Live Nation Entertainment, Inc. (NYSE:LYV) Q3 2023 Earnings Call Transcript

David Joyce: Thank you. A couple of related questions, the ticketing revenue particularly blew away our estimate. So I was wondering how much of that is for 2023 events and how much for 2024, and then similarly with deferred revenue being up 39%. I know that some of that is due to the function of when the shows go on sales. That’s not an indicator of what the revenue growth would be. But how much of that would be due to venue mix or the tour type for 2023 shows versus 2024. In other words, how do we use these metrics on an apples-to-apples basis to help with our outlook for 2024? Thanks.

Joe Berchtold: Sure. So, first of all, at this point, through Q3, we’ve not sold a ton of tickets for 2024. That’s why we focus more on what the show bookings are. So we have sold — and we sold more tickets this year, which is part of what goes into the deferred revenue, I will come back to you. But we’ve sold on the order of I think 18 million tickets for shows next year. So relatively small portion of what we’re ultimately sell. So that’s not the driver of our Ticketmaster results for Q3. To a very great extent, it’s more of the other factors that I talked about. And then, deferred revenue is up, because, yes, we have sold more tickets for the shows next year. We’ve also sold more tickets for the shows that are occurring in Q4 and it’s our expectation that because of that pipeline and because as Michael noted, it’s turned into a pretty solid period for stadiums, as well as arenas.

We expect to see that deferred revenue number continuing to grow for the next seven months, eight months.

David Joyce: Understood. I appreciate it.

Operator: Ladies and gentlemen, at this time, we have reached the end of the question-and-answer session. I would like to turn the floor back over to Michael for any closing comments.

Michael Rapino: Thank you, everyone. We look forward to seeing you in New York next week, we’re excited about where we are as an industry and we look-forward to taking you through details next Thursday. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.