Live Nation Entertainment (LYV) Investor update summary

Performance and market demand

• Delivered prior-year benchmarks: audience and concerts grew, AOI rose 10%, sponsorship grew, and Ticketmaster added 23 million customers; 2026 was a record year, including a record stadium year.

• Global live entertainment has grown ~8% annually; management cited 10%-12%+ growth internationally and 6%-7% in the U.S.

• 43% of tickets cost less than $50, supporting the view that concerts remain broadly accessible.

• 2027 shows on sale and ticket sales were already up YoY at the time of the update.

Concert growth and international opportunity

• U.S. market growth was 7% annualized from 2022-2026; the forecast is 5%-6%, with more artists, higher sell-through and additional large venues as drivers.

• Existing supply has 20 million unsold seats; All Access has 14 million members, who attended 34% more shows than over the prior three years.

• New venues and maturation are expected to add ~6 million fans by 2031; a broader 38-venue pipeline is expected to grow venue reach from 11 million to 33 million fans.

• Closing half the international fan-penetration gap could unlock 185 million tickets; selling 45 million additional tickets would generate $250 million of AOI.

• Recent venue acquisitions are expected to generate $90 million of AOI this year, rising to $190 million over the next couple of years at run rate.

Venue investment and returns

• Venue investment AOI targets are $125 million this year, $525 million in 2029 and $850 million by 2031; the pipeline includes 38 large venues, half outside the U.S.

• The $5.6 billion capital pipeline targets 20%+ project returns, including low-teens annual cash yields; venue profit per fan is expected to be 2x-3x typical levels.

• Two new amphitheaters generated 2x the AOI of traditional portfolio amphitheaters, a 13% year-one cash yield and a projected 24% project IRR.

• Pre-opening costs are expected to be $40 million-$50 million higher in 2027 than 2026 and comparable in 2028 to 2027.