Live Nation Entertainment Inc (LYV) 2025 Q2 法說會逐字稿

Good afternoon. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to Live Nation's Second Quarter 2025 Earnings Call. I would now like to turn the call over to Ms. Amy Yong. Thank you, Ms. Yong. You may begin.

午安.我叫喬，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 Live Nation 2025 年第二季財報電話會議。現在我想把電話轉給 Amy Yong 女士。謝謝您，楊女士。你可以開始了。

Good afternoon, and welcome to the Live Nation second quarter 2025 earnings conference call. Joining us today is our President and CEO, Michael Rapino, and our President and CFO, Joe Berchtold.

下午好，歡迎參加 Live Nation 2025 年第二季財報電話會議。今天與我們一起出席的是我們的總裁兼執行長 Michael Rapino 和總裁兼財務長 Joe Berchtold。

We would like 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 Forms 10-K, 10-Q, 8-K, for description of risks and uncertainties that could impact the actual results.

我們想提醒您，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、新發展和類似事項相關的陳述。請參閱 Live Nation 向美國證券交易委員會 (SEC) 提交的文件，包括公司最近提交的 10-K、10-Q、8-K 表格中包含的風險因素和警示聲明，以了解可能影響實際結果的風險和不確定性。

Live Nation will also refer to some non-GAAP measures on this call. In accordance with the SEC Regulation G, Live Nation has provided definitions of these measures and a full reconciliation to the most comparable GAAP measures in our earnings release. The release reconciliation can be found under the financial information section on Live Nation's website.

Live Nation 也將在本次電話會議上參考一些非 GAAP 指標。根據美國證券交易委員會 (SEC) 的 G 條例，Live Nation 在我們的收益報告中提供了這些指標的定義以及與最具可比性的 GAAP 指標的完整對帳。您可以在 Live Nation 網站的財務資訊部分找到發布對帳單。

With that, we will now take your questions. Operator?

現在，我們將回答您的問題。操作員？

Thank you. Ladies and gentlemen, if you would like to ask a question, please press star-one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star-two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question comes from the line of Stephen Laszczyk with Goldman Sachs. Please proceed.

謝謝。女士們，先生們，如果您想提問，請按電話鍵盤上的星號鍵，確認音將表明您的線路已在提問隊列中。如果您想從佇列中刪除您的問題，請按星號 2。對於使用揚聲器裝置的參與者，可能需要先拿起聽筒，然後按星號鍵。我們的第一個問題來自高盛的 Stephen Laszczyk。請繼續。

Hey, guys. Thanks for taking the questions. Maybe to kick it off first for Michael, given the news last week, I thought it would be a good opportunity to get your latest update on OCESA and how the evolution of the broader LatAm strategy is playing out. I think it's clear that you've grown the business quite a bit over the last couple of years. Would just be curious if you could maybe touch on the incremental opportunity you see from here and how that strategy evolves more broadly in Latin America. And then I have a follow-up for Joe on 3Q trends. Thank you.

嘿，大家好。感謝您回答這些問題。也許首先要為邁克爾講一下，鑑於上週的新聞，我認為這是一個很好的機會來了解您關於 OCESA 的最新動態以及更廣泛的拉美戰略的演變。我認為很明顯，在過去的幾年裡，您的業務已經有了很大的發展。我只是好奇您是否可以談談您從這裡看到的增量機會以及該策略在拉丁美洲如何更廣泛地發展。然後我會向喬詢問第三季的趨勢。謝謝。

Thank you. Yeah, OCESA’s been a, you know, just a home run relationship from our early days to now, our original acquisition and now our next piece. I think it's always a good indication when you're working with a partner as sophisticated as Alex and OCESA is that we came to great terms, where, you know, they wanted to stay in longer because they see the growth and want to figure out how to monetize the growth. So, we came to a great conclusion where we can buy a bit more now to clean up the balance sheet and then let them participate in an ongoing great growth track.

謝謝。是的，從我們早期到現在，OCESA 一直是一種本壘打關係，這是我們最初的收購，現在是我們的下一個作品。我認為，當你與像 Alex 和 OCESA 這樣經驗豐富的合作夥伴合作時，這始終是一個很好的跡象，那就是我們達成了很好的協議，你知道，他們希望停留更長時間，因為他們看到了增長，並想弄清楚如何將增長貨幣化。因此，我們得出了一個很好的結論：我們現在可以多買一些來清理資產負債表，然後讓它們參與持續巨大的成長軌道。

So, I think that's the best indication, is you know, when you're in a 51/49, anytime you're dealing with that partner, when they're willing to push out their acquisition put-call to monetize what they think’s going to be a bright future of growth. It's the best indication for management. So, we think Mexico under Alex has continued great growth ahead of it. We got some venue activity, festivals, ticketing upgrades, still a long way to go on TM Mexico to get it up to speed with TM America. That alone will bring some great growth to the business dynamic, platinum pricing to better experience for the consumer.

所以，我認為這是最好的跡象，你知道，當你處於 51/49 時，無論何時你與該合作夥伴打交道，當他們願意推出收購看跌期權以將他們認為光明的增長未來貨幣化時。這是管理的最佳指示。因此，我們認為，在亞歷克斯的領導下，墨西哥將繼續實現巨大的成長。我們有一些場地活動、節日、票務升級，但墨西哥 TM 要趕上美國 TM 的步伐還有很長的路要走。僅此一點就會為業務動態帶來巨大的成長，白金定價將為消費者帶來更好的體驗。

As far as larger Latin America, you know, we're just getting going. We're in a, you know, in overall Latin America, a very small market share on a macro basis. Brazil alone we think is another Mexico. Huge, huge opportunity in Brazil. Other than Rock in Rio and some tours, we really are underdeveloped in most of Latin America. So, we look at Mexico – we look at Brazil, Latin America to be as big as Mexico over time and have great growth opportunities from all the basics.

就更大的拉丁美洲而言，你知道，我們才剛起步。你知道，從宏觀角度來看，我們在整個拉丁美洲的市佔率非常小。我們認為只有巴西才是另一個墨西哥。巴西有著巨大的機會。除了裡約搖滾音樂節和一些巡迴演出之外，我們在拉丁美洲的大部分地區確實還不夠發達。因此，我們關注墨西哥——我們關注巴西，拉丁美洲隨著時間的推移將變得和墨西哥一樣大，並且從各個基本面來看都有巨大的成長機會。

The consumer demand is blowing up, as we've talked about, on a global basis. That 14-year-old wants to see Travis Scott. Lots of venue development we have underway there. Launching festivals. Only now just launching Ticketmaster throughout the region. So, all the basics that we can put in place while the demand and supply grow in Latin America, we think it'll be a great, great continued growth opportunity for us.

