Q1 2025 Live Nation Entertainment Inc Earnings Call and Business Update
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Joe: Good afternoon. My name is Joe and I will be your conference operator today at this time I would like to welcome everyone to live nation's first quarter 2025 earnings call.
Joe: Good afternoon, my name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to Live Nation's first quarter, 2025, Birmingham.
Speaker Change: I would now like to turn the call over to Ms. Amy Yong. Thank you, Ms. Yong. You may begin your call.
Speaker Change: I would now like to turn the call over to MS. Amy Young. Thank you Michelle you may begin your conference.
Speaker Change: But afternoon, and welcome to the Live Nation first quarter, 2025 earnings conference call. Joining us today is our president and CEO , Michael Rapinoe, and our president and CFO Joe Berchtold.
Speaker Change: Good afternoon, and welcome to the live Nation first quarter 2025 earnings Conference call.
Speaker Change: Joining us today is our president and CEO, Michael Rapino, and our President and CFO Joe Berchtold.
Speaker Change: We would like to remind you that this acronym's call will contain certain forward-looking statements. There are subject to risks and uncertainties that could cause actual results to differ, including statements related to the company's anticipated financial performance, business prospects, new developments, and similar matters. Please refer to Live Nation's SEC files, including the risk factors and cautionary statements included in the company's most recent files, and forms 10K, 10Q, and 8K for description risks and uncertainty. It could impact the actual results.
Speaker Change: I would like to remind you that this afternoon's call will contain certain forward looking statements are subject to risks and uncertainties that could cause actual results to differ including statements related to the company's anticipated financial performance business prospects, new developments and similar matters. Please refer to live nation's SEC filings, including the risk factor.
Speaker Change: And cautionary statements included in the company's most recent filings on forms 10-K, 10-Q and 8-K.
Speaker Change: A description of risks and uncertainties that could impact the actual results.
Speaker Change: Live Nation will also refer to some non-Gat Measures on this call. In accordance with the SEC Regulation Chief, Live Nation has provided definitions of these measures and a full reconciliation through the most comparable Gat Measures in our earnings goals.
Speaker Change: Five nation will also refer to some non-GAAP measures on this call.
Speaker Change: In accordance with the SEC regulation G. Live nation has provided definitions of these measures and a full reconciliation to the most comparable GAAP measures in our earnings release.
Speaker Change: The release reconciliation can be found under the Financial Information Section on Live Nation's website. With that, you will now take your questions. Operator? Thank you.
Speaker Change: The release reconciliation can be found under the financial information section on live nation's website.
Speaker Change: With that we will now take your questions operator.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and a confirmation term will indicate your lines. [inaudible]
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Speaker Change: And our first question comes from the line of Brandon Ross with <unk> Partners. Please proceed.
Speaker Change: Jennifer's question comes from the line of Brandon Ross with Lightshed Partners, please visit
Brandon Ross: Hey, guys. Thanks for taking the questions.
Brandon Ross: Hey, guys, thanks for taking the questions. I wanted to dig deeper on the Tick a Mask Result. Was Maral surprised to revenue and pay line down?
Brandon Ross: I wanted to dig deeper on the chicken mask to result in growth.
Brandon Ross: And to your revenue.
Brandon Ross: And the amount of fee income activities.
Brandon Ross: in the amount of speaking and activity, and really the 2025 supply side in general. I see deferreds up a lot and the Q2 start, and so I assume part of this is timing related in international markets, no, no, but what are some of the other factors that influence the results? We expect improvement. [inaudible]
Brandon Ross: 25 supply side in general I see deferred to up a loss in Q2 start.
Brandon Ross: I assume part of this is timing related and the international market. So no no, but what are some of the other factors.
Brandon Ross: That influence the result, and should we expect improvements.
Brandon Ross: Sure.
Joe Berchtold: Hey, Brian It's Joe I'll start with that one so.
Joe Berchtold: Hey, Brandon, it's Joe, I'll start with that one. So for the, for the TM, yeah, there are a couple of pieces, both the activity that was reported in the quarter as well as the deferred. So for the activity that was reported in the quarter, what we had was more Live Nation concerts activity, less other promoters and less non-conscious activity. So more specifically, for the quarter Live Nation concerts through <expletive> and Master, we're up 12 for 1% year on year, other promoters were down 2%.
Joe Berchtold: For the for the <unk> there are a couple of pieces. Both the activity that was reported in the quarter as well as the deferred so for the activity that was reported in the quarter.
Speaker Change: What we had was more of live nation concerts activity.
Speaker Change: Less other promoters and less non contract activity, so more specifically for the quarter live nation concerts through Ticketmaster, we're up 12%.
Speaker Change: Year on year other promoters were down 2%.
Speaker Change: And then overall concerts were up 4%, but other categories sports, arts, family were down 9%. When we were doing our planning and talking a few months back on expectations for the quarter, at that point we didn't have any reason to anticipate this lower level of activity in the other parts of the business. Everything that we've seen points to its supply, not no demand issues. It's just less supply year on year, and when we were doing some of our forecasting, we were expecting consistent levels. And therefore the growth in Live Nation would have carried through to higher growth.
Speaker Change: And then overall concerts were up 4%, but other categories Sports Arts family were down 9%.
Speaker Change: When we were doing our planning and talking.
Speaker Change: A few months back on expectations for the quarter at that point, we didnt have any reason to anticipate this lower level of activity.
Speaker Change: Are there parts of the business everything that we've seen points to its supply not no demand issues. It's just less supply year on year and when we were doing some of our forecasting we were expecting consistent levels.
Speaker Change: And therefore the growth in live nation were to carry through to higher growth.
Speaker Change: Then on the deferred side, yeah, we have deferred for taking a master up 13% for the quarter if that deferred had been all been recognized revenue for the quarter would have been up.
Speaker Change: Then on the deferred side, yes, we have deferred for taking master up 13% for the quarter if that deferred had been all been recognized revenue for the quarter would have been up.
