All right. Thank you everyone for being here. We are very excited to have Live Nation here for the first time at our conference.
No, thank you.
Joe, for being here, President and CFO. Joe, there's a lot to unpack right now- going on in your business, both from the operations side and of course the legal updates, following the recent verdict. Before we go there, let's start with the big picture. Stepping back first, if you can just What are you most excited about? I mean, there's been a lot going on over the past few years. We've obviously come out of the pandemic very strong. Live Nation's position, you know, continues to improve within that. As you think about the broader live entertainment ecosystem.
Yeah
Talk to us about where Live Nation sits today.
I think what's amazing about our business is just every day it's more and more global, right? This is something that is universal, right? Music, going to concerts is truly universal, and we're now at a point it's accelerated post-COVID, both the supply and the demand operating on a global basis. You know, first thing you always love in any business that you operate in is do I have structural headwinds or tailwinds?
Right.
What am I working with to start out here? We have long had tailwinds in our business in terms of just the continued focus on experiences as opposed to goods, and it's driven a lot of growth in North America and in Europe over the past years. I think one of the fortunate things, you know, when Michael started the business 20 years ago, he was focused from day one on, "I wanna be as global as we can be." I think that's just paid off massive dividends now over the past five years post-COVID. On both the supply and the demand side, you've seen an acceleration of globalization. The fans are learning about music from social media platforms, TikTok, YouTube. They're consuming the music on the Spotify, Apple Music platforms. That demand is there, global latent demand.
The supply came out of COVID, I think more informed, really understanding the global nature of that demand. We saw some early big successes with the K-pop, the BTSs who opened the door for the next 20 K-pops. The Bad Bunny, who's been one of our, you know, most active artists over the past three or four years. It's not just Bad Bunny. Again, he's opened the door for the next Karol Gs and Peso Plumas and everybody else. You've got all the artists seeing all the other artists operating on a truly global basis.
Now we look at the business, I think, very differently than even seven or eight years ago because we're not, we're not obsessed with, "Oh, you have to make this town in the U.S. work." We're looking at it as, no, we just did the deal in Milan. We did the deal in Paris. We did the deal in Guadalajara, right? We're looking at this and saying, "What matters is the market." But it's the 200, 300 markets globally that matter, not looking narrowly at the U.S.
Okay. That's a helpful setup. When you talk about the secular demand, nice tailwind behind you, how much do you attribute to just the overall live experience, and especially when you think about the younger demographics and where they're deciding to spend their money?
Yeah. Well, I think that I don't think it's a younger demographic thing in the sense that you know, you go back. Music, gathering around live music has been around since, you know, the caveman days. like, this is one of the most durable experiences that has we've ever known as a civilization. I think it continues. I think one of the things that absolutely helps us is we are the antidote to technology, right? For as much time as you guys are all staring at your screens, even right now, at some point, people are social animals. People need to gather socially. I think that concerts and probably sports are the two things that we come together and they are as much social gatherings and tribal as they are just going to that event.
When you go to a concert, you don't go alone, right? You go with your wife, you take your kids, you go with your buddies. You're going there to have a good time socially. The artist matters a lot. You're going to listen to music tonight. I'm going to see Bruce Springsteen tonight, right? I love the music, but I'm going with some buddies. That's an important part of this. I think the more you spend time on screens, the more you need that alternative, that again, another tailwind for us.
Okay. There's been a lot of press and discussion around this Blue Dot.
Yeah
You know, Blue Dot Fever recently. Maybe just help us in terms of, you know, bringing that secular tailwind.
Yeah.
What are you seeing today in terms of the overall live demand? Maybe talk about cancellations, what's in that?
Sure, yeah. I mean, I give credit to the scalpers. You know, it's a good marketing program they have. We'll get into it a bit more, but I think it's heavily driven by scalpers who are frustrated by the fact that artists are much more effectively pricing tours, and they wanna try to scare them that if they continue to price their tours efficiently, "Oh, you're not gonna sell tickets. It's gonna be embarrassing." I saw one of the news reports the other day was talking about Blue Dot Fever, six shows have canceled. Well, we did 50,000 shows last year. Everybody likes the headline, nobody likes the context.
