Live Nation Entertainment, Inc. Q2 FY2025 earnings call

• OCESA and Latin America: OCESA is a successful partnership with growth ahead in Mexico, with plans to expand in larger Latin America including Brazil. TM Mexico has potential for growth with ticketing upgrades. - Ticketmaster Global Growth: Global business with new markets like Latin America, adding 20 million tickets (70% international), and Live Nation growth feeding more volume. AI to drive efficiency in customer service, coding, and B2B services. - Sponsorship: Festivals are important sponsorship assets with ongoing innovations in brand capture. - Venue Development: Diligent in venue selection with local expertise, focusing on high-return opportunities. - APAC Region: Opportunity seen globally, with recent acquisition in Japan and potential for growth across the region.

Concerts: Strong growth with Q3 expected to be a strong stadium quarter, deferred revenue high, on-site spending robust (e.g., Lollapalooza had record double-digit increases in on-site spending). Ticketmaster: Global growth, particularly in new markets like Latin America, added 20 million tickets this year (70% international), B2B services and AI impact on efficiency and growth. Sponsorship: Festivals are key sponsorship assets with ongoing innovations, and had a good year with double-digit growth expected for 2026.

• Expect double-digit AOI growth for the year. - Q3 expected to be strong for concerts (stadium quarter) and Ticketmaster (double-digit AOI growth). - Continued growth in Latin America and other new markets, with strong venue investment pipeline. - Sponsorship expected to have double-digit growth in 2026.

• Market-based pricing affecting secondary sales, with potential volatility in supply and demand. - Execution risks in venue development if markets or locations are not suitable.

Q: Stephen Laszczyk asks about OCESA and Latin America strategy.

A: Michael Rapino discusses OCESA as a successful partnership with growth in Mexico and larger Latin America potential, including Brazil.

Q: Brandon Ross asks about Ticketmaster growth beyond 2025.

A: Joe Berchtold talks about Ticketmaster's global growth in new markets, Live Nation feeding volume, mid-single-digit pricing, and B2B services.

Q: David Karnovsky asks about secondary sales and Ticketmaster impact.

A: Joe Berchtold says Ticketmaster is net positively impacted by pricing moving to primary.

Q: Cameron Mansson-Perrone asks about sponsorship and OCESA cash savings.

A: Michael Rapino says festivals are key sponsorship assets; Joe Berchtold talks about cash savings from OCESA and focus on venue investment.

Q: Peter Henderson asks about non-English-speaking artists and profitability.

A: Michael Rapino says no difference in profitability regardless of artist origin.

Q: Kutgun Maral asks about Venue Nation.

A: Joe Berchtold discusses Venue Nation's robust trends and contribution to concert segment.

Q: Benjamin Soff asks about APAC region and Venue Nation fans.

A: Michael Rapino talks about APAC opportunity and Joe Berchtold discusses operated venues growth from new and existing venues.