Speaker Change: But overall, what we have is more deferred between international volume growing, which is substantially deferred through the promoter allocation, continuing to increase our operative venue portfolio. While the flip side is the cost incurred in Q1, the AOI for those tickets doesn't get recognized until the events take place, which will be largely in Q2 and Q3. Another macro aspect is what we are seeing, the exit time a little later, with more concert activity in H2 than last year. So we are seeing that exit strength and continuity, in particular, as you mentioned, for April, has risen 22% globally through the first part. And we expect that probably two-thirds of the growing Live Nation fan base will be in the second half this year. In terms of when the events actually take place and that fan growth occurs. So we are seeing a little later timing of those exits, and we have seen some big exits for Chris Brown, Lady Gaga, and others this month. And then, finally, one area that is also hitting Ticketmaster is FX this year. FX has recovered for many markets. For Mexico and Latin America, it is still an advantage. And Ticketmaster took around 60% of that advantage in Q1, in terms of its portion of the overall company advantage. And we project it to be two-thirds of the advantage benefits in Q2. So it will have a bit of a reported impact in the short term. As you said, all of this is in the context of massive growth in additional concert income and good double-digit growth in additional concert income for Ticketmaster. So we still have confidence that we will have good growth in Ticketmaster throughout the year, but we have not seen a slowdown in Q1.
Speaker Change: But overall, what we have is more deferred between international volume growing.
Speaker Change: As substantially deferred through the promoter allocation continuing to increase our operated venue portfolio.
Speaker Change: Well the flip side is as the casket incurred in Q1.
Speaker Change: The Oi for those tickets doesn't get recognized until the events take place, which will be largely in Q2 and Q3.
Speaker Change: The other couple of pieces of macro context is just what we're seeing is a bit later on sales timing with more concerts activity in <unk> than last year. So we're seeing that those on sales and continued strength, particularly as you noted for April being up 22% globally through the <unk>.
Speaker Change: First part.
Speaker Change: And we expect probably two thirds of elimination concert fan growth to be in the second half this year.
Speaker Change: In terms of when the events actually take place and that fan growth happens, so youre seeing a bit of it just a little later timing of those on sales and you've seen some huge on sales for Chris Brown, Lady Gaga and others. This month.
Speaker Change: And then finally.
Speaker Change: The one area that is also hitting ticketmaster's FX this year.
Speaker Change: <unk> has rebounded for a lot of markets for Mexico, and Latin America, it's still a headwind.
Speaker Change: And taking a master took about 60% of that headwind in Q1 in terms of its portion of the overall company's headwind.
Speaker Change: We project it to be kind of two thirds of the headwinds in Q2, so it's going to have a little bit of a of a reported impact in the short term.
Speaker Change: As you said all of this is in the context of massive growth in deferred revenue for concerts and.
Speaker Change: And good double digit growth in deferred revenue, particularly master. So we're still confident we will get some some good growth out of ticketmaster for the year, but we're not seeing it we didn't see it play through in Q1 as much as we expected.
Speaker Change: Alright, it sounds from that answer that youre, not seeing as much headwinds from tariffs or or other economic issues and the consumer yet.
Speaker Change: It sounds from that answer that you're not seeing much headwinds from tariffs or other economic issues in the consumer yet. You could correct me if I'm wrong, but wanted to get a sense of what the potential disruption is, if there is a slowdown in the consumer, and I guess two legs to that one is how much of the year, especially concerts is ready in the bag through your on cells and then for the park and sponsorship. And then for the parks that are more real time like amphitheaters, what can you do if you do see the consumer weekend to protect ALI?
Speaker Change: You could correct me, if I'm wrong, but wanted to get a sense of what the potential disruption is if there is a slowdown.
Speaker Change: In the consumer and I guess two legs to that one is how much of the year, especially concerts is already in the bag through you're on sales and then for the parts and sponsorship and then for the parts that are more real time like amphitheaters. What can you do if you do see the consumer weekend to protect tail.
Speaker Change: Why.
Speaker Change: I'll start on demand and then Joe can jump in.
Speaker Change: I'll start on demand and then Joe can jump in.
Brandon Ross: I mean, Brandon, on the concert side and, you know, it's a question every CEO gets asked and are you feeling a consumer pullback at all? You know, we haven't felt it at all yet. So a lot of our stuff is on sale, you know, October , November , December . So that stuff would have already been to the system. The real number we look at is what have we done from April 1 to April 21st, the most relevant on sale period. We put a lot of shows on sale in the month of April , Chris Brown sold a million tickets. This month, month for the sun 300 suicide bond, Lady Gaga sold out up 18% year over year. So any data we have right now up until last week, whether it's a festival on sale or a new tour or show that went on sale, complete, um, sell through and strong demand and beating last year's numbers. So we haven't seen a consumer pullback in any genre, pub theater, stadium, amphitheater. We haven't seen it all happen yet. Two sponsorship, you know, we're up, we've got over 80% of our vists contracted this year so far. We're up over last year. Again, because we deal on more longer term relationships, we don't feel it. We don't have a weekly digital buy that can be canceled, ours is the longer term commitments. And we still see brands flocking and exploring and we're attracted new brands all the time. So we've seen no sponsorship pullback yet. And as you said, the last thing that we really don't have that enough data on yet would be the summer food and beverage and kind of on.
Brandon Ross: And then Brandon on the concert side and it's a question every CEO gets asked are you feeling the consumer pull back at all.
Brandon Ross: We haven't felt that at all yet so a lot of our stuff is on sale.
Brandon Ross: October November December so thats stuff that have already been through the system. The real number we look at is what have we done from April one to April 21 of the most relevant on sale period.
Brandon Ross: We put a lot of shows on sale in the month of April Chris Brown sold 1 million tickets. This month to month for the SUNS 300 suicide bonds Lady Gaga sold out up 18% year over year. So any data we have right now up until last week, whether it's a festival on so our new tour show that went on sale.
Brandon Ross: <unk>.
Brandon Ross: <unk>.
Brandon Ross: Sell through and strong demand.
Brandon Ross: And beating last year's numbers, so we haven't seen a consumer pullback in any genre.
Brandon Ross: Bob Theater Stadium and amphitheater, we haven't seen it all happened yet.
Brandon Ross: Two sponsorship.
Brandon Ross: We're up to.
Brandon Ross: We've got over 80% of our business contracted this year. So far were up over last year again, because we deal on more longer term relationships. We don't feel it we don't have a weekly digital buy that can be canceled ours into longer term commitments and we still see brands flocking and exploring and we're attracting new brands.
Brandon Ross: All the time, so we've seen no sponsorship pull back yet.
Brandon Ross: And as you said the last thing that we really don't have enough data on yet would be the summer food and beverage and kind of on site.
Brandon Ross: We haven't seen anything about 11, which amphitheaters played out so far. We had a festival on the weekend. We've had theaters and clubs. None of that yet has said that they're buying one last beer or they're consuming less on site and any consumer pullback. So we're actively working around our menu for the summer pricing it right, making sure we got affordability built into it and a wider menu to attract and build on. But so far, those three legs of the stool that consumer demands sponsorship and on site, we haven't seen what what others are seeing.