正如我們所討論的，全球範圍內的消費需求正在激增。那個 14 歲的孩子想見特拉維斯·斯科特。我們在那裡正在進行許多場館開發。開展節日活動。現在才剛在整個地區推出 Ticketmaster。因此，隨著拉丁美洲的需求和供應不斷增長，我們可以實施所有基本措施，我們認為這對我們來說將是一個極大的持續成長機會。

Great. Thanks for that. And then one for Joe. Just looking ahead, I'd be curious how you would encourage us to think about the concert segment as we head into the third quarter. It seems like ticket sales, deferred revenue, onsite spending all pacing up pretty nicely as we head into the back half. Any update you'd be willing to provide just on how you're thinking about supply/demand, revenue trends, margin trends as you look into 3Q, given maybe some mix in the slate and then I think some mix in timing of how this year’s playing out, which I know you've called out in past periods, this year. Thank you.

偉大的。謝謝。還有喬的問題。展望未來，我很好奇在進入第三季之際，您會如何鼓勵我們思考演唱會部分。隨著我們進入後半段，門票銷售、遞延收入、現場支出似乎都在穩定成長。您願意提供任何最新消息嗎？就您對第三季的供需、收入趨勢、利潤趨勢的看法而言，考慮到計劃中的一些組合，然後我認為今年的進展時間會有一些組合，我知道您在過去幾個時期已經提到過這一點，今年也是如此。謝謝。

Sure. Sure, Stephen. Thanks. So, first, before we get to concerts, just as the other pieces, I think Q3 looks to be very strong, both Ticketmaster and the sponsorship business. Expect double-digit AOI growth for the quarter in both of those. And then concerts continuing the growth trend we've had over the course of the year, as you said, very strong deferred revenue numbers, which gives us a high degree of confidence on where the fan count and top line is going.

當然。當然，史蒂芬。謝謝。因此，首先，在我們談論音樂會之前，就像其他部分一樣，我認為 Q3 看起來非常強勁，無論是 Ticketmaster 還是贊助業務。預計本季這兩個產業的 AOI 都將實現兩位數成長。然後，音樂會延續了我們全年的成長趨勢，正如您所說，遞延收入數字非常強勁，這讓我們對粉絲數量和收入的走向充滿信心。

I think it’ll be a -- Q3 will be a very strong stadium quarter. Probably more a third of our fans will be in stadiums in the third quarter as opposed to around a quarter of them last year, so just ever-increasing volume. You know, kind of the areas that I'd say that have really overdelivered would be stadiums and international, and then probably more of the arena and theater activity a bit later in the year, more heavily weighted to Q4 than we've had in the past.

我認為第三季將是體育場業務非常強勁的季度。可能第三季會有超過三分之一的球迷到球場觀賽，而去年只有大約四分之一的球迷到球場觀賽，因此觀眾數量會不斷增加。你知道，我認為真正超額完成的領域是體育場和國際活動，然後可能是今年稍後更多的競技場和劇院活動，對第四季度的影響比過去更大。

But overall, continued strong sell-through of the shows, on sales, at the closes, and continued strong at onsite. We're seeing no changes in the past month in terms of the level of consumer demand. We just had Lollapalooza play off last weekend, record double-digit increases in onsite spending. So, real continued strength in the consumer for us.

但總體而言，演出的銷售、閉幕式和現場銷售均保持強勁勢頭。就消費需求水準而言，過去一個月我們沒有看到任何變化。上週末我們剛舉辦了 Lollapalooza 音樂節，現場消費創下了兩位數的成長紀錄。因此，我們的消費實力確實持續增強。

Great. Thank you both.

偉大的。謝謝你們兩位。

The next question comes from the line of Brandon Ross with LightShed Partners. Please proceed.

下一個問題來自 LightShed Partners 的 Brandon Ross。請繼續。

Thanks for taking the questions. Wanted to move from the focus on concerts there to Ticketmaster. And Joe, you just said Ticketmaster’s going to improve in the back half of the year. But even so, there's been a real divergence between performance in ticketing and concerts the past few years, and even in this big stadium year, which we expected to be, you know, a bigger year for Ticketmaster.

感謝您回答這些問題。想要將焦點從那裡的音樂會轉移到 Ticketmaster。喬，你剛才說 Ticketmaster 將在下半年有所進步。但即便如此，過去幾年，售票和音樂會的表現確實存在差異，甚至在今年這個大型體育場館年也是如此，我們預計今年將是 Ticketmaster 業績更大的一年。

So, as we think about your business going forward, we're wondering if this is a trend that's going to continue and was hoping you could take a step back and tell us how to think about ticketing growth beyond 2025.

因此，當我們考慮您未來的業務時，我們想知道這是否會是一個持續下去的趨勢，並希望您能退一步告訴我們如何看待 2025 年以後的票務成長。

Yeah. I think, as you said, we try not to get too caught up in the weeds of quarter to quarter. We have a year where concerts are doing very well. And sports and other activity, there's not as much of it so that's impacting things.So, rather than getting overly caught up in the quarter to quarter, what's our profit formula, growth formula going forward. I don't think it's changed for TM. I think we feel very good about the growth prospects of Ticketmaster. First, I just keep reminding everybody, right, we're a global business. We've got great international growth. We have new markets. Michael was just talking about, we're just getting started in Latin America, where there’s, you know, close to 500 million people.

是的。我認為，正如你所說，我們盡量不陷入季度與季度之間的瑣事。今年我們的音樂會舉辦得非常順利。而體育和其他活動則沒有那麼多，所以這對事情有影響。所以，與其過度關注季度業績，不如關注我們未來的利潤公式和成長公式。我認為 TM 並沒有改變。我認為我們對 Ticketmaster 的成長前景非常樂觀。首先，我不斷提醒大家，我們是一家全球性企業。我們的國際業務取得了巨大成長。我們有新的市場。麥可剛才說，我們才剛開始在拉丁美洲開展業務，那裡有近 5 億人口。

So, tremendous opportunity in new markets, continuing to build share in other markets. We give you – we've added 20 million tickets this year. 70% of them are international. July another strong month of continuing to add more clients. Layering on top of that is just Live Nation, our growth, which is feeding Ticketmaster more volume and particularly as we add more venues globally, that'll continue to grow that. I think you layer on top of that over time, probably have mid-single-digit pricing as people continue to get increasingly sophisticated about how they price all the different pieces of their events. You've got our B2B services, our pricing and marketing which have been important components, and we expect just to continue to be more and more important, particularly in the international markets that are catching up to the U.S. in terms of deploying some of those services.

