Live Nation Entertainment Inc (LYV) 2021 Q1 法說會逐字稿

Good day, everyone. My name is Hector, and I will be your conference operator on today's call.

今天是個好日子。我叫赫克托，我將擔任今天電話會議的會議接線生。

At this time, I would like to welcome everyone to Live Nation Entertainment's First Quarter 2021 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

現在，我歡迎大家參加 Live Nation Entertainment 2021 年第一季財報電話會議。今天的會議正在錄製中。 （操作員說明）

Before we begin, Live Nation has asked me to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ, including statements related to the company's anticipated financial performance, business prospects, new developments and similar matters. Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on Form 10-K, 10-Q and 8-K for a description of risks and uncertainties that could impact the actual results.

在我們開始之前，Live Nation 請我提醒您，今天下午的電話會議將包含某些前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果有所不同，包括與公司預期財務業績、業務前景相關的陳述、新進展及類似事項。請參閱Live Nation 向SEC 提交的文件，包括該公司最新提交的10-K、10-Q 和8-K 表中包含的風險因素和警示性聲明，以了解可能影響實際結果的風險和不確定性的描述。

Live Nation will also refer to some non-GAAP measures on this call. In accordance with the SEC Regulation G, Live Nation has provided a full reconciliation to the most comparable GAAP measures in their earnings release. The release, reconciliation and other financial and statistical information to be discussed on this call can be found under the Financial Information section on Live Nation's website at investors.livenationentertainment.com.

Live Nation 也將在本次電話會議上提及一些非 GAAP 衡量標準。根據 SEC G 條例，Live Nation 在其收益報告中提供了與最具可比性的 GAAP 衡量標準的全面對帳。本次電話會議討論的發布、對帳以及其他財務和統計資訊可以在 Live Nation 網站 Investors.livenationentertainment.com 的財務資訊部分找到。

On today's call, we have with us Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment; and Joe Berchtold, President of Live Nation Entertainment.

參加今天的電話會議的還有 Live Nation Entertainment 總裁兼執行長 Michael Rapino；以及 Live Nation Entertainment 總裁 Joe Berchtold。

It is now my pleasure to turn the conference over to Michael Rapino. Please go ahead, sir.

現在我很高興將會議交給邁克爾·拉皮諾。請繼續，先生。

Good afternoon and thank you for joining us. When we spoke last in February, I was optimistic that we would soon be returning to live events. And since then, our confidence has increased for our key markets.

下午好，感謝您加入我們。當我們在二月上次交談時，我很樂觀地認為我們很快就會重返現場活動。從那時起，我們對主要市場的信心增強了。

In the U.S., over 40% of the population have received at least 1 vaccine dose, and most states are now fully or partially reopening with more restrictions being lifted daily. In the U.K., over 50% of the population has received at least 1 vaccine dose, and their reopening road map is tracking to plan. And although Europe remains a few months behind on vaccinations, they are progressing, and recent discussions about reopening to international visitors this summer are encouraging.

在美國，超過 40% 的人口至少接種了一劑疫苗，大多數州現已全部或部分重新開放，每天都會取消更多限制。在英國，超過 50% 的人口已接種至少 1 劑疫苗，他們的重新開放路線圖正在按計劃進行。儘管歐洲在疫苗接種方面仍落後幾個月，但它們正在取得進展，最近關於今年夏天向國際遊客重新開放的討論令人鼓舞。

Around the world, people are showing the need to get out and socialize once again, which reinforces our expectation that a return to concerts will be the logical progression as vaccines are readily available to everyone who wants one. This is generally already in the case in the U.S. where we are confidently planning our reopenings, particularly for outdoor shows. And we expect other major markets will follow this summer.

在世界各地，人們都表現出再次出去社交的需要，這強化了我們的預期，即重返音樂會將是合乎邏輯的進展，因為每個想要疫苗的人都可以隨時獲得疫苗。在美國，這種情況已經普遍存在，我們正在自信地計劃重新開放，特別是戶外表演。我們預計其他主要市場將在今年夏天跟進。

Alongside these trends, we are seeing the effects of significant pent-up demand. The fans are buying tickets, and events are selling out faster than ever. In the U.S., Bonnaroo, Electric Daisy and Rolling Loud festivals all sold out in record times at full capacity. In the U.K., we have 11 festivals planned this summer, including our largest ones, Reading, Leeds and Parklife, where tickets are already sold out. New Zealand, the country's largest festival, Rhythm and Vines, quickly sold out. And as we get further clarity on reopening time lines, we are announcing more tours for late this summer, including Dave Matthews, Luke Bryan, Maroon 5 and others to come, showing artists' increasing confidence in performing this summer.

除了這些趨勢之外，我們還看到了巨大的被壓抑需求的影響。粉絲們正在購買門票，活動門票的銷售速度也比以往任何時候都快。在美國，Bonnaroo、Electric Daisy 和 Rolling Loud 音樂節的門票全部以破紀錄的速度售空。在英國，我們計劃今年夏天舉辦 11 個音樂節，其中包括規模最大的雷丁音樂節、利茲音樂節和 Parklife 音樂節，這些音樂節的門票已經售罄。紐西蘭最大的音樂節 Rhythm and Vines 很快就賣完了。隨著重新開放時間線的進一步明確，我們宣布將在今年夏末舉辦更多巡演，其中包括戴夫·馬修斯(Dave Matthews)、盧克·布萊恩(Luke Bryan)、Maroon 5 等，這顯示藝術家們對今年夏天的演出信心不斷增強。

Given the longer lead times associated with global arena and stadium tours, we expect these will start later this year and into 2022. As we've discussed, we are already seeing confirmed major tour dates for 2022, up double digits from the same time prepandemic. Many of these artists will have multiyear tours spanning in the U.S., Europe and often Asia or Latin America, setting up for a strong multiyear growth run.

鑑於全球競技場和體育場巡演所需的準備時間較長，我們預計這些巡演將於今年晚些時候開始，直至2022 年。正如我們所討論的，我們已經看到2022 年主要巡演日期已確定，較疫情前同期增加了兩位數。其中許多藝術家將在美國、歐洲、亞洲或拉丁美洲進行多年巡演，為多年的強勁成長奠定基礎。

Complementing our event pipeline, Ticketmaster continues to build its global client base to further accelerate its growth. This year, we have already added new clients representing over 5 million net new fee-bearing tickets, which we expect to grow further throughout the year as more venues prefer for 2022. And with Ticketmaster's client base increasingly shifting to digital ticketing, we continue to enhance our offering, ranging from upsell and improved advertising opportunities as well as blockchain and NFT ability at the Ticketmaster platform.

為了補充我們的活動管道，Ticketmaster 繼續建立其全球客戶群，以進一步加速其成長。今年，我們已經增加了新客戶，代表著超過500 萬張淨新收費門票，隨著更多場館青睞2022 年，我們預計這一數字將在全年進一步增長。隨著Ticketmaster 的客戶群越來越多地轉向數位票務，我們將繼續增強我們的產品，包括追加銷售和改進的廣告機會以及 Ticketmaster 平台上的區塊鏈和 NFT 能力。

Our brand partners remain engaged and are responding well to our reopening. And like our concert business, our sponsorship pipeline of committed activity for 2022 is up double digits for next year relative to where it was prepandemic. Like so many of you, I'm excited to go back to concerts over the next few months and even more excited to see what I expect to be a nonstop 2022 that continues roaring into '23 and beyond.

我們的品牌合作夥伴仍然積極參與，並對我們的重新開業做出了良好的反應。與我們的音樂會業務一樣，我們 2022 年承諾活動的贊助管道與疫情大流行前相比，明年將成長兩位數。和你們許多人一樣，我很高興能在接下來的幾個月重返音樂會，更興奮的是看到我所期望的 2022 年將持續轟鳴到 23 年及以後。

With that, I will turn it over to Joe for more detail on our operating results.

這樣，我會將其轉交給喬，以了解有關我們經營業績的更多詳細資訊。

Thanks, Michael, and good afternoon, everyone.

謝謝邁克爾，大家下午好。

As we have done over the past few quarters, we've added some tables at the back of our earnings release to reconcile in more detail some of the numbers I will refer to today.

