Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Live Nation Entertainment, Inc. (LYV)

February 27, 2013 4:55 pm ET

Executives

Michael Rapino - Chief Executive Officer, President, Director and Member of Executive Committee

Analysts

Benjamin Swinburne - Morgan Stanley, Research Division

Benjamin Swinburne - Morgan Stanley, Research Division

All right. Okay. Good afternoon, my name is Ben Swinburne, Morgan Stanley's media analyst. Please note that important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures, all appear on the handout available in the registration area and on the Morgan Stanley public website.

We're really excited to have with us, and I think for the first time in our conference, Live Nation Entertainment. We have CEO, Michael Rapino, to my left. Michael has been President and CEO of Live Nation since August 2005 and was instrumental in the merger of Ticketmaster and Live Nation to create the #1 live event company.

So, Michael, thanks for being here.

Michael Rapino

Thank you.

Benjamin Swinburne - Morgan Stanley, Research Division

So we timed the conference well, right after your earnings. So thanks for coming up this morning from L.A. Why don't I let you take the opportunity to tell the audience about what you think the key takeaways were from the results yesterday and, kind of, the outlook for 2013?

Michael Rapino

Given we're up 3%, it made the trip a little easier, so you never know when you go to bed, as you know.

Benjamin Swinburne - Morgan Stanley, Research Division

Right.

Michael Rapino

So we're proud, in 2012, we deliver what we said we're going to deliver. Since we merged these companies, we've had to get the economy right and our business model right. We're past that now. We had a good 2011, which was kind of the first year to prove to the market that the 2010 year was the exception to the rule. So delivering a second strong year of growth was important to get the consistency in the story and in our business.

Listen, what are we most proud about? At the end of the day, we're proud about the ability that we've been able to turn on free cash flow and grow that, and that's a big piece of what we want to get done over the next few years. But you don't grow cash flow if the main business isn't doing well. So I think the 2 highlights for us, the global strength of the industry. As big as we are, if the industry does well, the tide will rise and we will capture most of that upside. So the industry was strong globally. And as big as we are, proving to the market that we can still grow this business, both from adding incremental ticket sales to Ticketmaster and Live Nation, was great news for the team that we can still grow this business off our strong base.

Benjamin Swinburne - Morgan Stanley, Research Division

Great. Maybe you could take us through, sort of, the key industry trends that are growing your overall business and how -- why you're so positive about the next couple of years for the industry and yourself?

Michael Rapino

Listen, we are very fortunate that we work in an industry that people gathering together to watch a show, started way in the day of the caveman and will be going on long after we're all dead. I'm in a great industry. Unlike the recorded music or many others, I don't have a debate whether the strength of going to a live show will continue to be strong. We did joke yesterday, only when we're in either the reporters or analyst situations do we get asked, "Who's going to replace the Eagles?" When we sit with our core 20-year-old...

Benjamin Swinburne - Morgan Stanley, Research Division

There are no Eagles questions here today.

Michael Rapino

Or is it a fad? When you sit with your 20-year-old focus groups, they don't debate who's the next Eagles. They probably don't even know. But they know that they love Rihanna and Justin Timberlake and One Direction and Nicki Minaj. So we continue to see this is a strong, strong industry on a global basis. So the content supply, if you want to call it, is as strong as ever. Country music's on fire this year, and that's reinvented itself with Taylor Swift, with Jason Aldean selling out stadiums. Hip-hop, Jay-Z, Justin Timberlake, we sold out Wireless Festival in London in a day, in minutes, stadium date. You've got Rihannas and Pinks in the pop business selling out around the world. You got your Justin Biebers, your One Directions, for the kids, selling out. So the business is very diverse across from a 15-year-old through a 60-year-old. Business is strong.

Second great trend is -- in 2005, when we rolled this company out, we made $60 million in AOI, we did 8,000 shows and we were in a few countries. We said back then we wanted to figure out how to be a $500-million business, which we're basically almost there. We wanted to grow globally, which we're now in 41 countries. We wanted to have a global advertising business. We now have 800 sponsors and growing. And we want to grow our market share. And we -- everyone thought we were big then because we did 8,000 shows. We're almost doing 30,000 shows, and we've grown our ticket base, incredible amount over the 8 years.