We haven't seen anything about 11 amphitheaters play played out so far we had a festival on the weekend without theaters and clubs none of that yet has said that they are buying one less severe or they're consuming less on site.
Brandon Ross: And any consumer pullback.
Brandon Ross: So we're actively working around our menu for the summer pricing it right, making sure we got affordability built into it.
Brandon Ross: And in a wider menu to attract and build on but so far those three legs of the stool that consumer demand sponsorship and onsite we haven't seen what others are seeing yet.
Brandon Ross: And just in terms of brand and what we're doing is we're obviously tracking on it.
Brandon Ross: And just in terms of Brandon, what we're doing is we're obviously tracking on a weekly and daily basis, all of those numbers. How are shows that are going on sale doing what's the sell through level, how are shows closing, what's happening on site. So we're watching all of that. Michael just gave you all the stats, a bit of current. So we're continuing to watch that. What we'll adjust as need be. And while we're generally growing, we've learned during COVID, we know how to take costs out. If we need to take costs out of the business, we're fully capable and ready to do that. We don't think we're in that situation. But we have every lever at our disposal that will continue to monitor.
Brandon Ross: And daily basis, all of those numbers how are shows that are going on sale doing what's the sell through level. However shows closing what's happening on site. So we're watching all of that.
Brandon Ross: Michael just gave you all the stats.
Brandon Ross: A bit of a current so we're continuing to watch that.
Brandon Ross: We'll adjust.
Brandon Ross: As need be and while we are generally growing we've learned during covered we know how to take costs out and we need to take us out of the business, where we're fully capable and ready to do that we don't think we're in that situation.
Brandon Ross: Right.
Brandon Ross: We have every lever at our disposal that we will continue to monitor.
Brandon Ross: Great. Thanks, so much.
Brandon Ross: Thank you so much.
Speaker Change: The next question comes from the line of David <unk> with Jpmorgan. Please proceed.
Speaker Change: The next question comes from the line of David Karnovsky with JP Morgan. Please proceed.
David: Hey, thanks. It doesn't stick with the shape of the year. You said concert margin is flat for 2025. I think historically, you've kind of shot away from giving margin guide, obviously the Q1 result verse 24 helps, but maybe can you speak to the rest of your expectations, especially kind of Q4, which has, you know, some moving parts, like it's a bigger quarter. I think for assessor, you have the advertising expense for next year, just any kind of help there would be appreciated. Thank you very much.
David: Hey, Thanks, maybe I'll just stick with the shape of the year.
David: You said concert margin flat for 2025.
Speaker Change: I think historically, you've kind of shied away from giving margin guide obviously, the Q1 result versus 24 helps but maybe can you speak to the rest of the your expectations, especially kind of Q4, which has.
Speaker Change: So moving parts like it's a bigger quarter I think for assessor you have the advertising expense for next year, just any kind of help there would be appreciated.
Speaker Change: Yeah, just when we're looking through all of the pieces.
Speaker Change: Yeah, just, you know, we're looking through all the pieces and we're feeling good about how concerts is shaping up for the full year. I think even better than we felt two or three months ago, you know, while you're
Speaker Change: And we're feeling good about how Congress is shaping up for the full year I think even better than we felt two or three months ago.
Speaker Change: While your prop.
Speaker Change: And profitability is, you may not be as high in your bigger shows, you do get tremendous scale out of that, scale out of the organization and we're driving a lot of volume and big rope and volume while continuing to manage our cost structure. So we think that this year we'll be able to. Yeah.
Speaker Change: Profitability is.
Speaker Change: You may not be as high in your bigger shows you do get tremendous scale out of that scale out of the organization and we're driving a law.
Speaker Change: Lot of volume and big growth in volume, while continuing to manage our cost structure. So we think that this year, we will be able to.
Speaker Change: Be at around the same sort of margin level as we were at last year, it's not it's not a target so much of as we model it out sort of how it feels like we're going to end up.
Speaker Change: Transcripts provided by Transcription Outsourcing, LLC.
Speaker Change: Okay.
Speaker Change: A bit of a separate topic, but on your purchase of Hayashi, it seems like you've been circling a deal in Japan for a long time. I just wanted to see if you can give some background of the transaction, how should we think of this in terms of...
Speaker Change: A bit of a separate topic, but on your purchase of.
Speaker Change: It seems like you've been circling a deal in Japan for a long time just wanted to see if you can give some background on the transaction how should we think of this in terms of.
Speaker Change: Financial materiality or strategic benefits for running tours in the APEC region.
Speaker Change: Financial materiality or strategic benefits for running tours in the APAC region.
Speaker Change: Yes, it's been a target for a long time is incredibly important market one of the largest music markets in the world.
Speaker Change: Yeah, it's been a target for a long time. It's a incredibly important market, one of the largest music markets in the world. It also is one of the toughest markets to operate from the outside. You've got to be, you've got to find local established partners to really scale your business. So similar like, you know,
Speaker Change: It also obviously one of our toughest markets to operate from the outside.
Speaker Change: You've got to be you've got to find local established partners.
Speaker Change: To really scale your business similar to like.
Speaker Change: We did it in <unk>.
Speaker Change: We did it in Ossetha, Latin America, Pacific Rim, we've been looking for this one to get done. There's three or four pretty much three historic large promoters in Japan that have had a strong control over the market for many years. We're thrilled that we were able to finally get our deal down with him. Korea, who is a young executive daughter of the original founder. We're really, really happy being business with her and her established family. And business and it's already, you know, in terms of our planning to get avails. Now we can promote directly in Japan. We're not selling off to other promoters who control the the diaries of the venue. So huge, a huge strategic deal for us to have one of one of the founding Japanese promoters as our partner now. And it'll be continued building upon that on terms of our venue, our festival and bringing more shows there. So important, important step in that. It'll be another large AI contributor to our overall business over time.
Speaker Change: Latin America.
Speaker Change: Pacific Rim, we've been looking for this wanted to get done.
Speaker Change: Three or four pretty much three historic large promoters in Japan that have.
Speaker Change: Had a strong.
Speaker Change: Control over the market for many years.
Speaker Change: We were able to finally get our deal done with Korea, who is that young executive.
Speaker Change: Daughter of the original founder.
We're really really happy to be in business with her and her established family and business it's already.
Matt: Hey, Matt in terms of our planning to get Avails now we can promote directly in Japan.
Matt: Selling off to other promoters, who controls the diaries of the venue so huge a huge strategic deal for us to have one to one of the founding Japanese promoters.