因此，新市場蘊藏著巨大的機遇，我們將繼續在其他市場中擴大份額。我們給您—今年我們增加了 2000 萬張門票，其中 70% 是國際門票。7 月是持續增加客戶的另一個強勁月份。在此之上還有 Live Nation，這是我們的成長，它為 Ticketmaster 提供了更多的票房，特別是隨著我們在全球範圍內增加更多的場館，這將繼續增長。我認為，隨著時間的推移，隨著人們對如何為活動的各個部分定價變得越來越成熟，你可能會得到中等個位數的定價。我們的 B2B 服務、定價和行銷一直是重要的組成部分，我們預計它們將繼續變得越來越重要，特別是在部署某些服務方面正在趕上美國的國際市場上。

And then Ticketmaster as an ad platform, which we've talked about. And you don't see all those numbers in the reported segments in the Ticketmaster, but that online advertising piece is an important part of the economics of the platform, which shows up in our sponsorship business.

然後是 Ticketmaster 作為廣告平台，我們已經討論過了。雖然您不會在 Ticketmaster 的報告部分中看到所有這些數字，但線上廣告部分是該平台經濟的重要組成部分，這體現在我們的贊助業務中。

So, we don't think there's any underlying change in the ability of Ticketmaster to grow on a global basis, and think we'll continue to see quarter-to-quarter ebbs and flows, but still a very strong underlying business.

因此，我們認為 Ticketmaster 在全球範圍內的成長能力不會發生任何根本性變化，並認為我們將繼續看到季度間的起伏，但其基礎業務仍然非常強勁。

Okay. And then just following up on the future of Ticketmaster, how do you guys expect AI to impact Ticketmaster's growth? Maybe what are the opportunities for you, and do you have the right talent in place to capitalize?

好的。那就繼續關注 Ticketmaster 的未來，你們認為 AI 將如何影響 Ticketmaster 的發展？也許您面臨哪些機會？您是否擁有合適的人才來利用這些機會？

Yeah, clearly, AI is going to transform almost everything we do online, right? It's a – it’s going to be a massive change. I think first of all just tactically, it drives efficiency for us, drives efficiency in customer service. We're already using AI chatbots for a large portion of our customer service. I expect that to grow rapidly over the next few years as the chatbots get better and better, frankly probably get better than humans soon. So, that'll be a source of savings. On coding, absolutely using those tools. We expect that to allow us to make change faster, deploy new products, and also to get savings. I mean, it'll help in our effectiveness. I talked about the B2B services earlier, the pricing and the marketing. I expect that using AI tools, deploying those to our enterprise clients and to event organizers, will help make the events more profitable and more successful for all the parties involved.

是的，顯然，人工智慧將改變我們在網路上所做的幾乎所有事情，對嗎？這將是一個巨大的改變。我認為首先從戰術上來說，它提高了我們的效率，並提高了客戶服務的效率。我們已經在很大一部分客戶服務中使用了人工智慧聊天機器人。我預計，隨著聊天機器人變得越來越好，坦白說，可能很快就會比人類更好，因此未來幾年這一領域將會迅速成長。所以，這將是一個節省的來源。在編碼時，絕對會使用這些工具。我們希望這能讓我們更快做出改變、部署新產品，同時也能節省開支。我的意思是，它會幫助我們提高效率。我之前談到了 B2B 服務、定價和行銷。我希望使用人工智慧工具，並將其部署到我們的企業客戶和活動組織者手中，將有助於使所有參與者的活動更有利可圖、更成功。

And then I think the last piece, which is emerging now, and again, I expect rapid development, is in the more agentic AI. And I think this is where Ticketmaster is different than some of the other ticketing businesses. I think with the agentic AI, if you're selling a commodity product, you have a problem because it'll drive to just the lowest price. But Ticketmaster has primary tickets. That's the main business it's in. So, it has a unique product. It has more leverage in terms of how it deals with the agents and the opportunity to create TM's own agent, which is more focused on how do we sell the shows for our clients and not just at the whims of somebody who's trying to scrape your site and come to the lowest price for a commodity product.

然後我認為最後一個部分，也就是現在正在出現並且我預計會快速發展的，是更具代理性的人工智慧。我認為這就是 Ticketmaster 與其他一些票務公司不同的地方。我認為，使用代理 AI，如果你銷售的是商品，那麼你就會遇到問題，因為它只會推到最低價格。但 Ticketmaster 有主要門票。這是它的主要業務。因此，它擁有獨特的產品。在與代理商打交道方面，它擁有更大的影響力，並有機會創建 TM 自己的代理商，這更側重於我們如何為客戶銷售節目，而不是僅僅聽從那些試圖抓取您的網站並為商品提供最低價格的人的想法。

Doesn't sound good for secondary. Thank you.

對於中學來說聽起來不太好。謝謝。

The next question comes from the line of David Karnovsky with J.P. Morgan. Please proceed.

下一個問題來自摩根大通的 David Karnovsky。請繼續。

Yes. Following up on secondary, the release noted a decline in GTV due to more market-based pricing. I guess first, in calling this out, are you seeing an acceleration in this trend? And if so, what's driving that? And then can you just remind us, how is Ticketmaster impacted as those sales move back to the primary market?

是的。繼二次銷售之後，新聞稿指出，由於定價更加市場化，GTV 有所下降。我想首先，在提出這一點時，您是否看到這種趨勢正在加速？如果是的話，是什麼原因導致的呢？然後您能否提醒我們，當這些銷售回到主要市場時，Ticketmaster 會受到什麼影響？

Yeah, I think Ticketmaster is – or the company is net positively impacted as we move pricing back to primary. Ticketmaster, it's a higher-priced sale, Ticketmaster benefits from that. And then on the concert side, the concert folks benefit as well both from their portion of the proceeds and also just from de-risking events where they've given the guarantee on the show.

是的，我認為 Ticketmaster —— 或者說，隨著我們將定價重新調整到主要水平，該公司受到了淨積極影響。Ticketmaster，這是一項高價銷售，Ticketmaster 從中受益。然後在音樂會方面，音樂會工作人員也受益，既可以從他們的收益份額中受益，也可以從他們對演出做出保證的降低風險的活動中受益。

So, I think you need to always look at secondary sports versus concerts. Very different businesses, different dynamics. Sports teams have long sought to eliminate that pricing arbitrage and are using secondary for distribution and breaking up season tickets. So, they're often at the scale where they can be sophisticated, and they're increasingly sophisticated in their pricing. So, they are absolutely getting much closer to secondary. And we continue to see a reduction in that arbitrage, and I continue to expect that to narrow. But in sports, it's a combination of that narrowing and just less attractive events that have hurt it so far this year.