We think the next 5 to 6 years is nothing but upside in the industry. Why? Because you have a strong supply of artists coming up every day. If you ask any consumer of the high-user group, a 24-year-old that goes 8 times a year, they're as excited about seeing Justin Timberlake as someone was seeing Elvis or the Beatles or any time in history going to that live show, which can't be duplicated. So I don't have any of the media issues of all of my counterparts. It's a product that can't be duplicated. The production values in the shows are greater than ever, and the reason it will continue to grow is it's a global business now. Everyone knows who Nicki Minaj is, even in Dubai, even in Cape Town. They didn't know 5 years ago or 10 years ago. The fan only knew about artists if the record label was in town promoting it. Today, I looked this morning, Rihanna has 80 million Facebook friends, and 60 million of them were outside of the U.S. So that's the globalization of the business. That's why we can sell now 100 Rihanna dates from Cape Town to Singapore and only about 30 in America, where it used to only be an American business. Every city from Singapore to you-name-the-city wants to be the entertainment destination. They want the Justin Timberlake show. They want to be the cool city. And usually, to be a big city, you've probably got to have a good entertainment base. And to do that, you've got to have U2s and Nicki Minajs showing up in your center.

Benjamin Swinburne - Morgan Stanley, Research Division

Yes. One of the things that I know you focused on at the Liberty Investor Day last year was really the use of technology and, particularly mobile, to drive your business. Can you update us there on your initiatives in mobile and how that's driving the top line?

Michael Rapino

We're -- as most of you, who don't know, we're in the middle of our technology reformat. We're getting close to that. That's the base that powers everything. So we're doing as much as we can with mobile today, given we're still operating off of an old platform. We'd like to be further advanced, but we're going to make sure that we're getting out there and leading the industry. If you look at the basic consumer trends, it's no surprise everyone with a smartphone buying a concert ticket is not like shoes or Amazon. It doesn't take a lot of views to figure it out. I want a seat to the Justin show, and I want to buy it now and I don't want to wait until I get to my computer. So we think we have one of the most portable products that can be bought in the mobile in the e-commerce space out there. And the best part for us is it's the exact same cost basis. We can still charge the same ticket price and the same service fee, whether it's online or mobile. So the economics transfer to mobile. We think the mobile business will just continue to grow as fast as we, as the leaders, can roll out the equipment and the hardware at the venues. That's the biggest kind of adoption issue right now. The faster the venues all have the readers and you can get your ticket bought on your phone and you can bring your phone and swipe it at the door and walk in and make it digital, that will continue to increase the adoption to the 15%, 20%, 30% of tickets sold.

So we're the leader right now. The numbers are small a year ago. So I'm telling you, it increased 200%. Is it relevant? We would say what's relevant is, right now, when we talk to the consumer base, "Would you want to buy your Justin Timberlake ticket on your mobile phone now?" Obviously, the answer is, "Yes. How quick can I get it done in a seamless, frictionless manner." So we've started over the last yea,r on mobile we're selling 6%, 7% of our tickets. And we think that will continue to ramp up and make us the leader in the mobile business ticket sales.

Benjamin Swinburne - Morgan Stanley, Research Division

Great. Let's segue from that into the Ticketmaster side of the house and, particularly, the upgrade project that's going on right now, which you just mentioned. Maybe for those in the audience who aren't as familiar, take us through what's going on there, where in the process you are and how does that help drive cash flow and EBITDA for the company?

Michael Rapino

Well, Ticketmaster has always been the higher margin piece of our business. It's a 23%-margin business. It's held its margin in the last couple of years. It's obviously, as most people know, the leader for many years. I think the reason we were able to get a 50-50 merger done for our Live Nation shareholders, even though they were bigger, is we, kind of, have the vision and the growth on where the business was going, and they were still living off the 24-year-old platform. They hadn't evolved their model. They were -- they are and were an incredible transaction site with high market share. What I think we brought to the equation is we -- when we merged with Ticketmaster, our original vision from Day 1 was we couldn't be like the other media companies for the record labels. We couldn't just be on the, let's call it, content side and have anyone on the distribution side with the consumer. We needed to be that together. We needed to be, let's call it, the Netflix of concerts. We wanted to produce the shows and sell directly to the consumer. So the great, great asset in Ticketmaster is those 400 million tickets consumers are buying from them. I think, historically, they have not had a consumer proposition. They haven't spent -- they didn't historically spend their days saying, "How is the consumer service started to up sell opportunities? Is this an e-commerce-like Amazon strategy, where you can drive that business because of that scale?" So I think, we've spent 2 years. We've got another year of our platform rebuild. We're building a web-based platform versus our 28-year-old platform. The goal there is, one, we just will run a lot more efficient. As you can imagine, a 28-year-old platform will cost you a lot of fixed and variable costs to keep that platform operating. It's not flexible. You can't build on top of it. Our new platform will run about $0.35 a ticket cheaper across our base, so that instantly gives us a cost savings and margin boost. But more importantly, it will be a web-based, state-of-the-art platform that lets us really build on top of that, our B2B apps or consumer apps, and lets us build our features and benefits that can kind of adopt and move with the times we can't do today.