Matt: Our partner now and it'll be continued building upon that in terms of our venue our festival in bringing more shows they're so.
Matt: Important step and it'll be another large.
Matt: Contributor to our overall business overtime.
Matt: Thank you.
Matt: The next question comes from the line of Steven.
Matt: The next question comes from the line up, Stephen Laszczyk, with Goldman Sachs, please-
Speaker Change: With Goldman Sachs. Please proceed.
Speaker Change: Hey, guys. Thanks for taking the questions two if I could.
Speaker Change: Hey guys, thanks for taking the questions, too, if I could. And the press release, Joe Michael, I think you mentioned the ramp in Venue Nation venues that expect to come online over the next year. So curious if you could maybe talk a little bit more about the pacing there. And then to the extent we could expect any incremental returns to flow through the PNL AI generation, the concert segment, for instance, how you would encourage us to think through that. And then maybe secondly, just for Joe on regulatory I think the latest update we got this past week is the DOJ stage trying to buy free the case. Curious if you could just update us on the latest there. And I heard thinking about the case at this point. Thank you.
Speaker Change: In the press release, Joe Michael I think you mentioned the ramp in venue nation venues that you expect to come online over the next year or so I'm curious if you could maybe talk a little bit more about the pacing there and then to the extent, we could expect any incremental returns to flow through the P&L generation. The concert segment for instance, how you would encourage.
Speaker Change: Just to think through that and then maybe secondly, just for Joe on regulatory I think the latest update we got.
Speaker Change: This past week.
Speaker Change: The Doj stage trying to bifurcate. The case curious if you could just update us on the latest there.
Speaker Change: And how youre thinking about the case at this point.
Speaker Change: Yes.
Speaker Change: Sure just on the venues first.
Speaker Change: Sure, just on the venues, first, out of the 20, I think the current view is we're going to have four of those open by the end of the year, so I would take what we're giving you in magnitude and probably just that's your, that's your clear run rate addition for next year from shows opening this year. The others will all open up next year. Thank you for joining us.
Speaker Change: Out of the <unk> I think the current view is we're going to have four of those open by the end of the year. So it would take.
Speaker Change: Giving you an magnitude and probably just that's your that's your clear run rate addition for next year from shows opening this year.
Speaker Change: Those will all open up next year.
Speaker Change: So I would.
Speaker Change: So I would, you know, I haven't modeled this out exactly, but I would, you know, I'd give a bit of benefit, but certainly not, not a full run rate because it'll take some time to get those shows booked for the full slate. So I think you're going to get the full run rate going into 27, but next year will be a-
Speaker Change: Haven't modeled this out exactly but I would.
Speaker Change: A bit of a benefit but certainly not.
Speaker Change: Not a full run rate because it will take some time to get those shows booked.
Speaker Change: For the full slate so I didn't hear you get the full run rate going into.
Speaker Change: 2007, but next year will be.
Speaker Change: Partial Year. We'll guide you guys more as we get exact opening dates in a feel for hell, hell for-
Speaker Change: Partial year.
Speaker Change: We'll guide you guys more as we get exact opening dates and a feel for how how we're booking those venues.
Speaker Change: On the regulatory front, we're still mid-process at this point. Continue to have a early March 2026 state for the timing of the court case. This is a period where you're spending these months, discovery, depositions, working through. I don't think we have anything material. No surprises, nothing unusual that we just kind of continue along in this part of the process at the moment. And we're still hoping that when the timing's right, we'll have a opportunity to get into some real discussion. [inaudible]
Speaker Change: On the regulatory front.
Speaker Change: Still mid process at this point continue to have early March 2026 state for the timing of the court case. This is a period, where you're spending these months discovery depositions.
Speaker Change: Working through I don't think we have anything material.
Speaker Change: Prizes nothing unusual that we just kind of continue along and as part of the process at the moment.
Speaker Change: We're still hoping that when the timing is right, we will have opportunity to get into some real discussions with them.
Speaker Change: That hasn't happened yet.
Speaker Change: That hasn't happened yet.
Speaker Change: Great. Thank you.
Speaker Change: Great, thank you [inaudible]
Speaker Change: The next question comes from the lineup of Kim <unk> with Morgan Stanley. Please proceed.
Speaker Change: The next question comes from the line up, Cameron Manson, Peron, with Morgan Stanley , please proceed.
Speaker Change: Thanks first.
Speaker Change: Thanks. First, you know, nice to see in the concert segment a solid improvement in, you know, AALI for per fan growth, you know, meaningfully higher AALI on I think a similar fan volume, but any any color on kind of what helped you deliver that improved per fan monetization at the concert segment this this quarter.
Speaker Change: Nice to see in the concert segment.
Speaker Change: Solid improvement in AOI for per fan growth.
Speaker Change: Meaningfully higher NOI on I think a similar fan volume, but any any color on kind of what helped you deliver that improved per fan monetization.
Speaker Change: <unk> segment.
Speaker Change: This quarter.
Speaker Change: Yes, I wouldn't.
Speaker Change: Yeah, I wouldn't, you know us, we don't tend to manage super tight on that quarters with some of that. There's so many moving pieces. I think overall what we're seeing this year as I mentioned earlier on how it flows through to the margin is because of the great scale of activity that we have relative to our cost structure. We're seeing some some growth in those overall numbers that we expect to hold for the full year. We don't yet have the onsite activity at the scale in our amphitheater. We're seeing some growth in our amphitheater. We're seeing some growth in our amphitheater. We're seeing some growth in our amphitheater.
Speaker Change: So we don't tend to manage super tight on the quarters with some of that there's so many moving pieces.
Speaker Change: I think overall, what we're seeing this year as I mentioned earlier on how it flows through to the margin is because of the great scale of activity that we have read.
Speaker Change: Relative to our cost structure, we're seeing some some growth in those overall numbers that we expect to hold for the full year, we don't yet have the onsite activity at the scale in our amphitheaters and festivals have that impact that yet.
Speaker Change: to have that impact yet, but it's just a good mix so far and some scale, and we expect that improved profitability to carry over the course.
Speaker Change: But there is just a good mix, so far and some and some scale and we expect that improved profitability to carry over the course of the year.
Speaker Change: Got it there's obviously been a lot of.
Speaker Change: Got it. There's obviously been a lot of, you know, venue mix and changes is kind of been particularly active. It feels like the
Speaker Change: And then you mix in change has kind of been particularly.
Speaker Change: Particularly active it feels like that.