The reality is that our cancellation rates this year are running, probably same or a little better than last year, which are in line with historical numbers. You always have a few shows that ultimately get canceled. There is absolutely no data that supports any issues. We've sold more tickets. We've talked about that. We've sold double-digits more tickets at this point. Deferred revenue on both concerts and ticketing, which are just signs of how well our tickets selling, and Ticketmaster says that for all live events, not just concerts, are pacing north of 20% up. Our sell-through rates, when I look at whether it's amphitheaters, arenas, stadiums, sell-through rate, which is so what percent of your tickets versus available tickets have sold, they're all doing as well as they were last year when we were having none of this discussion.
No, we have no concern at all. Again, it's a, it's a nice catchy phrase that is absolutely devoid of facts.
Okay. You talked at the beginning about this worldwide, you know, phenomenon.
Yep
That's going on. You've provided us this longer- term target of $225 million.
Yep
Fan count. Any updates on how to think about that from a regional basis or how the economics-.
Yep
...really differ between North America and outside of the U.S.?
Well, the number one driver of our economics is going to be where are we operating the venues, right? Because when we're operating the venues, we're not just the promoter with the promoter margin, we're also, you know, selling you the beer and getting parking and doing a whole host of other activities that let us make that money that way as well. It's not a international North America question. I think that, you know, if you look at this year, it's a, it's kind of a good indicator where we're at. The U.S. has added more fans, international's growing faster.
It's just because of the relative size of the market. I would expect over the next five years, absolutely the majority of our growth comes from international markets. We look at the how under-penetrated we are globally, and just, you know, I think Mexico was a great example. Last year, we did stadium dates with Shakira, 20-odd stadium dates. That ended up being in eight different cities. I think even for our OCESA guys who are world-class, they said, "Wow, there's actually a lot more demand, not just in Mexico City, but in all of these other markets." Now they're very focused on, okay, how do we now activate those eight other markets in a way that they can be ongoing destinations for tours? Which led to our Guadalajara venue, right?
We're looking at all of these markets and saying what are the number of cities with 5 million+ people throughout Latin America, throughout Asia, throughout even parts of Europe that we haven't gotten into? Let alone, maybe not in five years meaningful, but certainly as we think strategically about the business, Africa, India, huge swaths of the population are relatively untapped, certainly massive under-penetrated relative to North America. I expect that's really where the bulk of the fan growth over the next five years will come from.
Okay. You started to mention some of the trends that you were highlighting on the earnings call. Let's go a little bit deeper.
Yeah
To this year. There was a lot of worry coming into the year about what the World Cup impact was gonna be. Again, sounds like we're in better shape than at least.
Yeah
...initial fears. Maybe just help us understand how much of this year gap filling, if you will, is one time in nature versus are there lessons learned that you've built around?
Yeah
...this World Cup that can translate into better performance for the years to come?
Yeah. Everybody's always, "Well, one year. Well, next year can't be like this year," right? I mean, been hearing that for at least five years. No, I think what I think the learning is simply that if you start early, then and you get things in place, and then you have time, there's still, there's plenty of supply.
Right.
There's as much supply as almost we have time to work with to figure out how to schedule, how to route, how to make happen, right? Where we ended up this year, because we were so paranoid on the World Cup, we got started very early and very focused on, okay, how do we do things before they take over the stadiums, after they take over the stadiums? How do we do a big run right after they're gone? How do we do more in soccer stadiums? How do we do more in baseball? There was an early obsession, and then we got ahead of the curve, and we did well.
Because those teams got started earlier, then they had more time to say, "Okay, now let's also make sure we're going deep on arenas and deep on amphitheaters." I certainly didn't enter this year, frankly, or maybe six months ago, wasn't thinking, "Wow, we're gonna be up in all three of those categories while I'm sitting here in May." No, we're delighted, but I don't think there's anything structural with our learning so much as you know, let's get going early, and make sure we're getting all of the artists who wanna be out there touring, that we've worked through with them what's the right geography, which markets do you wanna go to, what's the routing, how do you make it all happen?
Okay. Just on that geography point, you talk about fan attendance expected to grow high single digits. Is there a geographical breakdown that you can, you know, help frame for us in terms of North America with the World Cup versus everything going on outside?
Yeah, they'll both be strong. I mean, it's gonna be strong globally. As I said, we got ahead of it in the U.S. That helped. Latin America is doing great. Europe is fantastic. It'll be all of those.
Okay. What you guys have disclosed on the last earnings call is already essentially booked for this year.
Yeah.
Help us think about, like, what some of these unknowns could be as we think about the second half of the year?
Yeah
Where we are today?