所以，我認為你需要始終關注次要體育運動與音樂會。非常不同的業務，不同的動態。長期以來，體育團隊一直試圖消除這種定價套利，並利用二級市場來分銷和分割季票。因此，他們的規模通常比較大，定價也越來越複雜。所以，他們絕對越來越接近中學了。我們繼續看到套利的減少，並且我仍然預計套利規模將會縮小。但在體育方面，今年迄今為止，這種差距和賽事吸引力下降的綜合作用給體育產業帶來了不利影響。

In concerts, this is all about price arbitrage. So, as we take the best seats and try to move them closer to market pricing, that's going to have some impact on the secondary business. That business still has a long way to go, though, in the price arbitrage. So, I would expect it to take quite some time for that to narrow.

在音樂會上，這全都與價格套利有關。因此，當我們選擇最好的座位並嘗試使其更接近市場定價時，這將對二級業務產生一定的影響。不過，在價格套利方面，這項業務還有很長的路要走。因此，我預計縮小這一差距還需要相當長的時間。

But I also think what we're seeing in secondary is, is if you're dependent on brokers for all your inventory, then you have challenges there. Fortunately, we have a lot of season ticket holder inventory because of our team and league deals. And if you're dependent on search to drive your volume, right, then the combination of those two can create a lot of volatility in your share. And again, on that side, we have the organic traffic and general on sale traffic that we drive through Ticketmaster. So, I think the reason why we're down much less than it seems like others in the market is we just have lower volatility in both our supply and our demand on secondary.

但我還認為，我們在二級市場上看到的是，如果你依賴經紀人來管理你的所有庫存，那麼你就會面臨挑戰。幸運的是，由於我們與球隊和聯賽達成了協議，因此我們擁有大量的季票持有者。如果你依賴搜尋來推動你的交易量，那麼這兩者結合可能會導致你的份額出現很大的波動。再次強調，在這方面，我們擁有透過 Ticketmaster 帶來的自然流量和一般銷售流量。因此，我認為我們之所以比市場上其他公司跌幅小得多，是因為我們的供應和二級市場的需求波動性都較低。

Okay. And then Michael, traditionally on the Q2 call, we're far enough into the year that we can finally ask you how supply trends are filling out for the following year. It would be great to get your early view on 2026. And maybe just given that FIFA is going to have a hold on a number of North America stadiums, how does that, you know, potentially impact the shape of the year, even what we might see for on sales in the fourth quarter?

好的。然後，邁克爾，按照慣例，在第二季度電話會議上，我們已經進入今年的相當一段時間了，我們終於可以問你一下下一年的供應趨勢如何。很高興能提前了解您對 2026 年的看法。也許只是考慮到國際足總將控制北美的一些體育場館，這會對今年的情況產生什麼影響，甚至對第四季的銷售情況產生什麼影響？

Yeah, we're definitely going to finish the year strong. You know, six months ago to a year ago, I would have been more worried about the World Cup avails and our stadium schedule for '26. But seeing – because we get ahead of this so far in advance on bookings, we've been able to secure a really good '26 stadium business. So, I'm very optimistic. I think the '26, on a global basis will be strong again. Stadiums right now look like they're filling up well around the world. We’ve got 40%, 50% of our shows booked kind of for next year already, so the pipe is strong. It’ll probably hopefully be a bigger amphitheater/arena year next year, as stadiums were exceptional this year. But again, to Joe's point, you’ve always got to step back on a global basis. You know, while we might have a few less stadiums in America because of the World Cup, you know, we're going to have a big business in Europe next year. We're going to have a big business in Latin America, Mexico. So, the strength of our global portfolio, 50% of our business is outside of America. So, while one summer could be strong for amphitheaters here, it could be stronger for stadiums somewhere else. So, that's the great bet you're betting on on Live Nation, is our mass diversity on a global basis from a geographic perspective.

是的，我們一定會以強勁的勢頭結束今年。你知道，六個月到一年前，我會更擔心 26 年世界盃的安排和體育場日程。但看到——因為我們提前預訂，所以我們能夠確保 26 年體育場業務的良好發展。所以，我非常樂觀。我認為從全球範圍來看，2026年將會再次強勁成長。目前，世界各地的體育場似乎都擠滿了人。我們明年的演出預訂率已經達到 40% 到 50%，所以前景十分光明。由於今年的體育場館非常出色，因此明年的露天劇場/競技場可能會變得更大。但正如喬所說，你總是必須從全球角度來考慮問題。你知道，雖然由於世界盃的原因，美國可能會少一些體育場館，但明年我們在歐洲將會有一筆大生意。我們將在拉丁美洲、墨西哥開展大生意。因此，我們全球投資組合的優勢在於，50% 的業務都在美國以外。因此，雖然某個夏天這裡的露天劇場可能會很熱鬧，但其他地方的體育場館可能會更熱鬧。所以，您對 Live Nation 的押注非常正確，從地理角度來看，我們在全球範圍內具有大規模的多樣性。

So, there's no one year that's going to really matter in terms of show count. I've said that for many years. You're not going to sit here and hear us say we didn't have, like the movie theaters, the blockbuster for the summer that made our year. That's not how our business is driven. We have enough scale on a global basis and enough diversity in venue types that we'll have a strong '26 next year.

因此，就演出數量而言，沒有哪一年是真正重要的。我已經這麼說很多年了。你不會坐在這裡聽我們說我們沒有像電影院一樣在夏天上映讓我們大紅大紫的大片。我們的業務並非如此。我們在全球範圍內擁有足夠的規模，並且場館類型足夠多樣化，因此明年我們將擁有強勁的 26 場賽事。

Thank you.

謝謝。

The next question comes from the line of Cameron Mansson-Perrone with Morgan Stanley. Please proceed.

下一個問題來自摩根士丹利的 Cameron Mansson-Perrone。請繼續。

Thank you. Good afternoon. I wanted to ask about sponsorship specifically. It seems like you guys are leaning more into festival naming rights. I'm wondering if you could talk a little bit about how you view that as an opportunity. Is this something that you're kind of testing, leaning more into, or how broadly do you think about deploying that across the operated venue portfolio? And then I had a follow-up on OCESA.

