Live Nation Entertainment, Inc. Q3 FY2024 earnings call

• Joe Berchtold noted Ticketmaster sales up 15% year-on-year in October first week, Concerts up 23%, expecting strong Q4 and next year for Ticketmaster. • Michael Rapino mentioned Sponsorship has a 20% increase in strategic partners this year, with globalization being a foundational driver for Sponsorship growth. • Discussed premium experiences as a big underpin for growth, with potential to increase premium seats to 20% or more. • Joe Berchtold talked about Concert margins expected to land around 2019 levels.

No detailed breakdown of product segment financial performance in absolute terms and revenue contribution % provided in the transcript.

• Strong Q4 and next year expected for Ticketmaster, with a large volume of stadium and arena shows going on sale in Q4. • Next year's Ticketmaster expected to be strong with stadium activity and deferred events in Europe. • Concerts expected to have strong AOI growth next year, with margins around 2019 levels. • Q4 Latin America has a mid-teens FX impact on NOI due to recent FX downturn, but not material for 2025.

• Antitrust risks related to potential structural vs. behavioral remedies, with hope for a return to traditional approach. • FX impact on Q4 Latin America activity due to recent FX downturn. • Secondary ticketing market regulation issues with hope for better regulations to help consumers.

Q: How does the positive forward-looking indicators flow through the P&L, especially timing for Ticketmaster Q4, Q1 and next year, and Concert margins next year?

A: Joe Berchtold said Ticketmaster sales up 15% in October first week, strong Q4 and next year expected with over 200 stadium and arena shows on sale next week; Concerts expected to have strong AOI growth next year with margins around 2019 levels.

Q: Thoughts on Trump's approach to antitrust and timing to engage with DOJ?

A: Joe Berchtold said it's early in transition, hopeful for traditional antitrust approach, ready to engage once appointments are settled, likely early next year.

Q: Revision to 2023 financials and FX impact on Q4?

A: Joe Berchtold said it's a one-time non-cash non-operating tax adjustment, and Q4 Latin America has mid-teens FX impact due to recent FX downturn in Latin American markets.

Q: CapEx increase, venue pipeline, AMP project, and Sponsorship partner growth?

A: Michael Rapino talked about Sponsorship growing current partner base, Joe Berchtold discussed CapEx with partner agreement moving CapEx onto books, and 14 more venues expected online over next year.

Q: Initiatives resonating with fans and per-caps, and premium experiences?

A: Michael Rapino said premium experiences can grow to 20% or more, initiatives include upgrading F&B offerings in venues to drive per-caps.

Q: M&A, secondary ticketing, and Ticketmaster technology investments?

A: Michael Rapino said no major M&A changes, Joe Berchtold discussed secondary ticketing regulation hopes, and Ticketmaster invests in pricing, marketing, and anti-bot technologies.