Financial Data and Key Metrics Changes - The company anticipates double-digit AOI growth for 2026, driven by strong visibility in sponsorship bookings and robust demand in concerts [6][7][11] - Ticketing is expected to show mid-single-digit growth, with some one-time headwinds affecting secondary ticketing [6][7] - GTV for ticketing grew by approximately 6% in the last year, with a 9% increase in concerts and a 1% decline in sports and other third-party events [32] Business Line Data and Key Metrics Changes - Sponsorship is projected to continue double-digit growth, with over 70% of bookings already secured [6] - Concerts are expected to see solid double-digit growth, with 80% of shows booked and strong demand across various venues [7][8] - The company is experiencing increased show counts in arenas and stadiums, particularly in the U.S. and Europe [8] Market Data and Key Metrics Changes - Demand for live events remains strong globally, with significant interest in both U.S. and international markets [10][11] - The company is focusing on expanding its presence in underdeveloped international markets, particularly in Europe and Latin America [39][40] Company Strategy and Development Direction - The company is committed to growing its Venue Nation division, with a focus on building and acquiring venues to enhance its portfolio [27][37] - There is a strategic emphasis on artist control over ticket sales and pricing, with ongoing initiatives to combat scalping and improve fan access [18][21] - The company is not looking to acquire venue management companies but prefers to own venues outright for better financial control [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth despite headwinds, citing strong demand and effective planning [6][11] - The company views the live entertainment industry as a continually growing sector, with increasing consumer demand and artist participation [10][11] - Recent legal rulings have reduced concerns about potential breakup risks related to monopoly claims, positively impacting the company's outlook [14][15] Other Important Information - The company is actively addressing secondary market issues and has implemented measures to limit broker sales on its platform, resulting in a significant reduction in tickets listed by brokers [18] - Management highlighted the importance of affordability in ticket pricing, noting that 75% of tickets sold in the U.S. are priced under $100 [26] Q&A Session Summary Question: Outlook for double-digit AOI growth in 2026 - Management provided insights into the expected contributions from different segments, emphasizing strong visibility in sponsorship and concert demand despite challenges in ticketing [5][6] Question: Impact of recent legal rulings on company structure - Management expressed satisfaction with the dismissal of monopoly claims, which alleviates breakup concerns and strengthens their market position [13][14] Question: Demand indicators and regional performance - Management reported consistent demand across various regions, with no signs of pullback in ticket sales, particularly for budget-conscious fans [26][50] Question: Venue Nation growth trajectory and international focus - Management discussed the ramp-up costs associated with Venue Nation and the potential for accelerated growth as new venues come online [37][39] Question: Differentiators for choosing Ticketmaster - Management highlighted that the primary reason venues choose Ticketmaster is its ability to sell more tickets effectively, supported by strong marketing and distribution capabilities [58][59]

Financial Data and Key Metrics Changes - The company reported a 6% growth in Gross Ticket Value (GTV) for the year, driven primarily by a 9% increase in concert ticket sales, while sports and other third-party sales experienced a 1% decline [31] - The company expects to see double-digit AOI growth in 2026, with strong visibility in the sponsorship segment, which is over 70% booked and running double digits ahead [5][4] Business Line Data and Key Metrics Changes - Sponsorship is expected to continue its double-digit growth, while ticketing is projected to have mid-single-digit growth with some one-time headwinds [5] - Concerts are anticipated to show solid double-digit growth, with 80% of shows already booked, indicating robust demand [6][7] Market Data and Key Metrics Changes - The U.S. market is seeing a shift towards more domestic-driven events, with arenas and stadiums both showing double-digit growth [7] - International markets, particularly in the U.K. and Europe, are experiencing strong growth in stadium business, contributing to overall supply-side growth [7][10] Company Strategy and Development Direction - The company is focused on expanding its Venue Nation division, with significant investments in new venues globally, particularly in underdeveloped international markets [39][27] - The company is actively working on initiatives to improve ticket sales and reduce scalping, supporting artists' control over ticket pricing and distribution [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth despite headwinds, citing strong demand and effective supply management [4][5] - The company is optimistic about the ongoing global growth in live events, with a focus on expanding into new markets and enhancing the fan experience [9][10] Other Important Information - The company received a favorable ruling regarding its market position, which diminishes concerns about potential breakup due to monopoly claims [12][13] - Ongoing initiatives to combat secondary market issues are showing positive results, with a significant reduction in tickets listed by brokers on the company's platform [16][17] Q&A Session Summary Question: Outlook for double-digit AOI growth in 2026 - Management highlighted strong visibility in sponsorship and concert segments, with confidence in achieving growth despite some headwinds [4][5] Question: Impact of recent legal rulings on company structure - Management expressed satisfaction with the ruling that dismissed monopoly claims, which reduces breakup risks [12][13] Question: Demand indicators and regional performance - Management noted consistent strong demand across various regions, with no pullback in budget-conscious ticket sales [24] Question: Venue Nation investments and international focus - Management confirmed a significant focus on international markets for Venue Nation, with plans for new venue acquisitions [39][46] Question: Differentiators for choosing Ticketmaster - The primary reason venues choose Ticketmaster is its ability to sell more tickets effectively, supported by strong marketing and distribution capabilities [58]