About Live Nation Entertainment

Live Nation Entertainment, Inc. (Live Nation) operates as a live entertainment company worldwide. The company connected over 765 million fans across all of its concerts and ticketing platforms in 49 countries during 2023. The company is the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting over 145 million fans to more than 6,800 artists at over 50,000 events in 2023. Live Nation owns, operates, has exclusive booking rights for or has an equity interest for which the company has a significant influence in 373 venues globally, including House of Blues music venues and prestigious locations such as The Fillmore in San Francisco, Brooklyn Bowl in New York City, the Hollywood Palladium in Los Angeles, the Moody Center arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland. The company's artist management companies manage music artists and acts across all music genres. The company is the world's leading live entertainment ticketing sales and marketing company, based on the number of tickets it sells. Ticketmaster provides ticket sales, ticket resale services and marketing and distribution globally through www.ticketmaster.com and www.livenation.com and the company's mobile apps, other websites and numerous retail outlets, distributing over 620 million tickets through its systems in 2023. Ticketmaster serves approximately 10,000 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters. The company's global footprint is one of the world's largest music advertising networks for corporate brands and includes one of the world's leading ecommerce websites based on a comparison of gross sales of top internet retailers. Strategy The company's strategy is to grow its global leadership position in live entertainment, promote more shows, sell more tickets and partner with more sponsors. The company serves artists, venues and sports teams and leagues to secure content and tickets; it invests in technology to build innovative products which advance its ticketing, digital presence, including mobile platforms, and advertising; and it is paid by advertisers that want to connect their brands with its passionate fan base. The company's core businesses surrounding the promotion of live events include ticketing and sponsorship and advertising. The company continues to strengthen its core operations, further expanding into global markets. The key elements of the company's strategy are to expand its Concert Platform; grow its revenue per show; invest in product improvements; sell more tickets; and grow sponsorship and advertising partnerships. Business The company operates through Concerts, Ticketing and Sponsorship & Advertising segments. Concerts Concerts segment principally involves the global promotion of live music events in the company's owned or operated venues and in rented third-party venues, the operation and management of music venues, the production of music festivals across the world, the creation of associated content and the provision of management and other services to artists. The company promoted more than 50,000 live music and other events in 2023. While its Concerts segment traditionally operates year-round, the company experiences higher revenue during the second and third quarters due to the seasonal nature of shows at its outdoor amphitheaters and festivals, which primarily occur from May through October. As a promoter, the company earns revenue primarily from the sale of tickets and pay artists under one of several formulas, including a fixed guaranteed amount and/or a percentage of ticket sales or event profits. For each event the company promotes, it either use a venue it owns or operates, or rents a third-party venue. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. As a venue operator, the company generates revenue primarily from the sale of concessions, parking, premium seating, rental income and ticket rebates or service charges earned on tickets sold under ticketing agreements. In its amphitheaters, the sale of concessions is outsourced and the company receives a share of the net revenue from the concessionaire, which is recorded in revenue with limited associated direct operating expenses. As a festival promoter, the company typically books artists, secure festival sites, provide for third-party production services, sells tickets and advertises events to attract fans. The company also provides or arranges for third parties to provide operational services as needed, such as concessions, merchandising and security. The company earns revenue from the sale of tickets and typically pay artists a fixed guaranteed amount. The company also earns revenue from the sale of concessions, camping fees and service charges earned on tickets sold. For each event, the company eithers use a festival site it owns or rents a third-party festival site. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Ticketing Ticketing segment is primarily an agency business that sells tickets for events on behalf of its clients and retains a portion of the service charge as its fee. The company sells tickets for its events and also for third-party clients across multiple live event categories, providing ticketing services for leading arenas, stadiums, amphitheaters, music clubs, concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters. The company sells tickets through mobile apps, websites and ticket outlets. The company's Ticketing segment also manages its online activities including enhancements to its websites and product offerings. Through all of its ticketing services, the company sold approximately 329 million tickets in 2023 on which it was paid fees for its services. The company sells tickets on behalf of its clients through its ticketing platforms across the world. The company generally enters into written agreements with individual clients to provide primary ticketing services for specified multi-year