Benjamin Swinburne - Morgan Stanley, Research Division

How does this investment project tie into what you're doing, or what you're trying to do in the secondary markets? It sounds like it's going to be a big opportunity for the company.

Michael Rapino

Well, one of the -- it all ties together. So when we took over this business, we realized we have, let's call it, the Microsoft Office enterprise system. Ticketmaster is 1 big system that services 1 strategy, called best available tickets for a primary user are mostly reserved. That's its core function. It can't be built to do anything else. What we want to have is a web-based platform. We have the largest database in the world, so we want to have an incredible platform that, yes, has all the inventory search and commerce needed for those 400 million tickets. But we want to be able to build on top of that platform, products that can service the market better. So, number one, yes, we're going to have a great, very rich product that will service our NBA, NHL high, high sophisticated customers, and we call that Ticketmaster. We want to have a Ticketmaster light, that's going to service the theaters and the clubs and the smaller customers, who don't need all of the toys and benefits that come with managing an NBA platform. We want to have a Ticketmaster Do-It-Yourself that takes on Eventbrite, if you want to call it, that you can go on yourself and put your 40th birthday and sell tickets for a small event. The other thing we want to do with that platform is we want to expand your market in the most obvious place that we should have been servicing and capitalize on it in the secondary market. So with our platform, we can now adjust and build our Ticketmaster proposition in July when we launch it, to also capture the secondary business. We're going to -- we'll look at the secondary business -- from a consumer perspective, it's -- there's no distinction. Someone just wants to buy Justin Timberlake ticket for next Tuesday. You think about our model, we will sell out of the Justin Timberlake/Jay-Z stadium tour by Tuesday. And for 3 months, we basically will have a, "store closed for business" sign up for 3 months till that event, where someone comes there and says no tickets found. Crazy. Actually, add that up and multiply that by all of the shows that we have a no-tickets, Beyoncé, right now, will sit for 3 months with no tickets found, store closed. It's crazy. We should be in the always-available business. We have that customer coming to our door. We're the third-largest commerce site. They're going to come for 3 months, trying to find a Beyoncé ticket, and we're going to tell them no tickets found. We obviously want to integrate that. We want to have all our secondary options there for them for 3 months. I'd like to tell you that the world is just going to price itself right from Day 1 and it won't be, but that's not going to happen overnight. But we want to make sure that we're always in business, servicing our fans to come to that door in July. If they want a Justin Timberlake ticket, they want to spend $400 or $2,000, we want to sell them that ticket in our ecosystem. We're going to let them sell it instantly in our ecosystem. We'll let them transfer it instantly. So we're going to bring that world together and be in the always-available business.

Why it will work for us? One, we've got the traffic. Two, we're in business with the artists and the teams who want this now. The business has now evolved. For many years, scalpers sat on the corner, and no one knew who they were. And then, it came on the Internet and everyone in the continent went, "Oh my God! They're bad!" And now, they go, "Oh my God! I Want that." That's a lot of money out there. That's $4 billion that supports teams and artists participating on it should be. We're in their business to service them. We think they should be participating in all of that $4 billion. And if they want to participate, then we also get to participate.

Benjamin Swinburne - Morgan Stanley, Research Division

Great. The next, kind of, big initiative and also highly profitable one that I wanted to ask you about was the sponsorship for your business? Can you take us through the strategy there and how investors should think about the opportunity in front of the company sponsorship?

