David Katz: Got it. And if I can follow up, please. With respect to Platinum, right, we do have discussions about inflation and the cost of things, et cetera, et cetera, which doesn’t seem to be at play here. But where is that? Where can it grow? And any pressure points with respect other than the artists themselves authorizing it, right? Any pressure points toward sort of growth in Platinum and how that mixes you higher?
Joe Berchtold: Yes. I want to have characterized it as artists not allowing it. I mean the artists are the ones who are set the price of their tickets. It’s our job to provide the information to them to help them understand the market value of their tickets, so they can figure out the balance that’s right for them and their fan base in terms of pricing the tickets. So they’re getting the value. Are they giving it to the fans, how do they keep it from going to the scalper. A lot of artists now I would say it’s almost becoming the standard that they’re understanding they should price the front of their house to capture most of the value. Otherwise, it’s the scalper who’s going to take it. And then they want to make sure the back of the house is priced so that every fan can afford to buy a ticket can get in.
The trend we’ve seen coming out of COVID is, I think, a switch from it being partially used to being very ubiquitous here in North America. And then over the past year or so is becoming much more heavily adopted in international markets. I think we still have a long ways to go in international markets towards full adoption. And if you look at the pricing with platinum, there’s still a substantial gap relative to average secondary pricing which would imply that artists are continuing or attempting to give a lot of the value to fans and we’ll see how that evolves over time.
Michael Rapino: Just to jump in on Platinum. The magic of Platinum isn’t to increase the first rows. The magic of Platinum is it gives that artist the opportunity to look at the whole house. We have never, and historically jumped on an earnings call and told you we couldn’t sell the first 10 rows out. Our job is always to sell the last 10 rows out in the upper nosebleeds as they call them. So what platinum has enabled the industry to do is as the artist has increased show cost and needs to get a certain gross for that night is we should figure out how to maximize some of the front of the house closer to market, but that’s also let us bring the price down in the back end of the house. So the net gross can be more overall, but it’s giving fans a better sell-through rate on the back end of the house.
We used to be locked into kind of 3 ticket prices that didn’t have that opportunity. So the biggest advantage to dynamic pricing and platinum price over the last few years was really just how do you help the whole house gets sold? How do you reduce the prices in the back end of the house? But are always the harder ones to sell so you truly get a full house on the proper gross for the artist and then all of us benefit when more people walk through those doors.
Operator: And the next question comes from the line of Jason Bazinet with Citi. Please proceed with your question.
Jason Bazinet: I just had a question on the secondary market. And my question is pretty simple. Is your philosophy or emphasis on this market changed? Because I think in your K, you talked about the GTV on secondary being something like almost $4.5 billion in 22 more than double 19 levels in this release, you’re talking about secondary ticketing volumes up double digits. So is this just indicative of the overall strength that we’re seeing in consumer interest and going to live events? Or is it something that you’re doing as well or both?