Yeah.
Are there risks on the table that we should be, you know, factoring in?
Well, the biggest unknown sitting here in mid-May is always just what's gonna happen on-site. What are the per caps going to be? You know, we've done a lot on figuring out how we merchandise the different shows based on the audience. You have a different mix of alcohol you're selling for the country versus the more female skewed, younger, older. We've done a lot of work there. We've rolled out additional premium opportunities. Until you get into the year, again, no issues. The first shows are all fine, that I'd say that's the unknown. The other unknown is just what other tours we can still pull out for the remainder of this year.
We talk about being close to done in terms of our bookings or, across now all of our stadiums, arenas, and amphitheaters, certainly the upside opportunity is if we find a few artists that we can get a back half tour in with, then that's additional activity, additional growth.
Okay. You also alluded to at the beginning, the whole idea of Venue Nation. I think that's something.
Yeah
That we've spent a lot of time focusing on. I know investors clearly see that as a unique opportunity for your company. As part of earnings, you talked about there were more shows than expected at some of your initial venues.
Yeah.
Can you help us understand the conservatism baked into that 20% IRR? I know it's You don't wanna have those public negotiations.
No, no. 20%'s, look, 20%'s a threshold.
Right.
It's not an expected outcome. It's not, you know, oftentimes you hope to get better. That's, you know, when we model, we don't like to fail. We wanna hold people accountable for delivering what they say they're gonna deliver. Yeah, I think that in general, we've been more likely to outperform than underperform as we've seen those venue opportunities. I think, you know, we've talked a lot. The venue opportunity has exploded post-COVID for two reasons, one being what we've talked about, just the supply-demand dynamic, just there's more activity. There's a lot more activity out there, even independent of us, right? I think we've enabled a lot of that additional activity because we're the primary funder of the risk capital in the industry, right?
Over $16 billion effective of liquidity that enables the shows to take place because we're guaranteeing the artists. It's a combination of that additional activity, and then our continued improved performance on-site of monetizing the fan experience by doing a better job of giving them what they want, eliminating friction. Those two things together have resulted in, A, more venue opportunities because your the revenue side is unlocked for there. It also has led to more upside surprises because we didn't model in this continued level of growth in activity, nor the continued improvement in our on-site performance. As those play out, and I think there's a good chance they continue to play out, that just gives us upside from our venue strategy.
Okay. You've also been pretty helpful and specific in terms of some of these longer- term targets around Venue Nation. 48 venues in five years, $600 million AOI run rate by 2032.
Yeah.
Just help us think about how much of all of that is under your control, the company's control, versus what's subject to these macro pressures.
Well, I don't think I'm not worried about macro pressures. It all comes down to you know, execution and just what's enabled in what markets, in what timeframes, right?
Okay.
I mean, the reality of building anything substantial in the U.S. or in most of Europe is it's not easy.
Right.
There's a timeframe and a process to build things. Now, that's part of why you see us building in other markets, right? Latin America, you can build a lot faster. It tends to be less expensive. It's also why you're seeing us acquire right now, right? When we acquire a Paris La Défense, we acquire other things. Those complement. We're building Madrid, and we're building Munich. I look at it as there's a portfolio of build and buy, there's a portfolio of different markets. There's nothing macro that's I believe that's going to impact that on a global basis. You know, does one project stall out because of something in a given city? Sure. We're taking a portfolio approach, and you have a high volume of these opportunities.
There's way more than 48 opportunities out there.
Okay.
It's not like I gotta go 48 for 48. I gotta go, like, 48 for 100.
Okay
In order to get that level of activity. It's just, you know, our organization ability to go and drive it all. We've got great teams now. We have a North America team, a South America team, a Europe team, an Asia team. We're doing a lot. As we're continuing to build those teams, that becomes a piece of it as well.
Okay. When we think about the premium hospitality piece within this.
Yeah
I know it's small to start.
Yeah
It seems to be a growing focus as some of these other venues start to roll out.
Yeah.
That goes back to your build versus buy, right?
I mean, premium's a multi-year activity. We'll figure out exactly what the people are gonna want. We're deploying a number of Vinyl Room this year. We'll see what's working in which markets, what isn't working, continue to adjust. By the way, it doesn't stay static. What works today is not gonna work five years from now. It's just, it's all part of our fundamental view that if you think about the fans attending, there's a real segment of fan that are looking for a differentiated experience, want to spend the money for that differentiated experience. Our job is to eliminate friction in the ecosystem that keeps them from spending the money they want for the experience they have. That's all premium is to me. You gotta figure out, and it means different things in different settings.
