Live Nation Entertainment (LYV) MoffettNathanson's 2026 Media, Internet & Communications Conference summary

Global growth and market dynamics

• Live entertainment demand and supply have accelerated globally post-pandemic, with significant growth in both North America and international markets, driven by social media and streaming platforms.

• The business now targets 200–300 global markets, shifting focus from individual U.S. cities to a broader international strategy.

• Younger demographics are not the sole growth driver; live events remain a durable, universal social experience across age groups.

• Cancellation rates remain stable and in line with historical norms, with ticket sales and deferred revenue pacing well above prior years.

Regional expansion and venue strategy

• U.S. fan growth remains strong, but international markets are growing faster and are expected to drive the majority of growth over the next five years.

• Expansion targets include under-penetrated regions in Latin America, Asia, Africa, and India, with a focus on cities with populations over 5 million.

• Venue investments are managed through a portfolio approach, balancing build and buy strategies across regions to accelerate growth.

• The company aims for 48 new venues in five years and a $600 million AOI run rate by 2032, with more than enough opportunities in the pipeline.

• Venue securitization provides lower-cost funding and flexibility for acquisitions and builds, separating property and operating company leverage.

Ticketing, pricing, and technology

• Artists are increasingly pricing tours efficiently, reducing scalper arbitrage and maintaining high sell-through rates.

• Entry-level ticket prices have risen less than inflation since 2019, with ongoing efforts to balance affordability and artist monetization.

• The secondary market is managed with tools like Face Value Exchange, and regulatory changes are addressing abuses and increasing transparency.

• Ticketmaster is focused on improving fan experience, combating bots, and deploying AI to accelerate international market entry and product development.

• First Ticketmaster sales in Japan are expected this year, with AI reducing development timelines from three years to one.