Speaker Change: last couple of years. You know, as we look forward to 26, you think that we've kind of reached a point where the fluctuations year to year and venue mix activity start to look more stable going forward or any commentary on kind of where you see growth across kind of venue types occurring going forward or over the next several years. [inaudible]
Speaker Change: Last couple of years as we look forward to 2006 do you think that we've kind of reached upon.
Speaker Change: Where the fluctuations year to year and venue mix activity start to look more stable going forward or any commentary on kind of where you see growth across kind of venue types occurring going forward or over the next several years.
Speaker Change: No I think on a macro level, we're thrilled that there's a.
Speaker Change: No, I think on a macro level, we're thrilled that there's a new level of demand that's driving stadium shows, people for years, you should say, who's going to be the next rolling stones, and as you can see by the lineup this year, these are young artists, new artists, and established artists that are able to now sell stadiums around the world. So I think it's just a testament to the demand and the consumer demand out there. So I think, you know, there's things that like next year, they'll be the World Cup. That throws a lot of a venue avails off in stadiums, so you might have more arena dates than stadiums, the Olympics last year in Europe , through off, through off stadiums in Europe . So there's some things like that that drive some of the avails, our biggest challenge right now is finding avails in stadiums for next year in the year after on good Thursday, Friday and Saturday nights that sometimes drives you into a arena, as if you, if you can't get your avails. But overall, we're thrilled that there's a lot of demand out there. We just think it's a testament on a global basis. We just sold a bunch of cold play dates in markets like India and, and, and so on. So we did the globally stadiums demand is growing, we'll continue to grow, continue to be a strong market for both festivals, arena and stadiums, and the only fluctuation was just driven by some local economics in terms of other sports or other things taken up avails.
Speaker Change: A new level of demand Thats driving stadium shows.
Speaker Change: People for years used to say who's going to be the next rolling stones and as you can see by the lineup. This year. These are young artists new artists.
Speaker Change: <unk> established artists that are able to now sell stadiums around the world. So I think it's just a testament to the demand and the consumer demand out there.
Speaker Change: So no I think.
Speaker Change: Those things that like next year there'll be the World Cup.
Speaker Change: Throws a lot of venue avails often stadium. So you might have more arena dates than stadiums.
Speaker Change: The Olympics last year in Europe through off America threw off stadiums in Europe. So there's some things like that to drive some of the <unk>. Our biggest challenge right now is finding avails.
Speaker Change: In stadiums for next year and the year after on good Thursday, Friday, and Saturday nights some.
Speaker Change: Times drives you into arenas. If you if you can't get your vales, but overall, we just think it's a testament on a global basis, we just sold out a bunch of.
Speaker Change: <unk> play dates in markets like India.
Speaker Change: And Saul so way to think globally.
Speaker Change: <unk> demand is growing and will continue to grow will continue to be strong.
Speaker Change: Market for both festivals arenas and stadiums and the only fluctuation was just driven by some local economics.
Speaker Change: In terms of other sports or other things taken up <unk>.
Speaker Change: Got it very helpful. Thank you both.
Speaker Change: Got it, very helpful, thank you, but...
Speaker Change: The next question.
Speaker Change: The next question comes from the line of Peter Henderson with Bank of America, please proceed.
Speaker Change: She comes from the line of Peter Henderson with Bank of America. Please proceed.
Peter Henderson: Great, thank you for taking the question. So there's been a lot of discussion around like premium pricing and efforts to prevent leakage to scalpers in the secondary market. Just curious, how do you manage the proper pricing model, which perhaps in certain instances doesn't mean immediate sellouts while maintaining this perception of scarcity that perhaps helps to create a feeling of formal for fans? And also, where do you think we are in terms of proper pricing model, is there still a lot of room to fine tune that model? And finally, can you just provide some additional color on the 8% decline for the average get-in price across stadiums and how you're managing affordability initiatives with revenue optimization.
Peter Henderson: Great. Thank you for taking the question. So there's been a lot of discussion around like premium pricing in efforts to prevent leakage to scalpers and the secondary market. Just curious how do you manage the proper pricing model, which perhaps in certain instances doesn't mean immediate sell outs, while maintaining this perception of scarcity that perhaps helps.
Peter Henderson: To create the feeling of former for fans and also where do you think.
Peter Henderson: You are in terms of the proper pricing model at all.
Peter Henderson: Still a lot of room to fine tune that model and finally can you just provide some additional color on the 8% decline for the average get in price across stadiums and how youre managing affordability initiatives with revenue optimization optimization. Thank you.
Peter Henderson: I mean I'll start on the macro I mean, when you sit with the artist.
Peter Henderson: I mean, I'll start on the macro. I mean, when you sit with your artists...
Peter Henderson: You know, the artists I always say are the smartest brand managers out there. They're very focused on their fans, what they stand for, and making sure they're finding that fine line on affordability and paying for these fabulous shows, which are growing in costs all the time. These stadium and arena shows, you might have 50, 60 transport trucks on the road, 400 crew. You're incurring millions of dollars in weekly costs. You're bringing a Super Bowl to a stadium every night, and that artist is funding that. So they're trying to find that fine line always in how do we maximize pricing to put a great show on? How do we make it affordable for the fan? And then the third is how do we make sure we're just not giving it all to scalpers? So that's the premium pricing at the front of the house, a little bit of Robin Hood strategy. Let's price the front a little bit better so the fan doesn't buy from a scalper, it buys direct. And then let's price the back end of the house a little cheaper. That's why you see some of the stadium prices come down. So how do you make sure you make it affordable throughout the house, but also maximize that premium inventory that is probably going to get resold anyways? So it's an ongoing discussion. Every artist has a different philosophy on it. Every artist has a different size of show they want to produce. So you work with the artist. What type of show? How big of a cost? What's their weekly running cost? How much revenue they need to generate to fund the crew and the show to peer startups? And then where's that fine line with what others are charging and what's the market dynamic? So it's an ongoing process. Artists are smart as can be. They've got accountants, lawyers. They've got smart people all around them. So they're always looking at all the data like we are and figuring out what's that fine sweet line where I can maximize my dollars and still be affordable for my fan. And I would say we're still in early innings of the industry becoming better at pricing, smarter at it, and the artists, managers, and agents learning too. And different markets are at different levels. America is very advanced. Europe is very primitive still. Asia and South America are completely primitive. So you've got what stage you're in in the life cycle and rolling out pricing across other countries and some of the learnings we have in America will take a few more years. So we're still in what we would call a global business. We're still in early innings of being really smart at pricing. How do you price a show on a Tuesday versus a Friday in L.A. versus Milan? What's the middle seat worth versus the back row? How do I maximize and sell it out? And as you said, a perfect show sells out as the doors close.