periods, typically ranging from three to five years. Pursuant to these agreements, clients and their content partners generally determine and then tell the company what tickets will be available for sale, when such tickets will go on sale to the public and what the ticket price will be, sometimes with its analytical support. Agreements with venue clients in North America and Australia generally grant the company exclusive rights to sell tickets for all events presented at the relevant venue for which tickets are made available to the general public. Agreements with promoter clients in other international markets generally grant the company the right to an allocation of tickets for events presented by a given promoter at any venue, unless that venue is already covered by an existing exclusive agreement with its ticketing business or another ticketing service provider. Similarly, in such international markets it has venue agreements which provide Ticketmaster an allocation of tickets for all events at those venues. While the company generally has the right to sell a substantial portion of its clients' tickets, venue and promoter clients often sell and distribute a portion of their tickets in-house through their box office and season ticket programs. In addition, under many written agreements between promoters and its clients, and generally subject to Ticketmaster approval, the client may allocate certain tickets for artist, promoter, agent and venue use and do not make those tickets available for sale by it. The company offers ticket resale services, sometimes referred to as secondary ticketing, principally through its integrated inventory platform, league/team platforms and other platforms internationally. The company enters into arrangements with the holders of tickets previously distributed by a venue or other source to post those tickets for sale at a purchase price equal to a new sales price, determined by the ticket holder, plus a service fee to the buyer. Sponsorship & Advertising Sponsorship & Advertising segment employs a sales force that creates and maintains relationships with sponsors through a combination of strategic, international, national and local opportunities that allow businesses to reach customers through the company's concert, festival, venue and ticketing assets, including advertising on its websites. The company works with its corporate clients to help create marketing programs that support their business goals and connect their brands directly with fans and artists. The company also develops, books and produces custom events or programs for its clients' specific brands, which are typically presented exclusively to the clients' consumers. These custom events can involve live music events with talent and media, using both online and traditional outlets. Including intersegment revenue, its Sponsorship & Advertising business generated $1.1 billion, or 5%, of its total revenue during 2023. The company experiences higher revenue in the second and third quarters as a large portion of sponsorships are usually associated with its outdoor venues and festivals, which are primarily used in or occur from May through October. The company continues to also pursue the sale of national and local sponsorships, both domestically and internationally, and placement of advertising, including signage, online advertising and promotional programs. Many of the company's venues have naming rights sponsorship programs. The company's local and venue-focused sponsorships include venue signage, promotional programs, onsite activation, hospitality and tickets, and are derived from a variety of client companies across various industry categories. Competition Some of the company's competitors in the live music promotion industry are Anschutz Entertainment Group, or AEG, Another Planet Entertainment, CTS Eventim, Jam Productions, Ltd., I.M.P., Outback Presents and TEG Dainty in addition to numerous smaller regional companies and various casinos and venues in North America, Europe, Asia and Australia. AEG operates under a number of different names including AEG Presents, Concerts West, Frontier Touring, Goldenvoice and Messina Touring Group. The company's main competitors in venue management include ASM Global, Madison Square Garden Entertainment Corp., The Nederlander Organization and Bowery Presents, in addition to numerous smaller regional companies in North America, Europe, Australia and New Zealand. The company's competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, SeatGeek, Ticketek, See Tickets and Dice; secondary ticketing companies such as StubHub, Vivid Seats, Viagogo and SeatGeek; and many others, including large technology and ecommerce companies that could enter these markets. Government Regulations The company is subject to federal, state and local laws, both domestically and internationally, governing matters such as privacy and the protection of personal or sensitive information; compliance with the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries; primary ticketing and ticket resale services; and compliance with the Americans with Disabilities Act of 1990 (ADA), the United Kingdom's Disability Discrimination Act of 1995 (DDA) and similar regulations in other countries. The company is required to comply with the laws of the countries in which it operates and also the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010 regarding anti-bribery regulations. The company is also required to comply with the ADA, the DDA and certain state statutes and local ordinances that, among other things, require that places of public accommodation, including its websites as well as existing and newly constructed venues, be accessible to customers with disabilities. History The company was incorporated in Delaware in 2005. It was formerly known as Live Nation, Inc. and changed its name to Live Nation Entertainment, Inc. in 2010.