謝謝。午安.我想具體詢問一下贊助事宜。看起來你們比較傾向節慶冠名權。我想知道您是否可以談談您如何看待這個機會。這是您正在測試、正在深入研究的事情嗎？或者您考慮在營運的場館組合中如何廣泛地部署它？然後我對 OCESA 進行了跟進。

Yeah, I don't think there's any specific new strategies. Festivals have always been an important part of our overall sponsorship portfolio. I was at Lollapalooza this weekend. You know, you have 115,000 people a day in downtown Chicago, incredible diverse demographic. So, a great, great portfolio – or platform for our brands all weekend, no different than Rolling Loud, which is a different demo to our festivals in Europe.

是的，我認為沒有任何具體的新策略。節日一直是我們整體贊助組合的重要組成部分。這個週末我去了 Lollapalooza。你知道，芝加哥市中心每天有 115,000 人，人口結構非常多元。因此，對於我們的品牌來說，這是一個非常棒的組合或平台，整個週末都如此，與 Rolling Loud 沒有什麼不同，後者是我​​們在歐洲舉辦的節日的不同演示。

So, festivals are super key sponsorship asset, but nothing new in whether it's sponsors on the name or sponsors on the stage or sponsors having access. We're always just being innovative with different brands on how they want to capture that moment around festivals.

因此，節日是超級關鍵的贊助資產，但無論是名稱上的贊助商、舞台上的贊助商還是擁有訪問權限的贊助商，都沒有什麼新鮮事。我們總是不斷創新，讓不同的品牌能夠捕捉節慶期間的精彩時刻。

Both festivals and venues, which we talk a lot about and why we're expanding them, those are the two key assets that our portfolio department spends most of their energy on and derives the highest return for. So, you're always going to see ongoing innovations on name and title down to onsite ideas to keep growing the business. And we're having another good record year on sponsorship over – on a macro level. So we'll have a good '26 overall.

我們經常談論節日和場地以及我們擴大它們的原因，它們是我們的投資組合部門投入最多精力並獲得最高回報的兩項關鍵資產。因此，您將始終看到從名稱和頭銜到現場創意的不斷創新，以保持業務成長。從宏觀層面來看，我們在贊助方面又創下了良好的紀錄。所以整體來說，我們會有一個美好的 26 年。

Got it. Thanks. And then on OCESA, I just wanted to follow up and see if there was any update you could provide on that cash savings from one fewer put to exercise or pay for, and just, in general, how you're thinking about that use of cash, potentially, and the tradeoff between, you know, investment versus capital return more broadly. Thanks.

知道了。謝謝。然後關於 OCESA，我只是想跟進一下，看看您是否可以提供任何關於通過減少一次行使或支付而節省的現金的最新信息，以及一般而言，您如何考慮現金的使用，以及投資與資本回報之間的權衡。謝謝。

Yeah, I think broadly speaking, we're going to continue to focus on deploying the capital on the venue side, as Michael just talked about, which we're monetizing in concerts and ticketing and sponsorship, as he went through, very key pipeline of venue investment opportunities that we still have.

是的，我認為從廣義上講，我們將繼續專注於在場地方面部署資本，正如邁克爾剛才談到的，我們透過音樂會、票務和贊助將其貨幣化，正如他所說的，我們仍然擁有非常關鍵的場地投資機會。

I think if part of your question is, is what does it mean that we picked up another quarter of OCESA, I think starting next year we'll see a drop in our NCI on both the P&L and on a cash impact. I expect it to drop probably around $50 million in '26, from a P&L standpoint, and then you’d see a bit less from a cash impact as the business retains what it needs in terms of working capital and ongoing maintenance CapEx.

我認為，如果您的問題的一部分是，我們獲得了另一個季度的 OCESA 意味著什麼，我認為從明年開始，我們將看到我們的 NCI 在損益表和現金影響上都會下降。從損益表的角度來看，我預計 26 年的損失可能會在 5000 萬美元左右，然後你會看到現金影響會小一些，因為企業在營運資金和持續維護資本支出方面保留了所需的資金。

So, it’ll free up a nice chunk of cash, help a few points on our free cash flow conversion, and then we'll continue to reinvest that in more opportunities that we have.

因此，它將釋放一大筆現金，幫助我們的自由現金流轉換增加幾個百分點，然後我們將繼續將其再投資於我們擁有的更多機會。

That's helpful. Thanks.

這很有幫助。謝謝。

The next question comes from the line of Peter Supino with Wolfe Research. Please proceed.

下一個問題來自 Wolfe Research 的 Peter Supino。請繼續。

Hi. Thank you. A question that might fit for Michael and maybe one for Joe. Michael, I wondered if you'd talk about the development of venues. A question we frequently hear is whether building venues around the world is risky. Most people find it easy to imagine that your position as a developer is advantageous, but I wondered if you could talk with us a bit about edge cases, disappointments, how frequently they happen and what you learn from them, if there ever has been one.

你好。謝謝。這個問題可能適合邁克爾，也可能適合喬。邁克爾，我想知道你是否願意談談場館的發展。我們經常聽到的一個問題是，在世界各地建造場館是否有風險。大多數人很容易想像，作為一名開發人員，您的地位是有利的，但我想知道您是否可以與我們談談一些邊緣情況、失望、它們發生的頻率以及您從中學到了什麼（如果有的話）。

And then Joe, I wondered if you could talk to us about, in your trending schedule, the two-year compound annual growth rate for the first half of 2025, so summing the last two quarters, is about a 2% to 3% annual growth rate off of 2023. I'm just trying to strip out the year-to-year noise. I think that's below your view of normal, and I wondered if you could help us bridge that growth to normal. Thanks.

然後喬，我想知道您是否可以跟我們談談您的趨勢計劃中 2025 年上半年的兩年複合年增長率，因此將最後兩個季度相加，大約是 2023 年的 2% 到 3% 的年增長率。我只是想消除年復一年的噪音。我認為這低於您的正常預期，我想知道您是否可以幫助我們將這種增長恢復到正常水平。謝謝。

I’ll take the easy one, Joe. On the venue risk, we really don't feel that that's a big factor. You know, the risky part of our business is the concert, right? When you're doing a one-off show in someone else's building, that's the risk. Now, with our scale and our global competency, we've been best in the business at that, so we've mitigated through all of our years of experience.

喬，我選容易的。至於場地風險，我們真的不覺得那是什麼大問題。你知道，我們業務中最有風險的部分就是音樂會，對吧？當你在別人的建築物裡做一次性演出時，這就是風險。現在，憑藉我們的規模和全球競爭力，我們已經成為該行業中的佼佼者，並且憑藉多年的經驗，我們已經取得了進步。

But once we put our team together on a venue, you know, I look at venue a little bit like art. These are rare commodities, and we spend a lot of time with our global local teams. We don't go into markets unless we have local expertise, local boots on the ground that we know exactly what's right for the market. We've dealt with all of the local developers, the local political scene.