Peter Henderson: The artist I always say the smartest brand managers.
Peter Henderson: Out there they are very focused on their fans what they stand for and making sure. They are finding that fine line on affordability and paying for these fabulous shows which are growing and costs of time. These stadium and arena shows you might have 50 60 transport trucks on the road 400 crew.
Peter Henderson: For millions of dollars in weekly costs.
Peter Henderson: Bringing the Super Bowl Stadium every night and that artist is funding that so they're trying to find that fine line always and how do we maximize pricing to put a great show on.
Peter Henderson: How do we make it affordable for the fan and then the third is how do we make sure. We're just on given at Ulta Scalpers.
Peter Henderson: So thats the premium pricing at the front of the house, a little bit of Robinhood strategy less price.
Peter Henderson: The fund a little bit better so the fan doesn't buy from a scalper advised direct and then less the back end of the house Little cheaper. That's why you see some of the stadium prices come down So how do you make sure you make it affordable.
Peter Henderson: Throughout the house, but also maximize that premium inventory that that is probably going to get resold anyways. So it's.
Peter Henderson: It's an ongoing discussions every artist has a different philosophy on it.
Peter Henderson: Just had a different size of show they want to produce.
Speaker Change: So you've worked with this the artist what type of show how big of a cost what's the weekly running costs, how much revenue they need to generate to fund the crew and the show it's appear startups.
Speaker Change: And then where is that fine line with others are charging and what's the market dynamic. So it's an ongoing process artists are.
Speaker Change: Smartest can be they've got accountants lawyers, they got smart people all around them. So theyre always looking at all the data like we are in figuring out whats that find sweet line, where I can maximize my dollars and still be affordable for my stance.
Speaker Change: And I would say we're still in early innings of the industry are becoming better at pricing smarter at it.
Speaker Change: And the artist managers and agents.
Speaker Change: Learning to sew and different markets are at different levels right America is very advanced Europe's very primitive still.
Speaker Change: Asia South America completely affirmative. So you got what stage you are in the lifecycle and rolling out pricing across other countries.
Speaker Change: Some of the learnings were in America will take a few more years. So we're still in what we would call. It global business. We're still in early innings of being really smart at pricing, how do you price to show on a Tuesday versus a Friday in la versus Milan, what's the middle seat worth versus the back row, how do I maximize and sell it out and as you said.
Speaker Change: The perfect sell sell sell as the doors close right for the for that for the first show you want to have that.
Speaker Change: Right for that, for the first show, you, you want to have that
Speaker Change: idea that you priced it right and maximized the market. And it's a somewhere between a science and an art right now, and we provide a lot of data for the artist team to think through what is the best model for them, but still lots of opportunity for the industry to continue to price it better to sell through, as well as maximize some of the high high scarce commodity or tickets. Thank you.
Speaker Change: Idea that you priced it right and maximize the market.
Speaker Change: And it's somewhere between a science and art right now and we provide a lot of data for the artist team to think through what is the best model for them, but still lots of opportunity.
Speaker Change: For the industry to continue to price it better to sell through as well as maximize some of the high high scarce commodity.
Speaker Change: Tickets.
Speaker Change: Thank you.
Speaker Change: The next question comes from the line of Benjamin <unk> with Deutsche Bank. Please proceed.
Speaker Change: The next question comes from a line of Benjamin Soff with Deutsche Bank, please proceed.
Speaker Change: Yes, good afternoon, and thanks for the question I wanted to ask about the recent executive order directing the FTC to more rigorously enforced the Bots Act you've been vocal advocating for this in the past. So just curious what you think greater enforcement of bots would mean for your business. Thank you.
Speaker Change: Yep, good afternoon. Thanks for the question. I wanted to ask about the recent executive order directing the FTC to more rigorously enforce the bot's act. You've been vocal advocating for this in the past, so just curious what you think greater enforcement of bots would mean for your business. Thank you.
Joe Berchtold: Yes, Brian This is Joe I'll.
Joe Berchtold: Yeah, Ben, this Joe, I, you know, combine about the Executive Order, the Ticket Act that's now underway, and some of the FTC requirements for all in pricing. I think all of these changes are great. They are all moving towards creating more transparency for the fan and more scrutiny and regulation on the secondary market. The, the enforcement of the bot sack to make sure that we have actions being taken against bad actors that are cheating to get tickets. And are doing so purely to make money for themselves for no real benefit to the fans. Some of the things in the ticket act, which deter speculative ticket selling and makes increased transparency in other ways, take place. So we are strong supporters of all these. We think that there will continue to be more to be done even after these happen, but we are, we're strong believers. The content should control and benefit from their shows. Their ticket sales. And we think that all of this is part of the tide that is turned and is doing that.
Joe Berchtold: Combined the executive order the ticket act that's now underway.
Joe Berchtold: And some of the FTC.
Joe Berchtold: Requirements for all in pricing I think all of these changes are great. They are.
Joe Berchtold: Are all moving towards creating more transparency for the fan and more scrutiny and regulation on the secondary market.
Joe Berchtold: The enforcement of the bought back to make sure that we have actions being taken against bad actors that are cheating to get tickets and are doing so purely to make money for themselves for no real benefit to the pads. Some of the things in the ticket Act, which deters speculative ticket selling and makes increased transparency and other.
Joe Berchtold: Ways take place. So we are strong supporters of all of these.
Joe Berchtold: We think that there will continue to be more to be done even after these happen but.
Joe Berchtold: We are we're strong believers that content shared control and benefit from their shows their ticket sales and we think that all of this is part of the tide that has turned and is in us doing that.
Speaker Change: I appreciate the color.
Speaker Change: Appreciate the color. [inaudible]
Speaker Change: The next question comes from the line of Kirker and <unk>.
Morale: This question comes from the line of Kutgun Maral with Evercore IFI. Please proceed.
Morale: Morale with Evercore ISI. Please proceed.
Speaker Change: Great. Thanks for taking the questions I had a few on concerts.