Amps are different than arenas, different than stadiums, different than a 5,000 capacity theater. I think we still have, we're very early days, I think, in the structural premium offering. We got some great ideas now with things like the Vinyl Room, but it's still pretty early in the process.
Okay. That was a good segue for what's to come, shifting over to Ticketmaster and just overall consumer dynamics. As we think about the balance between the artist monetization and then this obvious consumer perception of the higher prices on these bigger global-
Yeah
...tours, how much do you think about the ticket affordability as a political issue, a political visibility, versus that monetization lever that you're trying to pull?
Well, I think from our perspective, whatever version of, you know, K-shape or just different segments, I mean, that is our reality today across any, call it retailer or service provider. You need to think about there are going to be different fans that are looking to have a different trade-off in spend versus experience. That's the reality. It's, and that's gonna continue, maybe increase. It's not gonna decrease. If you're an artist or you're the promoter who's taking the risk on the show, what you wanna do is you wanna figure out, "How do I make sure I have a high number of tickets that are affordable for any fan to be able to come and enjoy the show?
How do I take the best tickets and make sure that the artist is the one benefiting from the value of that seat, instead of scalpers coming in and taking that arbitrage and making the money off of it?" It's the accumulation of that back and forth with the artist on, "Okay, how much money do you need to make on the show that covers the cost of your trucks and all your people that you have out on the road with you? What's that number?" That just translates into an aggregate set of ticket prices.
Right.
Because it's just math from a guarantee down to a ticket price. Everybody's obsessed with making sure that every fan can afford to get in, but again, our artists are similarly focused on, "I don't want the scalper to make all the money off my show." You're seeing higher prices and those tickets are still selling. Maybe they don't sell at the on-sale, but they're still selling. Then what happens is you get the bad press on either the high price or the bad press that I see a lot of times is the artist gets blamed for the price in the secondary, which is truly just shows how little they understand it.
The reality is for us, our get in price, so the average price to buy an entry-level ticket, is up less than 3% this year, less than inflation. If you go back to 2019, it's up dramatically less than inflation since 2019. We and the artists have been very focused and it's not political, it's just, it's practical. It's you want your fans to show up and be there. And we're like everybody else, right? We had this Concert Week sale over the past couple weeks or Concert Weeks now maybe, right? $30 all-in ticket. We're like every other retailer, right?
When you have more tickets and shows are gonna happen, and they're either gonna be full or not, let's see if we can't sell tickets to that casual fan who was unsure if they wanted to go or not. We'll continue to be very focused to getting better at pricing. We unabashedly believe that the artist deserves as much of the value for of their show as they want. They're the one It's their art. They're the ones that are doing it. We'll continue to evolve that. I think being very mindful of both the entry level and the top tickets is critical.
Okay. Just following up, you mentioned the scalper activity, and clearly you guys have been focused on reducing that. Just help us understand what the long-term vision is for the secondary market for Live Nation.
So secondary market, you have to first split. There's sports and concerts, and they're very different businesses. Sports is a distribution model that's the disaggregation of the season tickets, since most people aren't going to 40 Knicks games anymore, right? The Knicks are a bad example because Jim really hates the brokers coming in and getting the season tickets. Most other teams are using brokers to disaggregate the season tickets and putting them on secondary. It's a liquidity issue. In concerts, most of the activity is not liquidity, it's price arbitrage. What we are just trying to do is to say to every artist, "We have tools that can help you reduce that price arbitrage to the extent you want to use these tools, great.
If you don't wanna use these tools and you're happy for some brokers to end up with some tickets, that's fine too. That again, to us, is the artist's decision. We've developed and tried to continue to improve things like our Face Value Exchange for those artists that are very focused on reducing the broker activity and are willing to accept some friction for their fans in order to get more of them tickets. Our job is to create the tools to educate them and let them decide how they want to manage it. I think over time you're seeing the backlash now, right? A lot of the most egregious activity, the spec ticket selling, there are now a number of bills going on with that. All-in pricing is now generally required.
You're seeing some markets talking about price caps, which are just a reaction, right, to the frustration of the abuses that have taken place on some of the secondary markets.
Okay. When we think about Ticketmaster's growth overall.
