Live Nation Entertainment Inc. Goldman Sachs Communacopia + Technology Conference 2026

Yeah, I think if we start with just the industry as opposed to us, I think we are absolutely still in the early innings. I think most of what we have seen in the last couple of decades is still largely a U.S., Western Europe phenomenon. If you look at the drivers of how we have been growing and what there is ahead of us, every one of these factors is still as strong or if not stronger than it has been. Just starting with the globalization of both supply and demand, the shift of spend from goods to experiences, where live events, concerts, and sports sit in that hierarchy of priority for people to spend on experiences are all still very strong. If you look at it using us as a bit of a proxy, over half of our fans today are our international markets outside the U.S.

Put it the other way, right? The U.S. is 5% of the global population, still has half of our business. Latin America is up for us 15 times in the past 10 years. It is still 1/10th the level of activity as the U.S. is. Japan, huge market, is 40% of the activity level of the U.S. on a per capita basis. Even Western Europe can grow another 25%. So, I think as we focus on this as a truly global business, it has tremendous runway, and at the same time, the U.S. continues to grow, U.K. continues to grow. The so-called developed markets have demonstrated very nice growth. Again, this year has been a great year for that. So, we think that there is an extremely long runway ahead of us.

Yeah. So first is just for us, it's always continue putting on more shows for more fans, right? We'll be at around 175 million fans this year. Good growth off of last year's base towards the target we set last November, 225 million. So we're making good progress in that direction. Second is continuing to figure out how do we optimize the shows, how do we maximize the sell-through, how do we maximize the grosses of the show, deliver more for the artists, create more encouragement for them to be out there on the road, going to more markets. Then it's deploying capital on our Venue Nation strategy, which has the double benefit, I know we'll get into, the double benefit of in and of itself, it provides attractive returns. It also provides the infrastructure in a lot of these markets outside of the U.S.

that lack a modern arena infrastructure that can deliver the grosses the artists need. So, we look at the top 75 markets, and 47 out of the top 75 markets internationally don't have the modern arena infrastructure, don't have enough of it. And big cities. Rome, Istanbul, Frankfurt in Europe. It's Seoul, Tokyo, and Manila in Asia, Latin America. You've got São Paulo, Rio, Lima. So very, very big cities. I'm not kind of trying to cherry-pick these 47 cities you haven't heard of. These are big markets that lack the infrastructure. So as we look to opportunities to either acquire or build arenas, modernize them, we think that can help drive our overall growth in terms of bringing more fans, driving more sponsorship, driving our ticketing business, and fueling the overall system.

No, I think you'll see it's the same globalization, right? It fundamentally changes the business. There's not an artist out there who's not using the social media platforms, the TikTok, YouTube, Instagram to develop their brand. They're obviously using the DSPs to democratize the distribution so you can have fans everywhere. This is far and away from the old U.S., Western Europe, U.K.-dominated artists out there. Number one artist post-COVID has been Bad Bunny, selling out stadiums globally. You've got, obviously, K-pop has been a huge phenomenon. Latin in general. Number two genre in Brazil is country music. So you're seeing the explosion of artists. What used to be a local or regional genre is now truly global. Pre-COVID, I think 8% of our top 50 tours were by non-English speaking artists. Today, it's 30%. It's not going to be that long where I'm sitting here saying, and now over half of our artists are not U.S., U.K.

English speaking artists. It's easy for them. And I'm amazed. I look at all of our shows down in L.A., number of artists who I've never heard of who are selling out arenas, even stadiums in L.A. But if you think about it, if you're an artist of a very specific genre, you only need 0.1% of the population in L.A. to be your community, right? So really what's happening is they're able to reach that 0.1% much more effectively than you ever could before, because there's always one person in the group who's the fan, who's following the artist, who learns about the show and the social media, who shares the music with their friends and brings them to the show.

It used to be much harder to cut through. With a relatively limited ad budget, how do you reach those people in a big market? I think now, with the digital media platforms, that's much easier and really fueling a lot of this supply.