正如我們在過去幾個季度所做的那樣，我們在收益發布的後面添加了一些表格，以更詳細地協調我今天將提到的一些數字。

For the first quarter, all the key costs and cash numbers improved relative to Q4 2020 and are at or better than what we expected at the start of the quarter. We remain confident that our actions taken to cut costs and increase liquidity will provide us with the runway we need until we bring shows back, which will begin to scale in key markets outdoor this summer.

第一季度，所有關鍵成本和現金數字相對 2020 年第四季都有所改善，達到或優於我們在季度初的預期。我們仍然相信，我們為削減成本和增加流動性而採取的行動將為我們提供所需的跑道，直到我們重新舉辦演出，今年夏天，演出將開始在主要戶外市場擴大規模。

As we move toward reopening, we continue to balance strong cost and cash management. We're now making the necessary investments to grow the business. While we expect the second quarter to be our first year-on-year improvement since Q4 of 2019 and to also be generating positive AOI through the second half of the year, we still plan on reducing costs this year by $750 million and reducing cash spend by $1.5 billion relative to prepandemic plans.

隨著我們重新開業，我們將繼續平衡強大的成本和現金管理。我們現在正在進行必要的投資來發展業務。雖然我們預計第二季將是自 2019 年第四季以來的首次同比改善，並且在下半年也將產生積極的 AOI，但我們仍計劃今年削減 7.5 億美元的成本並減少現金支出相對於大流行前的計劃增加了15 億美元。

Looking at our Q1 AOI results. Our AOI loss for the quarter was $152 million, which consisted of $323 million in operational fixed costs and $171 million of contribution margin, which included $149 million from operations, along with various onetime items, including insurance recoveries.

看看我們第一季的 AOI 結果。本季我們的 AOI 損失為 1.52 億美元，其中包括 3.23 億美元的營運固定成本和 1.71 億美元的邊際貢獻，其中包括來自營運的 1.49 億美元，以及包括保險賠償在內的各種一次性項目。

Ticketmaster's ticket sales began to pick up at the beginning of March, particularly in the U.S., with weekly ticket sale count significantly ramping as concert on sales have restarted, including the Bad Bunny on sale, which was the top Ticketmaster artist on sale day since 2018. As Michael noted, sales for our Live Nation festivals and concerts have been strong, demonstrating the tremendous pent-up demand for our shows, with many festivals selling out in record time and a number of tours substantially overperforming relative to their historical levels.

Ticketmaster 的門票銷售量從3 月初開始回升，尤其是在美國，隨著演唱會重新開始銷售，每週的門票銷售量顯著增加，其中包括《壞兔子》的銷售，這是自2018 年以來Ticketmaster銷售日中銷量最高的藝術家正如邁克爾指出的那樣，我們的Live Nation 音樂節和音樂會的銷售一直很強勁，這表明了對我們演出的巨大的被壓抑的需求，許多音樂節的門票都在創紀錄的時間內售罄，而許多巡演的表現也遠遠超出了歷史水平。

And our artist management and merchandise businesses also grew their contribution margin relative to the fourth quarter of last year. And our artist management businesses, artists continue to generate revenue through nontrain activity, including publishing rights, while our merchandise business has grown its retail and e-commerce businesses.

與去年第四季相比，我們的藝人管理和商品業務的貢獻率也有所成長。在我們的藝術家管理業務中，藝術家繼續透過包括出版權在內的非培訓活動產生收入，而我們的商品業務則發展了零售和電子商務業務。

Looking at free cash and liquidity. We ended the first quarter with $1.1 billion in free cash compared to $643 million at the end of 2020, an increase of $462 million. Our free cash, along with $964 million of available debt capacity, gives us $2.1 billion in readily available liquidity, up from $1.6 billion at the end of 2020. Benefiting our free cash position, in January, we raised $417 million of net debt, and we had a $181 million timing benefit, largely associated with deferred revenue classification.

著眼於自由現金和流動性。第一季結束時，我們的自由現金為 11 億美元，與 2020 年底的 6.43 億美元相比，增加了 4.62 億美元。我們的自由現金加上9.64 億美元的可用債務能力，為我們提供了21 億美元的可用流動性，高於2020 年底的16 億美元。由於我們的自由現金狀況，1 月份我們籌集了4.17億美元的淨債務，並且我們獲得了 1.81 億美元的時間收益，主要與遞延收入分類相關。

Our total free cash usage in the quarter was $136 million or $45 million per month, which included $100 million per month of average operational burn, roughly in line with Q4, plus another $4 million per month of nonoperational cash costs to get us to $104 million average per month in gross burn. This gross burn includes the benefits we realized from the sale of a nonstrategic minority investment and timing on interest payments and severance costs. And in Q1, we had $59 million average cash contribution margin per month, roughly 50% higher CM than we averaged in Q4.

本季我們的自由現金使用總額為1.36 億美元，即每月4,500 萬美元，其中包括每月1 億美元的平均營運消耗，與第四季大致一致，加上每月400 萬美元的非營運現金成本，使我們達到1.04 億美元每月平均總燒傷量。這項總消耗包括我們從出售非策略性少數股權投資以及支付利息和遣散費的時間中實現的收益。第一季度，我們每月平均現金貢獻利潤為 5,900 萬美元，比第四季度的平均現金貢獻利潤率高出約 50%。

Now on the other balance sheet items, ticket refunds. The global refund rate for Live Nation concerts that are rescheduled and are in or have gone through a refund window or windows was unchanged from the prior quarter at 17% through the end of Q1. For tours that have gone for a second refund window, the refund levels continue to generally be much lower for the second window as the casual fans requested their refunds during the first window. On our festivals where fans were able to retain their tickets for the next scheduled event, 65% of fans are doing so.

現在在資產負債表的其他項目上，機票退款。截至第一季末，重新安排的 Live Nation 音樂會的全球退款率與上一季持平，為 17%。對於已經進入第二個退款窗口的巡演，第二個窗口的退款水平通常仍然要低得多，因為休閒粉絲在第一個窗口期間要求退款。在我們的音樂節上，65% 的粉絲能夠保留下一場預定活動的門票。

On deferred revenue, at the end of the first quarter, event-related deferred revenue for shows that will play in the next 12 months was $1.5 billion, the same as at the end of Q4. Ticket sales in the first quarter were $200 million, but this was offset largely by a shift of deferred revenue from short term to long term for shows that were rescheduled into 2022. This long-term deferred revenue will then largely shift back to short term during Q2 and Q3, reversing the timing benefit in free cash this quarter.

在遞延收入方面，第一季末，未來 12 個月內播出的節目與賽事相關的遞延收入為 15 億美元，與第四季末相同。第一季的門票銷售額為2 億美元，但這在很大程度上被重新安排到2022 年的演出的遞延收入從短期轉向長期所抵消。這種長期遞延收入將在2022 年期間大部分轉回短期。第二季和第三季度，扭轉了本季自由現金的時間優勢。

Finally, looking forward, as Michael said, we continue to expect concerts to scale this summer in key markets, notably outdoor, and led by the U.S. and U.K. Given this expected activity through Q2, we will continue to ramp up our operations, enabling Ticketmaster to run its own sales, the concerts division to staff up for the amphitheater and festival season, and sponsorship staff to support delivery for brands of these events. Between this ramp-up and the reversion of some of the Q1 timing benefits, we expect the average monthly net burn for the first half of 2021 to be roughly in line with Q4 of last year.

最後，正如邁克爾所說，展望未來，我們仍然預計今年夏天音樂會將在主要市場（尤其是戶外市場）擴大規模，並以美國和英國為首。考慮到第二季度的預期活動，我們將繼續擴大運營，使Ticketmaster為了進行自己的銷售，音樂會部門為露天劇場和節日季節配備了工作人員，並贊助了支持這些活動品牌的交付的工作人員。在這種成長和第一季部分時間效益的恢復之間，我們預計 2021 年上半年的平均月度淨消耗將與去年第四季大致一致。

With that, let me turn the call back over to Michael.