Speaker Change: Great. Thanks for taking the questions. I had a few on concerts. You know, first you provided a lot of helpful color on in the release on various various average ticket prices and indicated that you're implementing more price tiers across venues. I was hoping you could expand on this effort a little bit more and meeting with the driving force behind this is in terms of, you know, is this more of a precautionary effort. Or since Michael you to your early point, you're not seeing any signs of softness and demand or is it something else completely. And then Joe started to be a dead horse and ask about margins that concerts, but it seems pretty notable to me that you expect margins to be consistent this year on a year or your basis, given the inherent volatility and the metric and a mixed shift, skewing back towards stadiums, you know, you talked about volume and scale benefits. Is there anything different in the way that we should think about operating leverage that side of the business or is there just a growing margin impact of the nation. And I asked a venue nation that because it kind of seems like you now expect the venue nation bank account to be a double digits this year versus the prior guide, implying high single digits. So I'm not sure how much of an impact that could have, but any help will be appreciated. Thank you.
Speaker Change: First you provided a lot of helpful color on in the release on berries, various average ticket prices and indicated that you are implementing more price tiers across venues.
Speaker Change: I was hoping you could expand on this effort a little bit more and meeting with the driving force behind this is in terms of is this more of a precautionary effort.
Speaker Change: Or since Michael Yu to your earlier point Youre, not seeing any signs of softness in demand or is it something else completely and then Joe sorry to beat a dead horse and ask about margins at concerts, but it seems pretty notable to me that you expect margins to be consistent this year on a year over year basis, given the inherent volatility in the metric.
Speaker Change: And then mixed shifts skewing back towards stadiums, you talked about volume and scale benefits is there anything different in the way that we should think about operating leverage in that side of the business or.
Speaker Change: Is there just a growing margin impact in the nation.
Speaker Change: <unk> of any nation that because it kind of seems like you now expect ventilation fan count to be up double digits. This year versus the prior guide implies high single digit so I'm not sure how much of an impact that can have.
Speaker Change: Any help would be appreciated thank you.
Speaker Change: So I'll take the second one first yes, absolutely all of these pieces matter.
Speaker Change: I'll take the second one first, absolutely all these pieces matter, getting more fans into the venue nation buildings where we're counting the beer money and the parking and the other pieces, also continuing to grow the per fan spend all the various initiatives we have to make sure we're catering to every fan from the traditional beer drinker to the person who wants now in alcoholic to the premium person. Doing everything we can to reduce friction and give everybody the best experience and extract as much money as possible from each person is going to continue to drive the economics of a new nation and then that'll naturally flow through to help the margins in the concert business. Long term part of that is just a foot race between how fast we can grow a venue nation and how fast other parts of the business grow which is why we don't get into too much on long term margins but as we sit here now we see what buildings are opening as you said you know we're now expecting double digit growth and fans that are venues which gives us some confidence we're going to be getting some good margin margin accretion from that we're comfortable do we think margins are going to come in around the same.
Speaker Change: More fans into the venue nation buildings.
Speaker Change: We're we're counting the beer money in the parking and the other pieces also continuing to grow the per fan spend all of the various initiatives we have to make sure. We're catering to every fan from.
Speaker Change: The traditional beer drinker to the person who wants now on alcoholic to the premium person.
Speaker Change: Doing everything we can to reduce friction and give everybody the best experience and extract as much money as possible.
Speaker Change: From each person is going to continue to drive the economics of emulation, and then that will naturally flow through to help help the margins in the concert business long term part of that is just a foot race between.
Speaker Change: How fast we can grow venue nation, and how fast other parts of the business grow which is why we don't get into too much on long term margins, but as we sit here now we see what buildings are opening as you said.
Speaker Change: We're now expecting double digit growth in fans at our venues, which gives us some confidence we're going to be getting some good Martian margin accretion from that.
Speaker Change: Comfortable do we think margins are going to come in around the same as last year.
Speaker Change: I'd have to ask to restate the pricing question I missed. Yeah, the pricing question was more a matter of, you know, you talked about how you're implementing more price tiers across the venues. And I was just trying to understand, you know, the driving force behind that, that effort in terms of, is it more kind of precautionary, just in case something, you know, we see greater softness in demand, or is there a different reason why you're trying to broaden the aperture of what pricing looks like across the venues. And I only asked because I'm trying to reconcile that effort with the commentary that you're not seeing any demand and softness and just trying to understand and move a little bit better.
Speaker Change: I'd have to I'd have to ask you to restate the pricing question I missed yes, yes, sure sorry about that the pricing question was more a matter of you.
Speaker Change: Talk about how you're implementing more price tiers across the venues and I was just trying to understand the driving force behind that.
Speaker Change: Effort in terms of is it more kind of precautionary just in case, something we see greater softness.
Speaker Change: In demand or is there a different reason why you're trying to.
Speaker Change: The aperture of what pricing looks like across the venues.
Speaker Change: We ask because I'm trying to reconcile that effort with the commentary that youre not seeing any demand and softness and just trying to understand that move a little bit better.
Speaker Change: Yes, no we've been talking.
Speaker Change: Yeah, no, we've been talking, you know, the pricing for a few years and just going from, you know, where we were as an industry, we were very, very static. We had probably three price tiers for a tour for the same cities for the same 40 dates. So Milwaukee, New York, it was 1999, you know, 126 and 69. Obviously, that doesn't make sense. New York on a Friday night is a different market than Pittsburgh on a Tuesday. So we've made, well, I say, more increase in price and it's, it's to do both things. It's always our fundamental first goal is to sell every seat, not to maximize gross and increase ticket prices. It's to sell every seat. Our business, as you know, is run by that. The more people in that building, parking and having a beer is better for us. So we're always looking to figure out how do you make sure you're adding lower tier price.
Speaker Change: Pricing for a few years.
Speaker Change: And just going from where we were as an industry youre very very static we had probably three price tiers for tour.
Speaker Change: Sure.
Speaker Change: The same cities for the same 40 dates so Milwaukee New York. It was 199 126 and <unk> 69.
Speaker Change: Obviously, it doesn't make sense in New York on a Friday night is a different market in Pittsburgh on a Tuesday. So we've made when I say increasing pricing as it is to do both things. It's always our fundamental first goal is to sell every seat so not to maximize growth and increased ticket places to sell every seat our business as you know.
Speaker Change: It was run by that the more people in that building parking and having a beer is better for us. So we're always looking to figure out how do you make sure you are adding lower share prices to.
Speaker Change: A big hug for them. They want to be able to say, listen, we can go with $39 tickets in the back because the middle is now going to have two more levels at $79, so we'll do the same hug for you, but we'll make it more affordable for the back of the house. And that can be different on a Saturday versus a Wednesday and different in Pittsburgh versus Milan. So we're always looking at all those variables now and saying, how do we better price the house to sell out completely and then maximize growth? And the same, you know, I've seen a lot of news around buy now, pay later, Coachella 60%. That's a similar story to payment, right? We've been looking at that for years. A payment plan is nothing new. It has much more noise or news than it should. Festivals have had payment programs forever. I think EDC probably created it about 10 years ago. Most festival-goers have something similar, 40, 50, 60%. If you give a young consumer the option to spend $600 today or spread it over four months, of course, they'll spread it over four months. It's probably a better program for them. So we're always looking at how we pay for it, how we price it, and how we continuously sell out the house as the main goal.
