Live Nation Entertainment, Inc. (NYSE:LYV) Q2 2023 Earnings Call Transcript

We know the attempted cyber-attack, we no longer have any load on our system for the verified fan experience, we started it back up. So the answer to your question is within 5 hours, we had solved that problem. It’s not something that’s taken us 6 months or 9 months to figure out how to solve. So we solved it quickly. We ultimately did sell 2 million tickets that day. And once those 5 hours were passed, while it was a long wait at times for fans because there were a lot of people trying to buy the tickets, there were not the system overload issues. I’ll let Michael speak to it.

Michael Rapino: Yes. You’re deeper in the [indiscernible]. What the acquisition were you referring to? Which one?

Matthew Harrigan: Clockenflap in Hong Kong, festival. I knew it was small, it got a little bit of a test in the trade meeting and you did put out the press release. I assume it obviously isn’t that much of an expansion platform, but if you have any specifics on your ability to do anything on that market and expand more in Asia, outside of Australia and Japan, I thought that would be interesting. Thanks.

Joe Berchtold: I would say it was part of a broad bolt-on strategy in Asia. As Michael said earlier, we’ll go in and we’ll look for local promoters, local festivals that we can bring on and then we can then tie in with our broader concerts platform, bring our sponsorship team into. So it was an example, I would say, of the type of activity or type of M&A that we’re doing in the region.

Michael Rapino: Just to jump on for others. I mean, we talked about Latin America, but Pacific Rim and others are equally important. It’s a global business. So Japan, a real, real important market for us. Latin America, I mean, Pacific Rim in general, we’re already in most of markets in some form have offices in Singapore. We’ve had a very successful operation in Korea, which has been kind of the foundation on why we ended up being the promoter for PTS and other [cape of] [ph] artists throughout the world. So we look at Pacific Rim equally as important is Latin America, you’ll continually see us with a bolt-on promoter Venue festival as we’re building up that business and driving content there also. Operator Thank you, everyone. This marks the end of the question-and-answer session, and this also concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.