Yeah
There's a lot going on on the product roadmap side.
Yeah.
Maybe just help us understand a couple features that you're most excited about or you think that can move the needle over the next year or two.
First is the fan experience, the on-sale, the high-demand on sale. We've been making progress to try to get more tickets to fans. Some of the artists sign up, some of the tools we're using to try to identify more bots. There's more to be done there. It's still frustrating for the fan, I understand it. I log in, 9:30 A.M., sale's gonna start at 10:00 A.M. At 10:00 A.M., I'm 167,000th in line. There's no way I'm getting tickets. I'm kind of going, "Okay, well, is it better to tell you you're 167th or just say you have a long ways to go?" Like, you know, is transparency better, they get pissed off at transparency?
Is it general. In any case, we need to figure out how we can continue to have tools that provide transparency and do a better and better job of putting fans at the front of the queue versus brokers and bots. Believe me, there's billions of dollars at stake. The scalpers, you know, it's worth it for them to invest in tools that try to fool us to think they're fans, right? They have a lot of money at stake. It's a back-and-forth perpetual battle. We try to identify them, they try to stay hidden. There's more to be done there.
There's more on the B2B side, the tools for teams, for artists, helping them by having better packaged tools to understand pricing, think about marketing, how they can more effectively sell tickets and get the best price for their tickets. It's still a universal need to continue to do better, we're focused on tools to do that. The other area that we're very focused on and is a big area, obviously we're using AI extensively in our development now, is figuring out how to get faster and faster at deploying to new international markets. A huge amount of the growth for Ticketmaster in the next five years is going to be from international markets, which shouldn't be surprising, as we talked earlier about the concert growth coming from international markets.
It's natural that you expect that. We'll be selling our first tickets in Japan this year on Ticketmaster. Japan is obviously, it's a totally different alphabet. It's a very different way that people buy tickets are distributed, it ties in with retail. This is something that would've taken three years historically. Sam will come in, figuring out, "I'm gonna change our product development processes, how we organize to do it, and use AI tools." You need both of those, otherwise it just, it would've been more of the same. We're getting this done in a year, what would've previously taken three years.
Okay.
Okay.
AI question, but you hit on it.
No.
But let-
Yeah. I mean, for everything.
It's just accelerating everything.
by the way, using AI tools.
Yeah
to try to help identify bots and identify humans. We did that recently. We had some, we had an on sale, the high-demand on sale, and for some situations where we thought it might be a bot instead of a person, we pop up this ID. You gotta turn on your camera, you gotta hold up your ID, you gotta prove you're a person. Very effective, right? So it's, there are tools throughout the chain that we're deploying AI. Sam has been fantastic with really changing the culture and getting much more aggressive at Ticketmaster in terms of changing how we operate and changing the mindset in terms of what we, what we need to do. Just do it fast, try it out, keep moving, don't have a long, cumbersome development process.
Okay. We've gotten this far.
Yeah
Without talking about any legal update.
No.
Let's go there. Obviously after the jury verdict, the judge made some additional rulings last week.
Yep
Since you reported, if you could share with all of us updated thoughts and really more about the timing impact.
Yeah. He clarified the process now we'll be following. It's a relatively sequential process, which we think is the right way to do it. First, he's gonna rule on our we have a couple of motions having to do with one of the experts and the level of evidence provided. First, he's gonna rule on those, which we think is right. Before you start talking about whether or not the DOJ settlement is in the public interest or whatever remedies there might be, you gotta figure out and define what's the scope of really what happened at trial. Then there's a process to review and confirm that the Department of Justice settlement is in the public's best interest. We absolutely believe it is.
It substantively addresses the two issues. If the two issues really in the trial are the exclusivity in ticketing and the fact that our acts foreclosed the rival promoters. The DOJ settlement, on the nose, addresses those two issues. Now we live in a very politicized era, we've for some reason become a little bit of, you know, we have Nexstar and Paramount be right behind us. We've become the poster child in the short-term of some attacks for political reasons. Everybody should expect that for the same political reasons, there'll be a lot of cries, "You gotta break them up. You gotta break them into eight pieces. You gotta do this.
You gotta do that." There's gonna be a lot of political noise, I expect, through that process. We'll see what happens. Then there's a trial and assessment of the remedies. Now, the good news is, the judge has publicly stated that he thinks the DOJ settlement's a good framework. We'll see what happens. Again, we're not naive. We know political pressures impact everybody. We'll see what happens. That's then the next step. Then following that, if we don't think that it's ultimately been a fair resolution, then we have the option for appeals.