但一旦我們將團隊聚集在一個場地，你知道，我就會把場地看作是一種藝術。這些都是稀缺商品，我們花了很多時間與我們的全球本地團隊在一起。除非我們擁有本地專業知識和實地經驗，確切地知道什麼適合市場，否則我們不會進入市場。我們與所有當地開發商、當地政界都有交涉。

So, when we're looking across our global portfolio, we have, you know, over 100 offices in 40 countries, great entrepreneurs on the ground. When they're in those markets, they know best what the market needs. Does it need a 5,000-seat venue? Does it need a new arena? Are there two arenas in town and is a third feasible? Do we buy one of the two and renovate it? So we're very, very diligent in looking at these businesses. But again, our secret sauce is that we have local expertise. So, if I sat in LA and told you I was building a venue in Peru, you could be in trouble. I'm not building anything unless my local market, who knows the market, done the work, is working with our LA development team to find the best return.

因此，當我們審視我們的全球投資組合時，您會發現，我們在 40 個國家/地區設有 100 多個辦事處，並且擁有許多優秀的企業家。當他們進入這些市場時，他們最了解市場需要什麼。需要一個有 5,000 個座位的場地嗎？它需要一個新的競技場嗎？城裡有兩個競技場嗎？第三個競技場可行嗎？我們要買其中的一套然後裝潢一下嗎？因此，我們非常非常認真地關注這些業務。但我們的秘訣在於我們擁有本地專業知識。所以，如果我坐在洛杉磯告訴你我正在秘魯建造一個場館，你可能會有麻煩。除非我的本地市場了解市場、完成工作並與我們的洛杉磯開發團隊合作以尋求最佳回報，否則我不會建造任何東西。

And the nice part is, because we're in so many markets, we don't have to do any venue in any market that is risky. If we think the market can't take the second or third venue, if we think the location isn't right, if we think the costs are going to run too high, if it's going to take too long, we've got a lineup of great cities where we can move our focus and effort to that have less risk and higher returns.

好的一面是，由於我們涉足瞭如此多的市場，我們不必在任何有風險的市場開設任何門市。如果我們認為市場無法容納第二或第三個場地，如果我們認為位置不合適，如果我們認為成本太高，如果耗時太長，我們可以將注意力和精力轉移到一些風險較小、回報更高的大城市。

So, we don't chase anything unless the return is predictable. And we have enough opportunity around the world that we can be selective on picking the best options for our return.

因此，除非回報是可預測的，否則我們不會追逐任何東西。我們在世界各地擁有足夠的機會，我們可以選擇性地選擇對我們回報的最佳選擇。

Joe?

喬？

Sure. So, I'll take the question. So, let me try to break up the first half of the year. And I'm going to answer some of this in the context of just what's going on with the full year, which we said a while ago we expect to be double-digit AOI growth, and which we’ve continued to say and say again today we expect to have double-digit AOI growth for the year.

當然。那麼，我來回答這個問題。那麼，讓我試著分解一下上半年的情況。我將結合全年的情況來回答這些問題，我們之前說過，我們預計 AOI 將實現兩位數增長，而且我們今天再次重申，我們預計全年 AOI 將實現兩位數增長。

If you look at the different segments, I think concerts for the first half of the year versus last year is up almost $100 million, it's up 30-odd percent. So, obviously representative of a great concerts year, driving massive stadium activity and doing very well onsite at both our festivals and our other venues.

如果你看不同的部分，我認為今年上半年的音樂會收入與去年相比增加了近 1 億美元，成長了 30% 左右。因此，這顯然代表了偉大的音樂會年，推動了大規模的體育場活動，並且在我們的音樂節和其他場館的現場表現都非常出色。

In terms of sponsorship, sponsorship has been relatively low growth in the first half. But as we also note here in the release, with 95% plus committed, we are double-digits ahead of last year. So, from a full year standpoint, we continue to expect sponsorship to grow double-digits. So, again, you have timing issues quarter to quarter. We don't spend a lot of time worrying about those issues, and we try to give you guys enough information to give you confidence in what the whole year is going to be.

贊助方面，上半年贊助成長相對較低。但正如我們在新聞稿中指出的那樣，承諾人數已超過 95%，比去年增長了兩位數。因此，從全年的角度來看，我們仍然預計贊助將實現兩位數成長。因此，您再次面臨季度與季度之間的時間安排問題。我們不會花太多時間擔心這些問題，我們會盡力為你們提供足夠的訊息，讓你們對全年的情況充滿信心。

Ticketmaster for the first half has had a few headwinds in terms of its specific numbers. One of those I'll point to is, you know, is the problem of success, our deferred revenue being up 22% at Ticketmaster. So, if you just took the fact that we're doing more shows in markets where we're deferring recognition, where we're doing more shows in our venues, if you play out the math on that 22% growth in our average margin, I would say you've moved roughly $25 million of AOI from the first half of the year to the second half of the year. Again, it's just quarterly timing, doesn't impact things over the course of the year. So, it's just another reason why we don't obsess over the quarter. First half of the year, Ticketmaster is taking the brunt of hit from our FX headwinds, about $16 million of headwinds in that segment. And then third is we've talked a lot about the international growth. And as we've talked before, international activity in Ticketmaster is lower revenue per ticket than it is in North America.

從具體數據來看，Ticketmaster 上半年遇到了一些阻力。我要指出的其中之一就是成功的問題，Ticketmaster 的遞延收入成長了 22%。因此，如果您只考慮我們在推遲認可的市場舉辦更多演出、在我們自己的場地舉辦更多演出這一事實，如果您計算一下我們平均利潤率 22% 的增長，我會說您已經將大約 2500 萬美元的 AOI 從上半年轉移到了下半年。再說一次，這只是季度時間安排，不會影響全年的情況。所以，這只是我們不過度關注季度業績的另一個原因。今年上半年，Ticketmaster 受到外匯逆風的嚴重衝擊，該領域逆風損失約 1,600 萬美元。第三，我們討論了很多有關國際成長的問題。正如我們之前所討論的，Ticketmaster 在國際上的每張票的收入低於北美。

So, all of those things are going to have some very tactical quarter/half impact. I talked earlier to Brandon's question on why we continue to have confidence. Ticketing overall is still a good long-term growth business, all of those things which are somewhere between one-offs, mixes, and temporal issues.

