Live Nation Entertainment (LYV) Bank of America 2025 Media, Communications & Entertainment Conference summary

Strategic positioning and industry trends

• Early global expansion enabled access to worldwide demand for live experiences, capitalizing on shifts from goods to experiences.

• Technology and social platforms have democratized music discovery, expanding demand beyond major markets.

• Fan base has grown from 40 million in 2010 to about 160 million, with significant runway for further growth.

• International revenue is outpacing domestic, with a focus on local partnerships and market-specific strategies.

• Willingness to undertake risk for artists is central to value proposition and growth.

International growth and market strategy

• Expansion relies on finding the right local partners, often through acquisitions or joint ventures.

• Recent increase in OCESA stake to 75% strengthens position in Mexico, a top global concert market.

• Latin America is a priority, with ongoing search for partners and venue opportunities to support growth.

• By 2028, international AOI could reach parity with U.S., depending on venue expansion pace.

• Diversification across regions mitigates economic volatility and supports long-term focus.

Venue strategy and operational focus

• Venue ownership increases per-fan profitability by capturing ancillary revenues like concessions and parking.

• Strategy involves flexibility: building, acquiring, or partnering based on market opportunities.

• Focused on expanding in Europe, Latin America, Asia, and select U.S. markets, with future potential in India and Africa.

• Venue footprint is a key driver for both fan growth and sponsorship opportunities.

• Capital allocation prioritizes venue investments for shareholder value, with buybacks considered only if excess cash accumulates.