接下來，讓我把電話轉回給麥可。

Before taking questions, I wanted to cover one other thing. Kathy Willard, our CFO for the past 15 years, will be retiring as of June 30. She will be then staying on as an adviser throughout the end of the year. As of July 1, the plan is for Joe Berchtold to become CFO.

在回答問題之前，我想先談談另一件事。過去 15 年擔任我們財務長的凱西·威拉德 (Kathy Willard) 將於 6 月 30 日退休。她將在年底繼續擔任顧問。截至 7 月 1 日，Joe Berchtold 計劃擔任財務長。

Kathy, as you know, has been an invaluable part of our executive team for the past 15 years and been with Live Nation for over 20. We are a much stronger company because of her, not just from her role as CFO, but as a champion for women at the company and the industry, an important adviser to me on a range of issues. Because she built such an effective finance organization, I'm confident we will remain in good shape as Joe steps in. He and Kathy have been working together closely for over a decade now, and he has gotten more deeply involved over the past year as we have been planning this transition.

如您所知，Kathy 在過去15 年中一直是我們執行團隊中的重要組成部分，並在Live Nation 工作了20 多年。因為她，我們成為一家更強大的公司，不僅因為她擔任財務官，也因為她作為公司和產業中女性的擁護者，是我在一系列議題上的重要顧問。因為她建立瞭如此有效的財務組織，所以我相信在喬介入後我們將保持良好的狀態。他和凱西已經密切合作十多年了，在過去的一年裡，他更加深入地參與其中我們一直在計劃這一轉變。

In addition, late last year, we elevated [Jackie Viato] to EVP of Operations to take on greater responsibility and give Joe the bandwidth he will need for the job. More than anything, I want to thank Kathy for her impact on the company, her commitment and her friendship.

此外，去年年底，我們將 [Jackie Viato] 提升為營運執行副總裁，以承擔更大的責任，並為 Joe 提供工作所需的頻寬。最重要的是，我要感謝凱西對公司的影響、她的承諾和她的友誼。

Operator, let's open the call for questions.

接線員，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of David Karnovsky with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的大衛·卡諾夫斯基（David Karnovsky）。

Kathy, if you're on the call, good luck, and you'll be missed.

凱西，如果您正在通話，祝您好運，我們會想念您的。

I guess with regards to the summer, early fall, Mike or Joe, can you provide a sense for how much is booked at this point relative to a normal year in the U.S. or U.K.? And just given the lead time, how much room do you have to still kind of ramp that higher should conditions improve further from here?

我想關於夏季、初秋，麥克或喬，您能否提供一下相對於美國或英國正常年份此時的預訂量？考慮到提前期，如果情況進一步改善，您還有多少空間可以達到更高的坡度？

Yes. This is Joe, David. I'd say that the summer and early fall next 3 to 4 months is largely booked. We obviously have a lot that is shifted from last year into this year. We've added some tours. We've also added a number of festivals, all of which have been selling well. So the typical amp show is probably a couple of months lead time. So I think we'll still have room to be adding more as we get into August and September. But the majority of it has been booked at this point.

是的。這是喬，大衛。我想說，接下來的 3 到 4 個月的夏季和初秋，大部分都被預訂了。顯然，我們有很多事情從去年轉移到了今年。我們添加了一些遊覽。我們還增加了一些節日，所有這些節日都賣得很好。因此，典型的擴大機展示可能需要幾個月的準備時間。因此，我認為進入八月和九月時，我們仍然有增加更多的空間。但目前大部分已預訂。

Okay. And then can you maybe just expand a bit and review foreign landscape in the next 12 to 18 months just given all the supply that's built on? And how do you expect to kind of efficiently allocate out all the tours? Are there any capacity constraints, not necessarily in terms of venues, but just in terms of maybe like a weekend nights that are available?

好的。然後，考慮到現有的所有供應，您是否可以在未來 12 到 18 個月內擴大一點並回顧國外的情況？您希望如何有效地分配所有旅行？是否有容量限制，不一定是在場地方面，而只是在週末晚上可用方面？

Yes. We're currently in that good position. We have lots of great conversations with probably every artists you can imagine, talking about when they're going to be back on the road. An artist typically tours once every 3 years on a cycle, so we're kind of condensing 2021 and '22.

是的。我們目前處於這樣的有利位置。我們可能與你能想像到的每一位藝術家進行了很多精彩的對話，談論他們什麼時候會重新上路。藝術家通常每 3 年巡迴一次，因此我們將 2021 年和 '22 年濃縮在一起。

So the good news is we got incredible supply. Now we're just starting through what makes sense to go out in '20 -- at the end of '21 still into '22. And some artists, we're talking about moving into '23. So I would say the artists are patient, and they're smart in terms of what their cycle is predicting. Maybe they have a record coming out in the fall, maybe it's in Q1.

所以好消息是我們獲得了令人難以置信的供應。現在我們才剛開始了解 20 年的有意義的事情——在 21 年底仍然進入 22 年。對於一些藝術家，我們正在談論進入 23 年。所以我想說，藝術家們很有耐心，而且他們對週期的預測也很聰明。也許他們會在秋季發布一張唱片，也許是在第一季。

So right now, we have great supply. We don't have any issues in terms of availability, but we're also not looking to cram everything in 3 years into 1 year. We're looking to stage a good '22 into '23 year. So when you spread it over those 2 years, you find enough Fridays and enough weekends and enough rooting challenges come to be solved that way.

所以現在我們有充足的供應。我們在可用性方面沒有任何問題，但我們也不打算將 3 年內的所有內容塞到 1 年內。我們希望在 22 到 23 年間上演精彩的表演。因此，當你將其分散到這兩年時，你會發現足夠的周五和周末以及足夠的生根挑戰都可以透過這種方式解決。

Okay. And if I could just sneak one more in. I guess as content activity is now ramping up, can you maybe just discuss a little bit about what the process has been like for Live Nation? What are you finding that you can do differently versus prior to the pandemic? And maybe just what your overall confidence level is in hitting your prior target for structural cost savings?

好的。如果我能再偷偷地加入一次的話。我想隨著內容活動現在正在增加，您能否稍微討論一下 Live Nation 的流程是怎樣的？您發現與大流行之前相比，您可以做哪些不同的事情？也許您對實現先前的結構性成本節約目標的整體信心水平是多少？

Yes. We're very confident we're going to hit the structural $200 million cost savings we've given you. As we've talked about, we've done it the opposite way, which is we took $950 million of costs out. And so now it's a matter of how we let $750 million of costs back in over a period of time. So that gives us -- that makes it more real, if you will.

是的。我們非常有信心能夠實現為您節省 2 億美元的結構性成本。正如我們所討論的，我們採取了相反的方式，即我們削減了 9.5 億美元的成本。因此，現在的問題是我們如何在一段時間內收回 7.5 億美元的成本。所以這給了我們——如果你願意的話，這讓它變得更加真實。

We've done a number of things. On the ticketing side, we've talked about -- we've shifted that to a truly global organization as part of moving to a true single approach on the marketplace, on the enterprise and on all the technology. On the concert side, we have a long-standing local network, which is very important to continue to understand the markets. With 80% of your shows now booked via tours, you don't need to have an entire infrastructure in every local market.

我們已經做了很多事情。在票務方面，我們已經討論過——我們已經將其轉變為真正的全球組織，作為在市場、企業和所有技術上轉向真正單一方法的一部分。在音樂會方面，我們擁有長期的在地網絡，這對於持續了解市場非常重要。現在您 80% 的演出都是透過旅遊預訂的，因此您無需在每個當地市場都擁有完整的基礎設施。

So we've been seeing that there are ways of streamlining it. And when we were growing double digits every year through most of the last decade, it wasn't worth the potential disruption. But as we've stopped, we've asked ourselves what's the best way to do this rebuilding from the ground up, and we're very confident it's going to deliver those savings and be an even more effective organization for driving future growth.

