Joe Berchtold: Well, first off, again, just to keep it in context, we’ve long said that, first and foremost, our job is to sell the primary ticket. We’re a primary ticketing company and its secondary is a kind of low to mid-teens portion of our GTV. So it’s relevant, but it’s also not the primary focus. We have long thought that we need to be in secondary because fans have a need to buy a ticket. And when a show is sold out if we’re not giving them an option to buy a legitimate secondary ticket, then we’re forcing them to go to other platforms to buy their tickets, and we think they’re better off being served within the Ticketmaster ecosystem. I think as we continue to do a better job with our offer, reducing friction, understanding how to deliver on the fan needs as we’ve aligned with the NFL, the NBA and others on the sports side have a slightly different model for secondary.
I think we’ve naturally grown our position in the market. But what really matters to us, first and foremost, is that we have a great primary sale, and that’s managed in a way that is going to keep content happy.
Operator: And the next question comes from the line of Paul Golding with Macquarie. Please proceed with your question.
Paul Golding: Congrats on the quarter. I just quickly wanted to see if you had an update on a metric you’ve given before in terms of the average ticket price and how that’s been trending? I think in the past, you’ve said it’s been below $35. And then, secondly, as a follow-up, as we watch sort of the macro tightening in the backdrop and not so much for your business. But in general, in tracking sponsorship, any color you could give on cohorts that are more or less meaningful for that sponsorship growth that you’ve been seeing as we track forward into this tightening environment. Thank you.
Joe Berchtold: So first of all, on the average ticket price, I think what we’ve talked in the past is that the average — the entry ticket price, so the lowest price that a fan can find a ticket at for our amphitheaters, for theaters and clubs is generally average below $35. And for the reasons that Michael spoke to, it continues to be below $35 because the artists are wanting to make sure that almost all fans can get in to see their show. And then what you’ve seen is because their costs have gone up because they’ve seen what’s going on in the secondary market, some of the closer in parts of the house or have increased ticket pricing. I mean, you can see from the overall Ticketmaster, GTV and number of tickets sold that pricing in total is up double digits still year-on-year while the entry prices remain low.
On the sponsorship, I’m not sure I fully understood your question. I think we’ve seen no slowdown in terms of our sponsorship business. We have over 90% of our expected revenue for the year is booked being driven by a lot of the large multi-asset, multimillion dollar sponsors that we work with who have long-term agreements with us that continue to go very well and continue to sign more.
Paul Golding: I guess my question around that was more around sector. So for example, if we were to think about sports and sports betting maybe being a predominant sponsor, boost this year or at the tail end of last year. Anything in that type of area of color around the mix.
