Please welcome to the stage Michael Eric Getty, co-founder and CEO of the area's Management corporation, and Tom Garfinkel, Vice Chairman and President and CEO of the Miami Dolphins and the Hard Rock Stadium and managing partner at the Formula One Crypto. com Miami Grand Prix. For a conversation with Bloomberg's Jason Kelly.All right, let him go. Light APPLAUSE. Listen, that's more than I got earlier, so you guys should feel really good.I'm so happy you're here. It's. We have so much to talk about in the wo ...

RT Bloomberg Live (@BloombergLive)From sold-out stadiums to record-breaking streams, the boom in live events and sports is reshaping the entertainment economy. Join @Lucas_Shaw at #BloombergScreentime, where we dive into what’s driving the surge—and what’s next for fans, brands, and broadcasters. https://t.co/HYjtxVNc7o ...

Live Events & Sports Boom - Live events and sports are reshaping the entertainment economy [1] - The surge in live events and sports impacts fans, brands, and broadcasters [1] Bloomberg Screentime Event - Bloomberg Screentime dives into the drivers of the surge in live events and sports [1] - Bloomberg Screentime explores what's next for fans, brands, and broadcasters in the entertainment economy [1]

Growth & Strategy - Netflix exceeded forecasts by leveraging live sports, events, and AI [1]

Financial Data and Key Metrics Changes - The company increased its full-year revenue guidance to $44.8 billion to $45.2 billion, up from the previous guidance of $43.5 billion to $44.5 billion, reflecting a $1 billion increase at the midpoint of the range [2][4] - The operating margin target for the full year was raised from 29% to 30%, with a 50 basis point increase in FX neutral margin attributed to stronger membership growth [4][8] - Operating expenses are largely unchanged, allowing higher revenues to flow through to profit margins [4][5] Business Line Data and Key Metrics Changes - The company reported healthy member growth, which exceeded expectations towards the end of Q2, contributing to the revised revenue forecast [3][4] - Ad sales are showing momentum, expected to roughly double revenue for the year, although starting from a small base [3][4] Market Data and Key Metrics Changes - Consumer sentiment remains stable, with no significant shifts in retention or plan mix noted, indicating resilience in the entertainment sector [10][11] - The company believes it offers significant entertainment value compared to traditional and other streaming competitors, maintaining strong demand [11] Company Strategy and Development Direction - The company is focusing on expanding its ad sales infrastructure and capabilities while managing content expenses, particularly in the second half of the year [6][7] - The strategy includes enhancing local content offerings through partnerships, such as the recent TF1 partnership in France, aimed at providing more variety and quality [33][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about engagement growth in the second half of the year, driven by a strong slate of content [19][20] - The company is confident in its ability to maintain and grow its market share as the industry shifts from linear to streaming [30][31] Other Important Information - The company is leveraging generative AI to enhance production capabilities and improve member experience, indicating a focus on innovation [74][78] - The company is exploring monetization opportunities in gaming, with plans to ramp up investment in this area [82][83] Q&A Session Summary Question: Why is the operating margin guidance for the full year only 30%? - Management indicated that the guidance is primarily due to timing, with content expenses expected to ramp up in Q3 and Q4 as major titles are released [6][8] Question: Can you share data points around your upfront negotiations? - The company reported that the majority of US upfront deals have been closed, generally in line with targets, and is on track to double its ad business this year [12][13] Question: How do you reconcile engagement growth year over year? - Management clarified that engagement is measured on an owner household basis, which has remained steady despite fluctuations in total view hours [18][19] Question: What is the rationale behind the TF1 partnership? - The partnership aims to expand the entertainment offering by providing more local content, leveraging existing capabilities [33][35] Question: How is the company approaching sports rights? - The company remains focused on ownable, big breakthrough events that resonate with audiences, while ensuring economic viability [39][40] Question: What investments have been made to increase live event capabilities? - Management noted that the company is building capabilities in-house while also partnering with established production entities to enhance live event quality [45][46] Question: What are the learnings from the success of K-Pop Demon Hunters? - The success of original animation indicates a strong market for innovative storytelling, and the company plans to explore more original animated features [52][54] Question: How does the new UI/UX impact live content? - The new UI is designed to enhance user experience and improve content discovery, which is crucial as the company expands into live content [61][63] Question: What are the generative AI initiatives? - The company is leveraging AI to improve production efficiency and enhance member experience through personalized recommendations [74][78] Question: What are the near-term monetization opportunities within gaming? - The company plans to ramp investment in gaming, focusing on delivering value to increase user acquisition and retention [82][83]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported $820 million in Marketplace Gross Order Value (GOV), a decrease of 20% year-over-year [12] - Total revenues for Q1 were $164 million, down 14% year-over-year [12] - Adjusted EBITDA for Q1 was $22 million, down from $39 million in the prior year [13] - The marketplace take rate increased to 16.3%, up 70 basis points from 15.6% in Q1 2024 [12] Business Line Data and Key Metrics Changes - Owned property revenues decreased by 14%, while private label revenues declined by 27% [12] - Marketplace orders were down 20% compared to Q1 2024, with average order size remaining flat year-over-year [12] Market Data and Key Metrics Changes - The company noted robust competitive intensity and softening industry trends amidst consumer uncertainty [5] - There was a bounce back in April after a softening in February and March, but overall consumer sentiment remains volatile [26] Company Strategy and Development Direction - The company is focused on cost discipline while making strategic investments in marketing and technology [6] - Upcoming app enhancements will aim to improve customer experience and engagement [6] - The company is committed to expanding its Total Addressable Market (TAM) and international capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term resilience of the live events industry despite current pressures [5] - The company is suspending guidance for the remainder of 2025 due to increased variability in the global economy and potential consumer softness [14] - Management emphasized the importance of operational discipline and strategic investments for long-term success [10] Other Important Information - The company repurchased $7 million worth of shares at an average price of $2.89 during the quarter [14] - The partnership with United Airlines is expected to contribute positively in the second half of 2025 [9] Q&A Session Summary Question: Can you elaborate on the competitive environment and performance marketing changes? - Management noted changes in the Google channel affecting data reporting, leading to increased bidding and decreased efficiency across the industry [20][21] Question: Have you seen any changes in industry expectations? - Management indicated a conservative approach due to broader economic conditions, with expectations for a flat to down industry [24][26] Question: Are artists delaying tours due to macro uncertainty? - Management acknowledged volatility in the industry, with some seasonal lows in market activity [29] Question: What are your thoughts on cash conversion to EBITDA and capital allocation? - Management expects limited cash generation for the year due to declining EBITDA and working capital pressures [38] Question: How do you view market share dynamics? - Management indicated that GOV being down 20% could reflect share impact, particularly from performance marketing channels [42][43] Question: Can you provide insights on the marketing channel mix? - Management is focusing on diversifying marketing channels and leveraging partnerships to mitigate competitive pressures [71][74] Question: What is the impact of regulatory changes on the industry? - Management supports regulations aimed at price transparency and believes it will create a level playing field [65][66]