Right. I was gonna ask, I mean, sitting here today, is the likelihood of this appeal process just continuing to grow or really need to see how the next couple of months shake out then first?
Look, we knew when there was a jury trial, we never I think we've stated publicly, we never had any great expectations we were gonna win a jury trial. I think the, you know, the jury decisions were effectively made within 15 minutes of starting. It's big, bad Ticketmaster. They've got to be guilty, right. We'll Hopefully, the facts will play a higher portion of the decision-making over the next round. We're also paranoid, we simply remain of the view appeal is our right if we don't think that it's the right balance of facts versus politics.
Okay. Shifting back to the business, sponsorship has been and should continue to be one of the most consistent important drivers as you think about your North Star of AOI and double-digit growth there. You've outlined $160 million growth opportunity. Maybe just help us with either specific examples of brand conversations that you've had or how we should think about how the path ahead is on continuing to grow this pretty meaningful business.
Yeah
For you guys.
Yeah. Well, I think over the past several years, the growth in sponsorship has really been driven by brands wanting to connect with fans on-site at the event. Fans, through all the surveys we've done, have largely said that they give permission to brands to be present at live events as long as the brand is doing something of value. Not just slapping your name, but doing something of value. Most of the growth we've had in the sponsorship business has been on the festival and venue side because that is the true, the on-site experience. My expectation as we look out over the next several years, that it probably will be the venue side that is the greatest driver of our sponsorship activity.
The team that we've got has gotten great at figuring out, how do I engage with brands? What are the different opportunities that I can give them on-site to engage with fans? That also means it'll probably be increasingly global, international, shift more outside of the U.S., to be on a truly global basis.
Okay. You came back to , Venue Nation.
Yeah
Which is where I wanted to go. Another really interesting thing that came out from earnings is your first creative use of the venue securitization.
Oh, yeah
If you just help us understand how important-
Yeah
is this gonna be as you think about off-balance sheet financing and how much you can even accelerate
Yeah, yeah
...the pace of venue investments with this.
Yeah. It's not off-balance sheet. But it's because we don't wanna do a REIT structure, right? We think that that reduces flexibility too much.
Okay.
at the same time, if you think conceptually about it, there is still a little bit of a PropCo and an OpCo here, right? as you think about your balance sheet, your PropCo naturally tends to have, can have higher leverage than your OpCo. we're effectively synthetically saying, "I'm gonna split up the collateral of my company, and I'm going to take the real estate property.
I'm going to bundle them and effectively securitize that, which I can do now at a higher leverage, lower interest rate because of the pool of those assets." I can get really what it comes down to at the end of the day is lower cost funding to pursue our venue strategy, which is then a bit separate from the collateral that I deploy for the OpCo, which will be a more, you know, traditional leverage levels, more traditional constraints. You'll keep that down in that three to four range. Over time, you have the flexibility. Don't need to anytime real soon, but we have the flexibility. You could go a bit higher leverage while maintaining low rates on the property side. It's a great structure.
I think it's the first time it's certainly been done in our business, and it just sets us up for the flexibility we wanna have over the next several years, so that when we see that great acquisition opportunity or we see the build opportunity, that we're not constrained.
Okay. I think we're slowly or quickly running out of time. When we think about, again, everything that's happened over the past decade.
Yeah
With you and Michael driving this double-digit AOI growth and the whole team turning Live Nation into this global live entertainment company.
Yeah.
I'm curious if I could tap back into your former McKinsey, you know, self or your colleagues. How would they capture or how would you frame the opportunity ahead? Are we just getting started?
Yeah
Where are we in this life cycle?
I absolutely believe we're just getting started, and what's been happening over the last couple of years is just the front end of what was a U.S.-European business to being truly global with structural tailwinds on demand, structural tailwinds on supply, and a massive venue opportunity that brings it together for us and lets us continue to build the business in a way that delivers great value for our shareholders.
Is there one tour or artist that you wanna flag for us, to leave us with?
Well, you can't help but be excited. I mean, Jay-Z coming back playing Yankee Stadium in July, like that's gonna be phenomenal, right?
That's amazing.
I mean, pretty special, pretty special shows I'm sure he'll put on.
Hope to see you there. Awesome.
Thank you.
Thank you.
Bye .