pricing, leading to higher conversion rates. We believe this approach benefits consumers and expect wider industry adoption.  **[LYV_3374601_6]** 

17. **Capital Allocation Post-COVID**
    **Q:** Why maintain consistent CapEx percentage post-COVID?
    **A:** After rebuilding our cash reserves post-COVID, we're focused on delivering our growth plan within current CapEx levels. We'll adjust spending based on opportunities, but can achieve our objectives without significant increases.  **[LYV_3374601_7]** 

18. **Market Acceptance of CapEx Strategy**
    **Q:** How does market view your CapEx spending?
    **A:** The market prefers gradual increases in CapEx as we demonstrate returns. We're steadily building our pipeline and earning the right to invest more by showcasing successful projects.  **[LYV_3374601_7]** 

19. **Amphitheater Utilization Rate**
    **Q:** What is your current amphitheater utilization rate?
    **A:** Our utilization rate is about **35%**, indicating significant room to add more shows and drive growth in the amphitheater segment.  **[LYV_3374601_2]** 

20. **Shift to Dynamic Pricing**
    **Q:** How is dynamic pricing affecting ticket sales?
    **A:** Dynamic pricing through Platinum is helping us price smarter, capturing more value and reducing scalper margins. Artists are increasingly supportive, and we see ongoing growth opportunities.  **[LYV_3374601_3]** 

89a52b8a7a9f3bf81af496e07b04c2c6258e1d0e8cff07e705af9612ad898461

- **Strong Growth in Concert Attendance and Demand:** Amphitheater attendance was **up 40% in Q2**  **[LYV_3395042_1]** , with arenas, theaters, and clubs all **up double digits**.  **[LYV_3395042_1]**  Despite fewer stadium shows this year, the company expects continued growth in fan count into the **second half of the year**  **[LYV_3395042_1]** , indicating robust consumer demand.
- **Ticketmaster's Robust Performance and International Expansion:** Ticketmaster's Adjusted Operating Income (AOI) in Q2 was as high as last year despite fewer stadium shows, making it one of the **top 5 quarters** in its history.  **[LYV_3395042_7]**  The platform is adding clients internationally, maintaining strong renewal rates, and increasing upsells and ancillary spend with ad units.  **[LYV_3395042_7]**
- **Promising Outlook for 2025 with High Growth Expected:** The stadium pipeline for 2025 is **bigger now than it was two years ago for 2023**.  **[LYV_3395042_2]**  The amphitheater and arena pipeline is also larger than the previous year.  **[LYV_3395042_2]**  The company anticipates a return to **8%-9% compounded annual growth** in the industry on the top line  **[LYV_3395042_2]** , suggesting strong future performance.

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- **Management expects double-digit AOI growth in 2024**, driven by a **strong show pipeline up double digits** in arenas and amphitheaters, indicating confidence in profitability and growth.  **[LYV_3374601_4]**
- **Strong consumer demand globally**, with shows selling out quickly, high merchandise sales, and increased on-site spending, demonstrating the resilience and growth potential of live entertainment.  **[LYV_3374601_8]**
- **Significant growth opportunities in the amphitheater business**, with plans to **double the business** by enhancing premium offerings and on-site experiences, yielding **20-30% returns on capital**.  **[LYV_3374601_2]**

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Live Nation Entertainment Inc (LYV)

Financials