所以我們已經看到有一些方法可以簡化它。當我們在過去十年的大部分時間裡每年都以兩位數增長時，潛在的破壞是不值得的。但當我們停下來時，我們問自己從頭開始重建的最佳方式是什麼，我們非常有信心它將實現這些節省，並成為一個更有效的組織來推動未來的成長。

And just to add to Joe, I think there's 2 ways to look at the business. We got -- we had a great workout testing a new muscle for the last 12 months in terms of our balance sheet, our fixed costs and how we can become more efficient. And I think that you're going to see come to life through our $200 million plus.

補充一下喬的話，我認為有兩種看待業務的方法。在過去的 12 個月裡，我們在資產負債表、固定成本以及如何提高效率方面進行了一次很好的鍛煉，測試了新的力量。我認為，透過我們超過 2 億美元的投入，您將看到這一目標的實現。

But I think the real win of the downtime was what is the new products of the kind of Live Nation 3.0, what else are we going to do with this incredible scale we have across our consumer base. So I would say whether it's sponsorship, concerts or Ticketmaster, we would have a new level of new products in the pipe that we had not historically had the time nor the skill set, set to kind of unlock. So I'm very confident over the next couple of years we're going to see some exciting new things coming out of the concert division.

但我認為，停機時間的真正勝利在於 Live Nation 3.0 類型的新產品是什麼，我們還能利用我們在消費者基礎上擁有的令人難以置信的規模做什麼。所以我想說，無論是贊助、音樂會還是Ticketmaster，我們都會有一個新水平的新產品正在醞釀中，而我們過去沒有時間和技能來解鎖這些產品。因此，我非常有信心在接下來的幾年裡，我們將看到音樂會部門出現一些令人興奮的新事物。

Our consumer side of the business, our subscription business, our Ticketmaster business, our new ad business models we're looking at. So a bunch of exciting ideas now finally had months and months to put some people around and some skill set that we've acquired to advance that part of our business. So we look at the future as not only can we run the largest concert company in the world more efficiently and the best at it, but also what other new products will drive our business to think differently about the customer and the artist.

我們的消費者業務、訂閱業務、Ticketmaster 業務以及我們正在研究的新廣告業務模式。因此，現在終於有了一堆令人興奮的想法，需要幾個月的時間來安排一些人員和一些我們已經獲得的技能來推進我們這部分業務的發展。因此，我們展望未來，不僅能夠更有效率、更擅長地經營世界上最大的音樂會公司，還有哪些新產品將推動我們的業務以不同的方式思考客戶和藝術家。

Your next question comes from the line of Brandon Ross with LightShed Partners.

您的下一個問題來自 LightShed Partners 的 Brandon Ross。

Just -- I guess you just mentioned Live Nation 3.0. So I figured I'd take it to Web 3.0. And you earlier mentioned the digital ticket and the ability to now integrate the blockchain. I was wondering if you could help us understand what the extra advantages are to utilizing the blockchain versus your current version of the digital ticket and maybe how heavy of a lift that is for you and what tech do you plan to use.

只是——我猜你剛剛提到了 Live Nation 3.0。所以我想我應該把它帶入 Web 3.0。您之前提到了數位票證以及現在整合區塊鏈的能力。我想知道您是否可以幫助我們了解使用區塊鏈與當前版本的數位票證相比有哪些額外優勢，以及這對您來說有多大的負擔以及您計劃使用什麼技術。

Thanks, Brandon. It's a great question. We get asked it every day, and I read a new article every day on all the great things it's going to solve. So let's step back. I mean, blockchain, we think it's a very exciting technology. We're currently using blockchain technology in our products, been invested in this business for a few years now, and we think it's a great technology that will help our business.

謝謝，布蘭登。這是一個很好的問題。我們每天都會被問到這個問題，我每天都會讀一篇新文章，了解它將解決的所有偉大問題。那麼讓我們退後一步。我的意思是，區塊鏈，我們認為這是一項非常令人興奮的技術。我們目前正在我們的產品中使用區塊鏈技術，已經在這項業務上投資了幾年，我們認為這是一項偉大的技術，將有助於我們的業務。

I would step back from what are the problems that we're trying to solve or what are the opportunities that blockchain specifically brings to the ticketing business. One of the great advantages in the industry is when we went from a PDF to a digital ticket, we unlocked a lot of what you keep reading about the blockchain is going to do in the future.

我想先回顧一下我們正在努力解決的問題是什麼，或者區塊鏈專門為票務業務帶來的機會是什麼。該行業的一大優勢是，當我們從 PDF 轉向數位票證時，我們解鎖了您不斷閱讀的有關區塊鏈未來的許多功能。

So the digital ticket or your mobile ticket that you're now buying has solved the biggest problem that unlocked, we've been talking about this for 2 years, identity. Identity for us, the fan, the artist, the team and the venue, knowing who sits on that seat, who's actually coming to the venue, having a communication directly with them, having a verified ticket, being able to trade that ticket, putting rules on that ticket. You currently do that now. If you want to. Can you transfer it? Can you transfer it with a certain cap, all of those things that content could decide to do if they wanted to with a digital ticket.

因此，您現在購買的數位門票或行動門票已經解決了解鎖的最大問題，我們已經討論了兩年了，身份。我們、粉絲、藝術家、團隊和場地的身份，知道誰坐在那個座位上，誰實際上來到場地，直接與他們溝通，擁有經過驗證的門票，能夠交易該門票，把該票上的規則。您現在就這樣做。如果你想。可以轉讓嗎？你能在一定的上限下轉移它嗎？如果內容想要用數位票證的話，他們可以決定做所有這些事情。

And the service fee, I read about being reduced. I mean, the service fee could be reduced tomorrow. It's just a function of the venue. Not the ticket company. So digital ticket and moving from the old PDF model that historically ran the industry has been achieved to date. We've been talking the last couple of years about the progression of adoption.

至於服務費，我讀到有減少的消息。我的意思是，明天服務費可能會降低。這只是場地的功能。不是票務公司。因此，迄今為止，數位票證和擺脫過去運行該行業的舊 PDF 模型的目標已經實現。過去幾年我們一直在討論採用的進展。

COVID, obviously, has really sped that up. Most ticket access now does not want to be in the contact business. So having a ticket on your mobile phone, walking into that venue and then being able to buy a drink, communicate with each other, upsell. You name the ideas that when you have a direct communication with your fan, those are all being unlocked right now by sports teams, by venues and artists.

顯然，新冠疫情確實加速了這一進程。現在大多數票務接入都不想從事聯繫業務。因此，你的手機上有一張門票，走進那個場地，然後就可以買一杯飲料，互相交流，進行追加銷售。你提到的想法是，當你與粉絲直接溝通時，運動隊、場館和藝術家都會立即解鎖這些想法。

So we think the blockchain technology is a great part of a technology solution to keep providing a better communication and identity platform for the fan. But that's already in place. There's nothing blockchain would bring to that, that we can't -- or others have currently achieved. So we'll continue to lose blockchain to supplement and augment our platform and continue to look to be better at it. And we'll -- we think the great opportunity in ticketing, just getting this full access.

因此，我們認為區塊鏈技術是技術解決方案的重要組成部分，可以持續為粉絲提供更好的溝通和身分平台。但這已經就位了。區塊鏈所能帶來的一切都是我們無法實現的——或者其他人目前已經實現的。因此，我們將繼續失去區塊鏈來補充和增強我們的平台，並繼續尋求做得更好。我們認為，獲得完整的存取權限是票務領域的絕佳機會。

I would step back -- and Brandon, you and I have talked about this before in terms of what does the ticket company do? I mean, quite honestly, selling the ticket is the easiest part of being a ticketing company. When we talk to clients, they don't pick us because we can sell a ticket. They pick us because we have marketing and distribution reach. They pick us because we have one of the largest marketplaces in the world to help them sell tickets. They pick us because we have a secure, great technology platform that can plug and play with their APIs and their databases and their consumer needs. And they also pick us because it's a financing mechanism.

