And we’ll also continue to leverage our industry relationships to identify new events, potential residencies, multi-night runs and additional marquee sporting events. And we’ll continue to be creative in the ways we look to maximize utilization at The Garden. We have a track record of successfully driving event growth at our venues and you’ve heard us say this stat before. Since 2015 – Fiscal 2015 we’ve driven mid-single-digit annual growth in the number of concerts at The Garden and across our other venues. And this year we’ve mentioned we’re currently projecting a low-double-digit percentage increase in events in our bookings business for Fiscal 2024, including growth and events at The Garden. In terms of – you mentioned rental pricing, if you’re asking whether we consider lowering the rent to help increase utilization, that’s not really something we’re currently contemplating.
The Garden is a premier product and our premier rates reflect that. We believe it’s warranted for what we’re able to deliver here, the unique location of The Garden in the heart of Manhattan and our ability to maximize ticket sales for artists, including across multi-night runs and residencies as we continue to mention. We certainly don’t think our rental rate disadvantages us in continuing to drive utilization. So with The Garden being our largest venue and the most economically significant, we do see increasing utilization as an important opportunity and we’re confident that we have the ability to continue to grow this business.
Brandon Ross: Thank you.
Dave Byrnes: You’re welcome.
Operator: Your next question comes from the line of Ben Swinburne from Morgan Stanley. Your line is open.
Ben Swinburne: Thanks. Good morning. Two questions, Dave. One about kind of efficiency opportunities in the business and at the company; and another, I wanted to ask about sort of the economics of the traditional kind of rental model you guys run versus the residencies that you’re also doing? So you had some restructuring this quarter? I don’t think investors think about your stock as sort of having kind of efficiency elements to it. It’s more of a top line story. So I’m curious if you can talk a little bit about how the company is thinking about opportunities to drive more efficiency on the cost side and any color you might want to add around the restructuring in the quarter that took place? And then you talked a bunch about Harry Styles, you guys have a number of residencies but I think most of the business is a rental model.
I was just wondering if you guys have a – if there is a better – if one is better than the other from either returns point of view or profitability point of view as we think about tracking your business over time? Thanks so much.
Dave Byrnes: Sure. Thanks, Ben. The first part of your question focused on efficiencies and restructurings. We obviously had a charge that hit the quarter and it’s not really much to say about that other than that we’re always looking for ways to improve our cost structure and improve our efficiency moving forward. We feel the actions that we took during the quarter are exactly that and will help us to continue to drive efficiency in the future. You asked the question about residencies and the efficiencies that they bring. There are certainly elements of that for our business. We’ve talked about the benefit of residencies and multi-night runs to artists as well. They’re able to not have to load in and load out as much venue-to-venue and travel.
It’s appealing for them and it’s certainly a benefit to us in terms of our offerings. We’ve had some success recently in residencies and in the upcoming bookings calendar we have a number of continued multi-night runs scheduled in the rest of the year. So I think there’s efficiencies on both sides, both from an artist standpoint and for us as a business to continuing to lean in and drive that business including helping us drive utilization as I just mentioned.
Ben Swinburne: Great. Thank you very much.
Dave Byrnes: You’re welcome.
Operator: Your next question comes from the line of David Karnovsky from J.P. Morgan. Your line is open.
