Michael Rapino: And I’ll just jump in. And Brandon, just to reiterate the pipe, right? The most important thing for us is just how does the pipe look for next year. As you know, a year ago, we sat here, and I think everyone thought ’22 was the record year, and we were headed into an air pocket, and we’ve blown the doors off in ’23. I would just step back. We believe for the next multiple years that this industry, in general, is going to have a growth surge on a global basis. We’ve talked to all these factors before, international, global artists, consumers. There’s a whole bunch of great articles written on why there’s a boom happened in a live business on a long-term basis. So we don’t think this is just any COVID catch-up.
We think that this is going to be the time we’re live on a global basis is going to have an incredible growth run for years to come. We obviously benefit from that any time the market gets this level of growth because we’ll capture that growth also. So we’re looking next year, we’re seeing top to bottom, as Joe said, incredible pipe of artists that will be filling all of the different venue types and markets across the world. So we think we’re heading to a very, very strong 24, 25 onward, a combination of the market is going to grow, the consumer demand is growing and our ongoing bolt-on acquisitions, venues, new market entries compounded on top of our organic growth is going to give us this continual 1, 2 punch of growth for the next multiple years.
Operator: And the next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed with your question.
Stephen Laszczyk: Just maybe on the outlook for consumer spending. There’s been a lot made over the last couple of months about the impact of student loan payments starting up in the fall. Maybe for Joe, if you could just remind us what percentage of the comps are going based you think might be skewed toward this cohort? And then maybe more broadly discuss how you’re thinking about the risk that consumer spending pulls back maybe into the back half of the year or next year? Are there any parts of your business that you think are more or less exposed and perhaps festivals, and just would be curious if you could dive a little bit more deeply into the demands under the equation.
Joe Berchtold: Sure, Stephen. Thanks. I think first, just for context, I think it’s important to remember a relative scale. So if you look at consumer spend, discretionary spend on goods versus experiences. As we know, it was in the high 60s in experience. I mean this is a Goldman report that talks about this. pre-pandemic and then how that has dropped and it hasn’t yet caught up. So our analysis shows that the tailwind impact from getting experiences back as a portion of discretionary spend is about 10x the impact of any potential headwind coming from the student loan payments needing to get made. So we think that the tailwinds on that specific macro factor as far outweighs any headwinds. As Michael talked on a global basis, we continue to see this as a tremendous tailwind business as you have further and further globalization of demand.
As we look at all the different pockets, as I mentioned earlier that the amphitheaters is an example of a mid-level act. We’re seeing high single-digit increases in attendance per show, which is really driven by more lawn tickets being sold. So the people that you might say are going to be the most price conscious are continuing to spend strongly per caps growing even as we’re continuing to increase our number of fans per show, which again means that even the marginal fan is continuing to spend a lot when they show up. So we’re not seeing any indicators that would give us any concern on any slowdowns.