因此，所有這些因素都會對本季/下半年產生一些非常關鍵的影響。我之前回答過布蘭登的問題，為什麼我們仍然充滿信心。總體而言，票務仍然是一項具有長期成長潛力的業務，所有這些都介於一次性、混合和暫時問題之間。

Thank you.

謝謝。

The next question comes from the line of Peter Henderson with Bank of America. Please proceed.

下一個問題來自美國銀行的彼得‧亨德森。請繼續。

Great. Thank you for taking the questions. So, with non-English-speaking artists now representing twice as many of your top 50 tours compared to 2019 and ticket sales tripling, can you just discuss how the profitability and unit economics of these tours compare to the traditional North American tours? And then are these, like, emerging international artists and shows generating comparable margins, onsite spending patterns, etc.? And then finally, you know, how does this dynamic impact your global sponsorship opportunity?

偉大的。感謝您回答這些問題。那麼，與 2019 年相比，非英語藝術家現在在您的前 50 場巡演中佔比增加了一倍，門票銷售額也增加了兩倍，您能否討論一下這些巡演的盈利能力和單位經濟效益與傳統的北美巡演相比如何？那麼，這些新興的國際藝術家和表演是否能產生可比較的利潤、現場消費模式等？最後，您知道這種動態如何影響您的全球贊助機會嗎？

Yes. Thank you, Peter. You know, you’re – there is no real difference. So, you know, this has been a – artists have been global forever. And whether you're a K-pop artist playing in LA or whether you're a Gracie Abrams and a young popstar appealing to a young demo, per heads, the margin, what you pay the artist all have the same economics. So, regardless of where the artist originated from, if you can sell an arena out or a stadium out, their agents, their manager are going to make sure they're getting market rates. So, same margin, same business no matter where the artist is from.

是的。謝謝你，彼得。你知道，你——沒有什麼真正的區別。所以，你知道，藝術家永遠都是全球性的。無論你是在洛杉磯演出的韓國流行歌手，還是像 Gracie Abrams 那樣吸引年輕人的年輕流行歌手，按人頭計算，利潤率，以及你付給歌手的費用都具有相同的經濟效益。因此，無論藝術家來自哪裡，如果他們能把一個競技場或體育場的門票賣光，他們的經紀人和經理就會確保他們獲得市場價格。因此，無論藝術家來自哪裡，利潤都是一樣的，生意也是一樣的。

And the per heads, you know, they're no different than you would imagine. You know, if you're selling country and Chris Stapleton, you do a larger percent of beer and tequila shots than you do if you're selling to a younger demo and you might do wine and Poppi and new spirits.

你知道，人均收入與你想像的並沒有什麼不同。你知道，如果你銷售鄉村音樂和克里斯·斯台普頓 (Chris Stapleton) 的音樂，那麼你銷售的啤酒和龍舌蘭酒的比例會比你銷售給年輕人時更大，你可能會銷售葡萄酒、波皮酒和新烈酒。

So, I think the great success we are having onsite this year under our new team is we are really mixing up our menu and making sure on our segment strategy that, if it's a country act and you go to an amphitheater, those digital boards are going to have a very different menu than if you show up two days later and it's the Backstreet Boys playing, or three days later if it's a young band appealing to a young demo.

所以，我認為我們今年在新團隊的帶領下在現場取得的巨大成功是，我們真正地混合了我們的菜單，並確保我們的細分策略，如果是鄉村表演，你去露天劇場，那些數字板上的菜單將會與你兩天后出現時後街男孩的表演菜單非常不同，或者三天后，如果是一個吸引年輕人的年輕樂隊的菜單表演非常不同。

So, we've always been adjusting, and we're doing a better job now of adjusting our food and beverage onsite spend to meet the segment. But no difference because the artist is from Colombia, Mexico, or Boston.

因此，我們一直在進行調整，現在我們正在更好地調整我們的食品和飲料現場支出以滿足這一細分市場的需求。但這沒什麼區別，因為藝術家來自哥倫比亞、墨西哥或波士頓。

Thank you.

謝謝。

The next question comes from the line of Kutgun Maral with Evercore ISI. Please proceed.

下一個問題來自 Evercore ISI 的 Kutgun Maral。請繼續。

Great. Thanks for taking the question. I just wanted to follow up on Venue Nation. You provide a lot of great color and detail, but it still seems like somewhat of a hidden gold mine in the business. You know, you talk a lot about the strong fan count growth, the pipeline. Overall trends seem to be very robust, and it certainly seems like it's becoming a primary driver of the business. So, is there just any more color you could provide to help us better dissect its specific contributions to the segment, to the concert segment? Thank you.

偉大的。感謝您回答這個問題。我只是想跟進 Venue Nation 的情況。您提供了許多出色的色彩和細節，但它仍然看起來像是業務中隱藏的金礦。你知道，你經常談論粉絲數量的強勁增長和管道。整體趨勢似乎非常強勁，而且它似乎確實正在成為業務的主要驅動力。那麼，您能否提供更多細節來幫助我們更好地剖析它對該部分、對音樂會部分的具體貢獻？謝謝。

Well, it's hard to answer that question and give you specific numbers without breaking out on an exact building basis, which we're not going to do, which is – that’s why we give you what we're spending. We give you the fact that it's a 20% plus return. That return obviously cascades across different pieces of the business. It comes, as Michael said, with sponsorship that really – have a priority monetizing the venue. It comes through in your onsite activity, the selling the beer, the selling of the VIP clubs. It comes through in the promotion side. And it comes from the ticketing side from having more events to ticket, more venues that they're working with.

嗯，如果不詳細列出具體的建築數量，就很難回答這個問題，也很難給出具體的數字，我們不會這樣做，這就是為什麼我們會告訴你我們的支出。我們告訴您，回報率是 20% 以上。這種回報顯然會波及到業務的不同部分。正如麥可所說，贊助商確實優先考慮將場館貨幣化。它體現在您的現場活動、啤酒銷售、VIP 俱樂部銷售中。它體現在促銷方面。這是因為票務方面有更多的活動需要售票，他們與更多的場館合作。

You know, I think you can certainly see that it's happening also in the concert side by the margin. The fact that this year, a very heavy stadium year, margins are consistent with last year speaks to the continued benefit we're getting out of our venue portfolio, and the fact that's keeping – that the margin is keeping up even though you have so many more events outside of our venues.

你知道，我想你一定可以看到，這種現像也在音樂會上發生。今年是體育場館數量非常多的一年，但利潤與去年持平，這說明我們繼續從場館組合中獲益，而且利潤率保持穩定——即使在場館外舉辦的活動越來越多，利潤率也保持穩定。

Thank you. I appreciate it.