Speaker Change: Sell through also generally you never ever so back to front yourself front to back so as an industry. When we say 98% of our shows don't sell out.
Speaker Change: The tickets that don't sell are always the back to middle never the front, so our job isn't to figure out how to sell the front better that's already been done it's probably price at bar because there's higher demand for the better seats are real job is to figure out how do we sell the rest of the house, so when youre dealing with an artist and you're looking at the total.
Speaker Change: Gross for them you want to be able to say listen we can go $39 tickets in the black in the back because the middle now is going to have two more tiers at 79, So will make up the same gross for you, but we'll make it more affordable for the back end of the house and Thats may be different on a Saturday versus a wednesday and different in Pittsburgh versus Milan.
Speaker Change: We're always just looking at all of those variables now and saying how do we best price the house too.
Speaker Change: <unk> sell out completely and then maximize the growth and similar I've seen a lot of news around the buy now pay later Coachella, 60%. That's similar story on payment right. We've been looking at that for years a payment plan is nothing new it's got way more noise or news then.
Speaker Change: Then it should festivals had tape take programs forever I think EDC created at probably 10 years ago.
Speaker Change: So most festival goers have that similar 40 50, 60%.
Speaker Change: If you give a young consumer an option of spend $600 today or spread it over four months of course, theyre going to spread it over four months.
Speaker Change: It's a probably a better program for them.
Speaker Change: So we're all we're looking at all ways on how do you how do you pay for it how do you price it.
Speaker Change: And how do we continually sell out the house is the main goal.
Speaker Change: Very helpful. Thank you both.
Speaker Change: Very helpful. Thank you both.
Speaker Change: And the last question will come from the line of David Joyce with Seaport Research partners. Please proceed.
Speaker Change: And the last question will come from the line of David Joyce with Seaport Research Partners, please proceed.
David Joyce: Thank you. I wanted to ask about any updates you can provide on the secondary ticketing markets. What have the volumes been trending like in this environment? And what are you seeing in some of these newer regions, you know, such as in your OSESA markets? And technically, I was wondering if you could provide an update on what portion of the tickets have to stay within your ecosystem and what agreements do you have with other, you know, third parties? It's enabled. You know, the broader secondary ticketing and just wondering how that plays into the DOJ case. Thanks.
David Joyce: Thank you I wanted to ask about any updates you can provide on the secondary.
Speaker Change: Getting markets what are the volume has been trending like in this environment.
Speaker Change: And then what are you seeing in some of these newer regions such as.
Speaker Change: In some markets.
Speaker Change: Technically it was wondering if you could provide an update on <unk>.
Speaker Change: What portion of the tickets have to stay within your ecosystem and web agreements do you have with other third parties.
Speaker Change: <unk>.
Speaker Change: Secondary ticketing and just wondering how that plays into the Doj case.
Speaker Change: Sorry, David I am not sure.
Speaker Change: Sorry, David, I'm not trying to subtract the last part. We don't have anything where tickets would go off of our platform and directly into secondary. That doesn't exist.
Speaker Change: The last part.
Speaker Change: We don't have anything where tickets would go off of our platform and directly into secondary that doesn't that doesn't exist.
Speaker Change:
Speaker Change: So that's not part of our business model, nor is it part of what we or any of the artists are doing these days. In terms of secondary market, we've talked for a long time, we consider this to be a feature as opposed to a standalone business. It's very different between sports and concerts, it's part of the sports distribution channel selling season tickets that then get broken down into individual games. By teams, just as they're selling to other fans, a lot of brokers buy those tickets so, but for us, it's a low, low teams percentage of our GTV over the course of the year. We'll continue to offer it, we'll continue to advocate for reforms to make the industry as safe and positive experience for fans as possible. We don't see this as a growth driver, we've talked a lot in concerts, we'd love to see it decline because it means we're doing a better job working with the artist pricing their tickets appropriately. So, I don't think there's any real change in it from our perspective.
Speaker Change: So that's.
Speaker Change: Yeah.
Speaker Change: That's not part of our business model nor is it part of what we are.
Speaker Change: The artists are doing these days.
Speaker Change: In terms of secondary market, we've we've talked for a long time, we consider this to be a feature as opposed to a standalone business. It's.
Speaker Change: It's very different between sports and concerts its part of the sports distribution channel.
Speaker Change: Selling season tickets that then get broken down into individual games.
Speaker Change: By teams just as they are selling to other fans a lot of brokers buy those tickets so.
Speaker Change: But for us, it's a low low teens percentage of our GTA V over the course of the year.
Speaker Change: We will continue to offer it.
Speaker Change: We will continue to advocate for reforms to make the industry is safe and positive experience for fans.
Speaker Change: Possible and we don't see this as a growth driver.
Speaker Change: <unk> talked a lot in concerts, we'd love to see it decline because it means we're doing a better job working with the artist pricing their tickets appropriately.
Speaker Change: So I don't I don't think Theres any real change.
Speaker Change: From our perspective.
Speaker Change: Alright, thank you.
Speaker Change: All right, thank you. Thank you.
Speaker Change: Thank you.
Speaker Change: This concludes the question and answer session. I'll turn the call back to Michael Rapino for closing.
Speaker Change: A question and answer session I'll turn the call back to Michael Rapino for closing remarks.
Michael Rapino: Thank you everybody I appreciate your support and have a great summer and we'll talk to you in the middle of the summer.
Michael Rapino: Thank you everybody. Appreciate your support and have a great summer and we'll talk to you in the middle of summer.
Speaker Change: This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest.
Speaker Change: This concludes today's conference you may disconnect your lines at this time enjoy the rest of your day.
Michael Rapino: Okay.
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Michael Rapino: No.
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Michael Rapino: Right.
Michael Rapino: Hi.
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Michael Rapino: Yes.
Michael Rapino: Yes.
Michael Rapino: You too.
Michael Rapino: Okay.
Michael Rapino: We will begin in crop issue.
Michael Rapino: Overall.
Joe Johnson Tomorrow.
Michael Rapino: Thank you.
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Michael Rapino: The momentum in growth.
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Michael Rapino: Jonathan.
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Michael Rapino: Got it.