Live Nation Entertainment (LYV) Investor Day 2024 summary

Strategic direction and structural changes

• Announced further simplification with the spin-off of Liberty Live, creating two asset-backed public companies focused on motorsports (Formula 1, MotoGP) and live entertainment (Live Nation, Quint).

• Liberty Media will hold 100% of Formula 1 and, post-acquisition, MotoGP, with a focus on expanding racing assets and leveraging strong brand value.

• Liberty Live will include a 30% stake in Live Nation, Quint, and other private assets, with flexibility for future rationalization and growth.

• The split-off is targeted for completion in the second half of 2025, aiming to reduce NAV discounts and increase liquidity.

• Board realignment will focus on supporting motorsports management and exploring new long-term investment opportunities.

Financial performance and guidance

• Formula 1 reported $13.1 billion in contracted revenue under long-term agreements, up from $11 billion the prior year.

• Year-to-date EBITDA margin for Formula 1 reached 25.8%, up 140 basis points year-over-year, with strong free cash flow conversion (64% consolidated, 77% ex-Vegas investments).

• MotoGP saw 36% revenue growth and 47% adjusted EBITDA growth from 2021-2023, with expanding margins and a similar free cash flow profile to F1.

• AOI for the last twelve months reached $2,106 million, reflecting strong operational results.

• Liberty Live targets a $1.5 billion run-rate from social and streaming within three years, maintaining double-digit EBITDA margins and a 2.5x leverage target.

Business developments and growth initiatives

• Formula 1 continues to experience double-digit CAGR in revenue and EBITDA since 2019, driven by record attendance, expanding U.S. engagement, and new sponsorships (e.g., LVMH, Amex).

• MotoGP acquisition is expected to close by year-end, with plans to leverage Liberty’s brand-building and marketing expertise to accelerate fan growth, especially in the U.S.

• Quint, now part of Liberty Live, is scaling its experiential offerings across sports and live entertainment, with significant growth in F1 and MotoGP events.

• Live Nation projects continued double-digit AOI growth, driven by global expansion, venue investments, and increased fan engagement, with 2025 expected to be a record year.

• Qurate Retail (to be renamed QVC Group) is pivoting to a live social shopping model, expanding across digital and social platforms, and targeting $1.5 billion in social/streaming revenue within three years.