謝謝。我很感激。

And the last question will come from the line of Benjamin Soff with Deutsche Bank. Please proceed.

最後一個問題來自德意志銀行的班傑明‧索夫 (Benjamin Soff)。請繼續。

Good afternoon and thanks for the question. It'd be great to hear your latest thoughts on the APAC region and the opportunity you see there following the recent acquisition you did in Japan. And then to follow-up on Venue Nation, you called out a really nice increase in fans this year. Is that about the timing of new venues coming online, is it better utilization at your existing venues, or is it something else? Thank you.

下午好，感謝您的提問。很高興聽到您對亞太地區的最新想法以及您最近在日本進行收購後在那裡看到的機會。然後，為了跟進 Venue Nation 的情況，您提到今年的粉絲數量確實大幅增加。這是關於新場館上線的時間嗎？這是否是為了更好地利用現有場館，還是有其他原因？謝謝。

Yeah, I'll take the first part. You know, as we've said in our annual Investor Day, we look at the whole globe as a great opportunity still. We're looking at Latin America. We're looking in the Middle East. We've had great success recently in India with Coldplay and others, and all of the Asia and APAC region.

是的，我會選擇第一部分。你知道，正如我們在年度投資者日所說的那樣，我們仍然將整個地球視為一個巨大的機會。我們正在關注拉丁美洲。我們正在關注中東。我們最近與酷玩樂團等樂團在印度以及整個亞洲和亞太地區取得了巨大的成功。

So, equally we think there's opportunity all around the globe of this new young consumer with the jukebox in their phone – in their hand called that phone that want to see Travis Scott. So, that's the great opportunity on a global basis. It doesn't matter, pretty much every country in the world, maybe, less China. But other than that, every country in the world from India onward, that consumer has been let loose with demand now and wants to see the live show because he sees it on TikTok, sees it on YouTube. So, you name the country, from Singapore to Thailand to many other countries we're looking at in Africa, they all know right now what culture is on the airways and wants to be part of it. So, it's a great, great opportunity.

因此，我們同樣認為，全球各地都有機會看到這些新的年輕消費者，他們手裡拿著手機裡的點唱機，想看到特拉維斯·斯科特 (Travis Scott) 的歌。所以，從全球範圍來看，這是一個絕佳的機會。沒關係，世界上幾乎每個國家都是如此，也許中國除外。但除此之外，從印度開始，世界上每個國家的消費者現在都已經釋放了需求，他們想看現場表演，因為他在 TikTok 上看到了，在 YouTube 上看到了。所以，你說出這個國家的名字，從新加坡到泰國，再到我們在非洲關注的許多其他國家，他們現在都知道廣播中播放的是哪種文化，並希望成為其中的一部分。所以，這是一個非常好的機會。

APAC, we've been playing in APAC a long time. We've got a strong Australian business, New Zealand. We've been in Singapore. We've been in Korea, Thailand, been in China and been in Japan, but we haven't had the big presence in Japan we needed to really help that region. And a big, big deal we've been working on for a long time to be in business with one of the great historian companies in Japan, which is just going to help kick our Live Nation Japan business into the next gear.

亞太地區，我們在亞太地區已經演出很久了。我們在澳洲和紐西蘭的業務非常強勁。我們去過新加坡。我們進入過韓國、泰國、中國和日本，但在日本的影響力還不夠大，無法真正幫助該地區。我們一直在努力達成一項重大交易，與日本一家偉大的歷史學家公司開展業務，這將有助於推動我們的 Live Nation Japan 業務邁入新的階段。

And kind of like all of these markets, when you enter in these regions, you start small and then you hope to find one of the existing partners that has some scale and longevity that you can add your power to and build off of there. So, yes, we think building our Japanese business is great on its own, Japan, one of the biggest markets in the world. So, that alone, like we've talked about in Brazil or Mexico, will be a great, great growth opportunity. We're very underdeveloped there, but then it also opens up the rest of the markets to operate out of our – kind of our regional hub out of Japan.

就像所有這些市場一樣，當你進入這些地區時，你會從小處著手，然後希望找到一個具有一定規模和長期性的現有合作夥伴，你可以為其增添力量並在此基礎上發展。所以，是的，我們認為建立我們的日本業務本身就很棒，日本是世界上最大的市場之一。因此，就像我們在巴西或墨西哥談到的那樣，僅此一點就將是一個極大的成長機會。我們在那裡的發展非常不完善，但它也為我們在日本以外的區域中心開展業務打開了其他市場的大門。

And then in terms of our operated venues, most of the activity or most of the growth this year is coming out of a combination of U.K., Europe, and Latin America. Those are really the two primary drivers of our operated fan count growth.

就我們經營的場館而言，今年的大部分活動或大部分成長都來自英國、歐洲和拉丁美洲。這確實是我們營運粉絲數量成長的兩個主要驅動力。

And you got the two pieces. It's a mix of existing venues and of new venues that are coming online. So, Latin America, you have both a tremendous increase in show count at Estadio GNP coming out of the refurbishment last year, big growth in fan count there. And then we're also – we’re opening a new, you know, new stadium in Colombia, and that contributes.

你得到了這兩件。它是現有場館和即將上線的新場館的混合體。因此，在拉丁美洲，去年翻新後，GNP 體育場的演出場次大幅增加，球迷數量也大幅增加。然後我們還將在哥倫比亞開設一個新的體育場，這也有助於實現這一目標。

And then similarly in Europe, as we've been building out our venue portfolio, adding Altice in Lisbon and others is a piece of it, but so is driving increased utilization at our existing venues. So, it's really a combination of those two. I'd expect the new venue piece of that to be picking up over the next few years as we bring more of them online into next year and into '27.

同樣，在歐洲，隨著我們不斷擴大場館組合，在里斯本和其他地區增加 Altice 場館是其中的一部分，但提高現有場館的利用率也同樣重要。所以，它實際上是這兩者的組合。我預計，隨著我們在明年和2027年將更多的活動搬到線上，未來幾年新場館的活動將會增加。

Thank you. This concludes the question-and-answer session. I would like to turn the call back to Michael Rapino for closing remarks.

謝謝。問答環節到此結束。我想請邁克爾·拉皮諾 (Michael Rapino) 致閉幕詞。

Thank you, everybody, for your support. Have a great rest of the summer, and we will talk to you in the fall. Thank you.

謝謝大家的支持。祝您有個愉快的夏天，我們將在秋天與您交談。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。