我想退後一步——布蘭登，你和我之前已經討論過票務公司做什麼的問題？我的意思是，老實說，銷售門票是作為票務公司最簡單的部分。當我們與客戶交談時，他們不會因為我們可以賣票而選擇我們。他們選擇我們是因為我們擁有行銷和分銷範圍。他們選擇我們是因為我們擁有世界上最大的市場之一來幫助他們銷售門票。他們選擇我們是因為我們擁有一個安全、優秀的技術平台，可以即插即用，滿足他們的 API、資料庫和消費者需求。他們選擇我們也因為這是一種融資機制。

A ticketing business is about financing the venues, and it's exchanging that for ticketing rights. So it's a full bundle to be a ticketing company, and that's what Ticketmaster has delivered so successfully for so many years. And we'll continue to think -- lead with blockchain and bringing identity and all of the transparency and benefit that now having that ticket with an ownership to market.

票務業務的目的是為場館提供資金，並將其換取票務權。因此，成為票務公司是一個完整的捆綁服務，這也是 Ticketmaster 多年來所成功提供的服務。我們將繼續思考——以區塊鏈為主導，帶來身份以及所有透明度和好處，現在擁有擁有所有權的門票。

And can you maybe talk a little bit about the collectibles angle to it? Obviously, NFTs are very popular right now. How does that integrate into your ticketing system? Or is that something that would be separate from Ticketmaster?

能談談收藏品的角度嗎？顯然，NFT 目前非常流行。它如何整合到您的票務系統中？或者說這與 Ticketmaster 是分開的？

Right. No, that's -- and we think that's the great opportunity. NFTs are just another way of saying, can I add value to the customer relationship? Can I put a contract or privileges on that ticket for the customer? And that's a great mechanism, and it's a great vehicle.

正確的。不，那是——我們認為這是一個很好的機會。 NFT 只是另一種說法，我可以為顧客關係增加價值嗎？我可以為客戶在該機票上添加合約或特權嗎？這是一個很棒的機制，也是一個很棒的工具。

I mean, whether we sell a T-shirt to that customer coming into a concert or we sell them a PDF with a unique piece of artwork or a concert moment, it's another mechanism to engage your customer, find unique products that will let those magic memories of that event live on. So macro level, we're always in the business of figuring out what else can we add to that experience that the customer would engage in to kind of cement that magic moment called the concert.

我的意思是，無論我們向參加音樂會的客戶出售一件T 卹，還是向他們出售包含獨特藝術品或音樂會時刻的PDF，這都是吸引客戶的另一種機制，找到獨特的產品，讓這些魔力發揮作用那次事件的記憶依然存在。因此，宏觀層面上，我們始終致力於弄清楚我們還可以在客戶參與的體驗中添加什麼，以鞏固稱為音樂會的神奇時刻。

So NFTs, specifically, on Ticketmaster side, they're working already with sports teams and festivals and everyone else about how they would -- how they can layer an NFT on a ticket. You can mint a ticket and mint an NFT right on top of a Ticketmaster platform and deliver it how you want. So that's -- Ticketmaster will be in the delivery business using their ticket -- digital ticket, blockchain. And then as the customer creates its own NFT, we can sell those and bridge those together on whatever minting system and/or marketplace they use.

因此，NFT，特別是在 Ticketmaster 方面，他們已經與運動隊、節日和其他所有人合作，討論如何將 NFT 疊加在門票上。您可以直接在 Ticketmaster 平台上鑄造門票並鑄造 NFT，並按照您想要的方式交付。所以，Ticketmaster 將使用他們的票證——數位票證、區塊鏈來開展交付業務。然後，當客戶創建自己的 NFT 時，我們可以出售這些 NFT，並在他們使用的任何鑄幣系統和/或市場上將它們橋接在一起。

On the Live Nation side, we're deep in exploration. We have a great team that's been working on this and working with the Mark Cubans of the world and others who are smart in this space. And I think you'll see us come out with an interesting Live Nation concert NFT angle. We think it's a great way for us to engage with our fans using that NFT and that direct relationship now to add rewards, add perks, add souvenir moments. We've all learned from top shops at the NBA, so we envision Live Nation with the marketplace and looking at some of its concert moments as magic moments that we could mint and attach to our ongoing ticket festivals and special moments.

在 Live Nation 方面，我們正在深入探索。我們擁有一支出色的團隊，一直致力於這項工作，並與世界各地的馬克·庫班人和該領域的其他聰明人合作。我想你會看到我們提出一個有趣的 Live Nation 音樂會 NFT 角度。我們認為，這是我們利用 NFT 和現在的直接關係與粉絲互動的好方法，可以增加獎勵、福利和紀念時刻。我們都從NBA 的頂級商店學習過，因此我們設想Live Nation 與市場的結合，並將其一些音樂會時刻視為神奇的時刻，我們可以鑄造這些時刻並將其附加到我們正在進行的票務節和特殊時刻中。

So we think it's -- if you have IP, we think it's an exciting time to use that IP to create some exciting moments with fans that can trade it ongoing and live that moment and kind of cement that relationship they have with that July 16th first concert back at Jones Beach, and I got an NFT and a special souvenir ticket that's mine forever. I can trade it. I can put it in my wallet and own that moment forever.

所以我們認為，如果你有IP，我們認為這是一個激動人心的時刻，可以利用該IP 與粉絲一起創造一些激動人心的時刻，他們可以不斷地交易它並體驗那個時刻，並首先鞏固他們與7月16 日之間的關係回到瓊斯海灘的音樂會，我得到了一張 NFT 和一張永遠屬於我的特殊紀念券。我可以交易它。我可以把它放在錢包裡，永遠擁有那一刻。

So we think it's a fabulous moment to take a boring PDF and turn it into a magic souvenir with unlimited ideas on how you can bring that to life for the fan. So we think it's an exciting time. We think we'll be able to use our scalable IP to launch our own ways to engage with the fan in this space as well as empowering our artists through our management company that we've been doing to date.

因此，我們認為這是一個美妙的時刻，可以將一份無聊的 PDF 變成一份神奇的紀念品，並提供無限的想法，讓粉絲們知道如何將其變為現實。所以我們認為這是一個激動人心的時刻。我們認為，我們將能夠利用我們可擴展的知識產權推出我們自己的方式來與這個領域的粉絲互動，並透過我們迄今為止一直在做的管理公司為我們的藝術家提供支持。

Makes sense. And then I guess while we're on ticketing, just one last one. With the Vivid spec, thought maybe it would be a good time to get some updated -- your updated thoughts on the secondary ticketing market.

說得通。然後我想當我們在售票時，只是最後一張。有了 Vivid 規範，我想也許現在是獲得一些更新的好時機——您對二級票務市場的最新想法。

Do you see that as a growth market, I guess, as an industry, first of all? And then for Ticketmaster, secondly, and kind of maybe how you see the competitive landscape in that arena now?

我想，您首先認為這是一個成長市場嗎？作為一個產業？其次，對於 Ticketmaster，您現在如何看待該領域的競爭格局？

Yes. We absolutely believe in the secondary market. It's another set of distribution platforms of getting tickets in the hands of fans. For all the reasons Michael talked about in terms of digital ticketing and identity, we think that more and more of the control over secondary will go to content, the sports teams and the artists as they have wide set of agendas in terms of what they'd like to accomplish and how they'd like to have the relationship with their fans.

是的。我們絕對相信二級市場。這是另一套讓粉絲拿到門票的發行平台。出於邁克爾在數位票務和身份方面談到的所有原因，我們認為對二級內容的控制將越來越多地轉向內容、運動團隊和藝術家，因為他們在內容方面有廣泛的議程。他們想要實現的目標以及他們希望如何與粉絲建立關係。

So we think there's some evolution as it goes to digital ticketing, and we absolutely support the content, having more control over how that happens. We support there being more transparency in secondary. But we think it's here to stay, and it will continue to be an important distribution platform. We'll continue to focus on pricing to get as much of the value of those tickets in the hands of fans as we can.

因此，我們認為數位票務正在發生一些演變，我們絕對支持內容，並且可以更好地控制其發生方式。我們支持中學提高透明度。但我們認為它會繼續存在，並將繼續成為一個重要的分銷平台。我們將繼續關注定價，以盡可能地將這些門票的價值交給粉絲。

And I think as we look at Vivid, they've all got a similar business model, right? It's all a service fee business model. They've got customer acquisition costs associated with a lot of search in digital, and we have more customer acquisition costs associated with alignment with content, but it's similar at the end of the day business model. We think we've got a great proposition by aligning with content and by also leveraging the scale of our Ticketmaster platform.

我認為當我們觀察 Vivid 時，他們都有相似的商業模式，對嗎？這都是一種收取服務費的商業模式。他們的客戶獲取成本與大量的數位搜尋相關，而我們的客戶獲取成本則更多與內容的一致性相關，但最終的商業模式是相似的。我們認為，透過與內容保持一致並利用我們的 Ticketmaster 平台的規模，我們已經得到了一個很好的主張。

So we like the position we're in. Whether it grows or shrinks exactly as artists price their content to market value is less of a concern and making sure we're delivering on that content agenda.

所以我們喜歡我們所處的位置。無論它是成長還是收縮，隨著藝術家將他們的內容定價為市場價值，都不那麼令人擔憂，並確保我們正在兌現該內容議程。

Your next question comes from the line of Ben Swinburne with Morgan Stanley.

您的下一個問題來自摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Michael, you kind of freaked me out with that July 2021 because I have ticket to The Black Crowes at Jones Beach on that day. So maybe you're going to be there as well, probably in better seats.

邁克爾，2021 年 7 月的事情讓我有點害怕，因為那天我有瓊斯海灘黑鴉樂隊 (The Black Crowes) 的門票。所以也許你也會在那裡，可能坐在更好的座位。

I guess just picking up quickly on the secondary conversation with Brandon, any comments or reaction to the noise out of D.C. on safe ticks and what's going on. I thought it was -- at first I thought it was sort of unusual to be bringing up and defending sort of the secondary market in that context, but I didn't know -- we sort of put the consent decree behind us, I thought. I don't know if you had any comment on that stuff since it came out over the last month or so.

我想只是快速了解與布蘭登的二次對話，對華盛頓特區有關安全蜱蟲的噪音的任何評論或反應以及正在發生的事情。我認為 - 起初我認為在這種情況下提出和捍衛二級市場有點不尋常，但我不知道 - 我們有點把同意令拋在腦後，我想。我不知道自從上個月左右發布以來，您是否對這些內容有任何評論。

Yes. It would surprise us, too, right now where we are, but Pascal has been on this mission for quite a while. So we would love to sit with his team and educate him on the business so we can get all of the idiosyncrasies nailed because it's never as simple as it seems.

是的。現在我們所處的位置也會讓我們感到驚訝，但帕斯卡已經執行這項任務很長一段時間了。因此，我們很樂意與他的團隊坐在一起，對他進行業務教育，這樣我們就可以解決所有的特質，因為事情從來沒有看起來那麼簡單。

So I really -- we look at that as a bit of a nuisance. They seem to be -- obviously, scalpers are doing a good job of convincing his staff that we are going to do a digital ticket in a closed platform. So that's their great fear that we're going to have a digital ticket, and we're going to tell you when you buy that ticket, you can only you can only resell it at Ticketmaster. That's never been our intent.

所以我真的——我們認為這有點麻煩。顯然，黃牛們在說服他的員工我們將在封閉平台上製作數位門票方面做得很好。所以他們非常擔心我們將會有一張數位門票，我們會告訴你，當你購買這張門票時，你只能在 Ticketmaster 上轉售它。這從來都不是我們的意圖。

So their kind of their main claim -- and I'm not even sure if they would sit down with us, we'd explain it's never been our intent to have a closed platform. We've actually -- the biggest thing I've done at Ticketmaster, since it's taken over, is rebuild this company so we can have an open platform.

所以他們的主要主張是——我甚至不確定他們是否會坐下來與我們坐下來，我們會解釋說，我們從來沒有打算擁有一個封閉的平台。實際上，自從 Ticketmaster 被接管以來，我在 Ticketmaster 所做的最重要的事情就是重建這家公司，這樣我們就可以擁有一個開放的平台。

Our goal is to sell that first ticket. But as we did with the NFL last year, we have an open platform with the NFL. We power the NFL. And if those secondary companies are approved by the NFL, then that ticket you buy for the NFL can be freely sold on any other platform and used to get in the show.

我們的目標是賣出第一張票。但正如我們去年對 NFL 所做的那樣，我們與 NFL 建立了一個開放平台。我們為 NFL 提供動力。如果這些二級公司得到了 NFL 的批准，那麼您為 NFL 購買的門票就可以在任何其他平台上自由出售並用於觀看演出。

So that, we think, is the best model. We think we have the largest kind of footprint from a primary platform. We believe that if the ticket is to be resold, we have a great marketplace for that, for the Ticketmaster fan. But we're also working and been working towards an open platform that it can be sold in other places with the content like the NFL or venues want that path forward.

因此，我們認為這是最好的模型。我們認為我們在主要平台上擁有最大的足跡。我們相信，如果要轉售門票，我們將為 Ticketmaster 粉絲提供一個巨大的市場。但我們也一直在努力建立一個開放平台，可以在其他地方出售 NFL 等內容或需要這條道路的場館。

So not sure there's much meat to the claim. We're not looking to limit distribution. We're looking to increase distribution for the teams, venues and artists. And the best platforms will win in the end that offer the best value to the content and the fan. So that's our plan.

所以不確定這個說法有多少實質內容。我們並不打算限制分發。我們希望增加團隊、場館和藝術家的發行量。最好的平台最終會獲勝，為內容和粉絲提供最大的價值。這就是我們的計劃。

We think we have an incredible opportunity in ticketing in that -- the amount of people that buy at Ticketmaster and actually resell their ticket is very, very low. So we think we have a natural huge audience that we should do a better job of allowing you, the fan, if you just bought to think about how you can resell on our platform. And maybe there's better incentives we can do for you as a fan to make that even more seamless. But if you want to sell on other platforms, as we do on the NFL, then we'll be happy to validate that ticket and let the content decide where it's sold.

我們認為我們在票務方面擁有令人難以置信的機會——在 Ticketmaster 購買並實際轉售門票的人數非常非常低。因此，我們認為我們擁有天然的龐大受眾，如果您剛剛購買，我們應該更好地讓您（粉絲）考慮如何在我們的平台上轉售。也許我們可以為粉絲提供更好的激勵措施，讓這一切變得更加無縫。但如果您想在其他平台上銷售，就像我們在 NFL 上所做的那樣，那麼我們將很樂意驗證該門票並讓內容決定其銷售地點。

That's very helpful. Second, just on Veeps, I think you guys announced 60 venues have been equipped with their technology. Just any updated thoughts on how substantial that opportunity is as you guys look into reopening later this year into next year from a business point of view -- business model point of view?

這非常有幫助。其次，就在 Veeps 上，我想你們宣布 60 個場館已經配備了他們的技術。當你們從商業角度（商業模式的角度）考慮在今年晚些時候到明年重新開放時，關於這個機會有多大的最新想法？

Well, I think it's no different than we just talked about NFTs, right? Our job is to keep looking at our core business and making sure we can add more exciting products around that core business. We're just thrilled with the acquisition partnership with the Madden Brothers who run this on a daily basis. The soul and sweat they put in, it's really all them. We've just added a bit of a firehose by helping them with our distribution.

嗯，我認為這和我們剛剛討論的 NFT 沒有什麼不同，對吧？我們的工作是持續專注於我們的核心業務，並確保我們能夠圍繞該核心業務添加更多令人興奮的產品。我們對與每天營運此專案的 Madden Brothers 的收購合作夥伴關係感到非常興奮。他們所付出的靈魂和汗水，真的是他們的全部。我們剛剛透過幫助他們進行分發來添加一些消防水帶。

They're -- I think they're up to over 1,000 shows in the last year, probably grow somewhere over 10 million. So a good start to that business. But now, you're going to see with our new clubs -- we do 10,000 club shows. So you start digging into that a little bit, adding some amphitheaters.

我認為去年的演出數量超過 1,000 場，可能會成長到超過 1,000 萬場。這是這項業務的良好開端。但現在，你會看到我們的新俱樂部——我們舉辦了 10,000 場俱樂部演出。所以你開始深入研究一下，加入一些圓形劇場。

And the part we think is really exciting is our festivals, opening up that model that, in Lollapalooza, instead of just rebroadcasting that for free, what if for $49, you could watch the Lollapalooza weekend or you could buy the Lollapalooza Day at home and continue your party at home if you couldn't make it to the venue.

我們認為真正令人興奮的部分是我們的節日，開放了這種模式，在 Lollapalooza，不僅僅是免費重播，如果花 49 美元，你可以觀看 Lollapalooza 週末，或者你可以在家購買 Lollapalooza Day，然後如果您無法到達會場，請在家中繼續您的聚會。

So we've seen great success in our EDM business. Pascal's blown the numbers up on his business when he does that. So we think extending the festival, which is a bit of a party-at-home model, it's got great opportunity. And I would much rather use my festivals to add another revenue ticket to the equation than treat it as promotion value. So we're going to test that this summer, and we think we'll get some learning, and that'll help us move forward in that place.

因此，我們的 EDM 業務取得了巨大成功。當帕斯卡這麼做的時候，他的生意就大增了。所以我們認為延長這個有點像家庭聚會模式的節日是有很好的機會的。我更願意利用我的節日來增加另一張收入門票，而不是將其視為促銷價值。因此，我們將在今年夏天對此進行測試，我們認為我們會學到一些東西，這將幫助我們在這個領域取得進展。

If you just launch festival TV, you have a proposition itself there with our 150-plus festivals. So we think that's exciting, plus our club business for young artist. So new space for us.

如果您剛推出節日電視，您就可以透過我們的 150 多個節日來提出自己的主張。所以我們認為這很令人興奮，再加上我們針對年輕藝術家的俱樂部業務。對我們來說這是一個新的空間。

We think it's an exciting place to add value. We think there's subscription ideas forward with that. We think we can bundle it with other things. We think there's a great foundation to our core business here that we can keep exploring and innovating on.

我們認為這是一個令人興奮的增值場所。我們認為訂閱的想法也隨之而來。我們認為我們可以將它與其他東西捆綁在一起。我們認為我們的核心業務擁有良好的基礎，我們可以在此基礎上繼續探索和創新。

Your next question comes from the line of Stephen Glagola with Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Stephen Glagola。

The July through November period for the festivals in the U.S. and the U.K. appears pretty crowded. Outside the major festivals that you guys highlighted on the press release, is there -- is that having any -- is there any impact adversely on consumer demand in some of those other festivals given the crowded slate?

美國和英國的節日期間 7 月至 11 月似乎相當擁擠。除了你們在新聞稿中強調的主要節日之外，考慮到擁擠的名單，其他一些節日是否會對消費者需求產生不利影響？

And then also with the 2021 Rock in Rio rescheduled for 2022, does that mean you will have that festival 2 years in a row now, '23 also?

然後，隨著 2021 年裡約搖滾音樂節重新安排到 2022 年，這是否意味著您將連續 2 年舉辦這個音樂節，23 歲了？

Well, I'll answer it backward. We're debating the rock and roll decision, so we'll get to that -- the Rock in Rio decision. We'll get to that later after we get '22 done.

好吧，我就倒過來回答。我們正在討論搖滾樂的決定，所以我們將討論裡約搖滾的決定。我們將在 '22 完成之後再討論這個問題。

No, we don't have any fear of a crowded slate. I think as you saw maybe some of our releases, we just went up with Travis Scott yesterday or the day before and sold 100,000 tickets. Or Gov Ball went up because it's long -- it's biggest on-sale ever. And Rolling Loud just is amazing. We sold 100,000 tickets in about an hour and had 200,000 people in the waiting line. So we're just seeing demand beyond any other historic moment.

不，我們不擔心擁擠的名單。我想你可能看到了我們發布的一些門票，我們昨天或前一天剛剛和特拉維斯·斯科特一起售出了 100,000 張門票。或者《政府球》價格上漲是因為它很長——這是有史以​​來最大的促銷活動。 《滾滾大聲》真是太棒了。我們在大約一個小時內售出了 10 萬張門票，並有 20 萬人在排隊等候。因此，我們看到的需求超出了任何其他歷史時刻。

So Garth Brooks this morning, I'm so proud, he broke every Ticketmaster record in history for the fastest stadium sell-out. So I'm thrilled for the crowd, but I'm more thrilled that our ongoing investment in Ticketmaster and the amount of strain that, that causes to be the fastest selling stadium in history or do 100,000 tickets in an hour is a testament to the Ticketmaster platform because the demand, the box, the load that hits you in that hour is amazing.

今天早上加思布魯克斯（Garth Brooks），我感到非常自豪，他打破了 Ticketmaster 歷史上所有最快體育場售罄的記錄。所以我為觀眾感到興奮，但更令我興奮的是我們對Ticketmaster 的持續投資以及它所帶來的壓力，這導致成為歷史上銷售最快的體育場或一小時內售出100,000 張門票，這證明了Ticketmaster 平台因為那一小時內的需求、盒子和負載是驚人的。

So I'm proud that the Ticketmaster team is delivering, but also the demand right now is far exceeding any of our scheduling festivals right now.

所以我很自豪 Ticketmaster 團隊正在交付，而且現在的需求遠遠超過了我們目前安排的任何節日。

And one more, if I can. Just you spoke about the NFT impact and blockchain impact on your Ticketmaster operations. From the standpoint of artists potentially making more money, monetizing their back catalog or whatnot, does that make them become less reliant on touring as an earnings driver going forward, in your view?

如果可以的話，再來一張。剛才您談到了 NFT 和區塊鏈對 Ticketmaster 營運的影響。您認為，從藝術家可能賺更多錢的角度來看，將他們的過往作品貨幣化或諸如此類，這是否會讓他們不再那麼依賴巡迴演出作為未來的收入驅動力？

Not sure if that was a statement or a question. But no, I would say that -- I think you've got to look at the macro pie always, right? There's always going to be a few artists that are able to sell their business at the top end.

不確定這是陳述還是問題。但不，我想說的是——我認為你必須始終關注宏觀餅圖，對吧？總是會有一些藝術家能夠以最高的價格出售他們的作品。

But if you look at the macro numbers, the percentage that comes from the road, the amount of artists that are dying to get back on the road, we're seeing right now greater demand than ever from artists calling us saying, when can we get back out? These are some very successful and wealthy artists. So we always look at that. 2 hours on stage at a stadium is a drug that, that artist tends to want to run for his entire career. So we don't see any decline in that desire for that artist to get on stage.

但如果你看一下宏觀數字，來自路上的百分比，渴望回到路上的藝術家數量，我們會看到現在比以往任何時候都更大的需求，來自藝術家打電話給我們說，我們什麼時候可以回來嗎？這些都是一些非常成功和富有的藝術家。所以我們總是關注這一點。在體育場的舞台上待上兩個小時是一種毒品，藝術家往往想在整個職業生涯中堅持跑步。所以我們沒有看到這位藝術家登上舞台的願望有任何下降。

I think the reason you see Mick Jagger and The Stones on stage isn't financial at this point. I think it delivers something much bigger than a paycheck. So I think that magic moment on stage is a nonduplicatable for the fan and something that artists doesn't get at home.

我認為你在舞台上看到米克·賈格爾和滾石樂隊的原因目前並不是經濟原因。我認為它提供的東西比薪水更重要。所以我認為舞台上的神奇時刻對歌迷來說是不可複製的，也是藝術家在家裡無法獲得的。

Yes, looking forward to going back to shows in the second half.

是的，期待下半年重返演出。

Your next question comes from the line of David Katz with Jefferies.

你的下一個問題來自大衛·卡茨（David Katz）和杰弗里斯（Jefferies）的對話。

There's been an awful lot of discussion about sort of the near-term demand. I wonder what data points or information or perspectives you might have about demand beyond, say, the next 12 or 18 months and how you think about sort of the demand curve longer term.

關於近期需求已經有許多討論。我想知道您對未來 12 或 18 個月後的需求可能有哪些數據點、資訊或觀點，以及您如何看待長期需求曲線。

Yes. I guess if you were going to model that out, you'd probably -- you'd be thrilled that your first data point is the biggest demand in history. So I think however you model that out for the next -- I don't think you're going to see any cliff on that demand. I don't think these consumers are saying, "I can't wait to get through '22," and then it's over.

是的。我想如果你要對此進行建模，你可能會很高興你的第一個數據點是歷史上最大的需求。因此，我認為無論您如何為下一個模型進行建模，我認為您不會看到該需求出現任何懸崖。我不認為這些消費者會說：“我迫不及待地想度過‘22’”，然後一切就結束了。

So I think this is showing -- I mean, look, we always look at the -- I think the most important demand curve is the 17-, the 16- and 14-year-old of today, excited about going to the show as the last kind of generation, right? You always get that question on who's the next Rolling Stones. And our data will continually show that, that young artist is capable of selling out stadiums and arenas very fast.

所以我認為這表明——我的意思是，看，我們總是關注——我認為最重要的需求曲線是今天的 17 歲、16 歲和 14 歲的人，他們對去看演出感到興奮作為最後一代，對嗎？你總是會問誰是下一個滾石樂團。我們的數據將持續表明，這位年輕藝術家有能力很快就會售罄體育場和競技場。

I mean, Bad Bunny just went on sale and sold out arenas very fast, huge Latino star. So we're just seeing pockets of strengths coming from young artists every day. Billie Eilish is selling out instantly. So we see young artists regenerating the supply side. We see new 14-year-olds going crazy for BTS all around the globe. That's a part, to me, is what I look at is, is it still as important to a 14-year-old to see from the Beatles to NSYNC to Backstreet to Britney Spears to BTSs of today, right? So they seem to be -- my 10-year-old is as excited about concerts as I was when I was 10 -- or even more, I guess, where he's based.

我的意思是，《壞兔子》剛剛發售，很快就賣光了，是拉丁裔巨星。所以我們每天都能看到年輕藝術家的一些優勢。比莉艾利甚 (Billie Eilish) 立即售空。所以我們看到年輕藝術家正在重塑供給面。我們看到全球 14 歲新人為 BTS 瘋狂。對我來說，這就是我所關注的，對於一個14 歲的孩子來說，觀看從披頭士樂隊到NSYNC 到後街樂隊到布蘭妮·斯皮爾斯再到今天的BTS 仍然同樣重要，對嗎？所以他們似乎——我 10 歲的孩子對音樂會的興奮就像我 10 歲時一樣——甚至更多，我想，在他的家鄉。

But we see a great, young, vibrant supply/demand in the business. To me, that's what you want to model. And over time, is it still as important to a 15-year-old of today and a 20-year-old of today as it was 10 and 20 years ago.

但我們看到了該行業的巨大、年輕、充滿活力的供應/需求。對我來說，這就是你想要建模的。隨著時間的推移，對於今天的 15 歲和 20 歲的人來說，它是否仍然像 10 年前和 20 年前一樣重要？

David, just one other thing to add. I wouldn't just use what are the on sales of the past month as part of your indicator. This is a supply-constrained business with a lot of latent demand out there. And if you look at the past decade and you look at how Live Nation went from 40 million fans a year to 100 million fans a year, it was by bringing more artists to more markets, to more people and unlock that latent demand because of the desire that Michael talked about. So there's a long track record that would say I'm certain about is the demand going to be there when you've got these great artists out on the road.

大衛，還有一件事要補充。我不會只使用過去一個月的銷售額作為指標的一部分。這是一個供應受限的行業，但存在大量潛在需求。如果你回顧過去的十年，你會發現Live Nation 是如何從每年4000 萬粉絲增加到每年1 億粉絲的，你會發現，它是透過將更多的藝術家帶到更多的市場、更多的人，並釋放潛在的需求，因為邁克爾談到的願望。因此，有一個長期的記錄表明，當你讓這些偉大的藝術家上路時，我確信需求將會存在。

Agreed. And if I may follow up quickly. With respect to M&A, how are you thinking about sort of the timing and the boundaries and the catalysts for maybe getting out and putting some deals back on the board to grow that way?

同意。我可以快速跟進嗎？關於併購，您如何考慮可能退出並將一些交易重新納入董事會以實現這種成長的時機、界線和催化劑？

Yes. We -- go ahead.

是的。我們——繼續吧。

I think we're...

我想我們是...

Yes. No, I would just going to say, I think we're -- we've been looking at our current pipe. We have a good pipe that was already in process when COVID started. We probably have 15 to 20 different venues around the world that are in some level of construction or development or opening. Those are on plan, and we'll be opening up from theaters to amphitheaters.

是的。不，我只想說，我認為我們一直在研究當前的管道。當新冠疫情爆發時，我們已經有一條良好的管道正在加工中。我們在世界各地可能有 15 到 20 個不同的場館處於某種程度的建設、開發或開放階段。這些都在計劃之中，我們將從劇院到露天劇場開放。

We've got an ongoing list of promoters and festivals around the world that we've been in conversations with. We've been close a couple of those recently, and we'll keep doing that. So we will continue on our bolt-on strategy, as we have been for many years, to keep bolstering our global foundation and opportunity markets.

我們有一份持續不斷的世界各地發起人和節日的名單，我們一直在與他們進行對話。我們最近已經接近其中幾個，我們將繼續這樣做。因此，我們將像多年來一樣繼續實施我們的補充策略，以繼續加強我們的全球基礎和機會市場。

We're a growth business. And whether it's growth CapEx or M&A, we're going to be continuing to invest in the business. We're obviously at a higher leverage level, but we are confident that as we continue to grow our AOI and that returns in 2022 and beyond, that we'll have plenty of flexibility to continue to drive that growth.

我們是一家成長型企業。無論是成長資本支出或併購，我們都將繼續投資於該業務。顯然，我們的槓桿水平較高，但我們有信心，隨著 AOI 的不斷增長以及 2022 年及以後的回報，我們將擁有足夠的靈活性來繼續推動這一增長。

Your next question comes from the line of Ryan Sundby with William Blair.

你的下一個問題來自瑞安·桑德比（Ryan Sundby）和威廉·布萊爾（William Blair）的對話。

It's actually Jessye McVane on for Ryan. Last call, you guys talked about ticket sales in the U.K., benefiting once guidelines and time lines for reopening's put in place. When we see states like New York announce this week that they will start to remove capacity restrictions later this month or as other states like Texas have already acted on, are you seeing a similar step change in demand here in the U.S.? Or does it need to be done at a national level to have a similar effect?

實際上是傑西麥克文 (Jessye McVane) 替補瑞安 (Ryan)。上次通話中，你們談到了英國的門票銷售，一旦重新開放的指導方針和時間表到位，門票銷售就會受益。當我們看到紐約等州本周宣布他們將於本月晚些時候開始取消產能限制，或者德克薩斯州等其他州已經採取行動時，您是否看到美國的需求出現了類似的階梯變化？或者是否需要在國家層級進行才能達到類似的效果？

We're absolutely seeing massive demand. I mean, today is a great example. We had the first half dozen shows -- Broadway shows have their presales wildly outperformed all expectations. So just whatever it was 2 or 3 days ago, they relaxed in New York, on sales today, going great. Governor Ball, as Michael referred to, went on sale, far and away, the best first day for Governor's Ball.

我們絕對看到了巨大的需求。我的意思是，今天就是一個很好的例子。我們已經看了前六場演出——百老匯演出的預售遠遠超出了所有人的預期。因此，無論兩三天前的情況如何，他們在紐約放鬆了，今天的促銷活動進展順利。正如邁克爾所說，州長舞會開始發售，這是州長舞會最好的第一天。

So as every market is getting unlocked, that's telling the fans to be comfortable going out and buying the tickets. And it's consistent as we go market to market.

因此，隨著每個市場的開放，球迷們可以安心地出去買票。當我們進入市場時，它是一致的。

Ladies and gentlemen, we have reached the end of the question-and-answer session, and this does conclude today's conference. You may disconnect your lines at this time. Thank you all for your participation.

女士們、先生們，問答環節已經結束，今天的會議也到此結束。此時您可以斷開線路。感謝大家的參與。