Michael Rapino

Again, when we launched this company, we called it Live Nation. We actually -- our creative rift at the time was, "How do we label ourselves somewhere like the NFL, NBA? How do we get that feeling that we're the league that manages all these franchises? Ones who were the credible league." Live Nation was what we picked. We believe we -- if we staffed ourselves properly, not with junior sponsorship people selling a sign at the shore line, but brand managers from Pepsi and sophisticated marketers, who built the global team, we would be able to convince Madison Avenue and Coca-Cola and others that we are the best choice if you want to be in the music business. You want to leverage artists, you want ticket, you want access, we'd be your best, most viable blue-chip solution. You now fast forward 5 or 6 years since then, we now have over 300 sales people around the world. We have over 800 blue-chip clients around the world. We would be the largest entertainment sponsor agency in the world, in terms of live music or music. And we generate $150 million, $160 million in profit from that, from a very small base when we started. Do I think that, that can be $200 million, $250 million, $300 million? Yes. Why? Because, one, as we continue to grow in 41 countries, the more tickets, the more people that walk through the door, the bigger our audience is. Two, the real gift on sponsorship for us has been we historically, 99% of that business was based on on-site or ticket access or venue or event platform. We really weren't in the media business, if you want to call it. The last couple of years, as we've acquired Ticketmaster, built out all of our Facebook, Twitter, all of our websites for our festivals, we really got a strong network of digital assets now. So we've been able to now enter in that spectrum. We'll generate $30 million, $40 million in online advertising that is brand new to us. We're now in with the Madison Avenue RFP process. So that if a brand says, "I want young. I want music." They're going to call VEVO, they're going to call Spotify, they're going to call Pandora. They're calling us now. And we've been able to leverage our online to on-stage network and capture some online dollars. So I think we can grow online as we get better at actually bringing some better content online, and I think we're going to grow the pie. Latest estimates are that there's about $18 billion spent in sports and music, about $1 billion on music. If we've got a $160 million, $170 million of that $1 billion, that's not anywhere reflective of our market share. So I think if we just grew our market share within the $1 billion, as we added more products, we should be able to continue to grow that business to double digits.

Benjamin Swinburne - Morgan Stanley, Research Division

Great. I'll ask you the question that was asked of Facebook earlier about, sort of, balancing ad loads on mobile, making sure that, that the consumers are hitting the right ads and also not being annoyed by them as well. So when you guys think about building your mobile ad platform and the experience with the consumer who are there to, often, do commerce -- how are you thinking about that balance and getting that right?

Michael Rapino

We're probably like everyone else. We're experimenting and trying to find -- I mean, I think the unique thing that we have is, traditionally, commerce sites don't do well in advertising. Amazon and others are starting to do it. But historically, it's been a social-sticky business. And if you're selling an e-commerce transaction, you didn't get advertisers. We're the exception because even though we're a transaction, we have imagery. So Coca-Cola likes to be on our page because there's a picture of Lady Gaga and U2 and Justin Timberlake. So we're one of the few commerce sites that's been able to get some advertising revenue. Even though we're not considered a lifestyle site. But like everyone is trying to figure out mobile, when the screen gets smaller, can you still insert that ad unit, on a branded perspective? Most of our advertisers are, in some sense, less pure advertisers or more brand initiatives. It might be a product launch. It might be they want to sponsor the Top 10 List. They want to sponsor the Pepsi emerging artist. So we think most of our solutions come from some form of them sponsoring some relevant content for the consumer. So we'll try to bring that to the screen.

Benjamin Swinburne - Morgan Stanley, Research Division

Got it. Lastly, the big, big topic. And then we'll go and see if the audience has any questions. Obviously, I asked you about the concert business itself and other the key drivers and initiatives do you have at the company in terms of driving your market share, driving that business? And particularly, I'd love to hear about EDM and that piece of the story.

Michael Rapino

Our concert business -- our business model is based on -- the artist takes about 90% -- 10% of the door. So this isn't a business where I'm going to convince anyone that we're going to convince U2 to take 84% of the door. That's not going to happen. But long ago, we decided that why we were going to be different from our competitors is we're going to build a business that is empowered by that scale. So now with 30,000 shows and millions and millions of consumers, we've been able to build great adjacent businesses off that core. So our goal is more Justin Timberlake dates, more scale, more tickets, our bottom line grows because we've got more service fees, we've got more on-site ancillaries, we've got more advertising. So our job is -- on the concert side, is to continue to grow our market share and it gets monetized well across our platform. We've been able to do that. We think there's still great opportunity, as big as we are. We think we've got -- we're under serviced in the festival market in the U.S. It's one of our few holes in our portfolio. We're going to fix that this year, as we've been building that the last while. We think EDM, electronic music, is a global real deal. It's another genre of music. And more, more importantly, it's incredible experience for the consumer. Most of my -- we meet with our 41 global presidents, that's probably the only thing we truly agree on. When you have a lot of United Nations of tastemakers, they all agree from Dubai to Singapore. Electronic music in their market is the 19-year-old new rock 'n roll, and we better be in electronic-based businesses and most of the festivals and events. So we think that's a big business. We've been building that business, and we think that's going to go grow. And now, what you referred to, the other trend is just going to continue getting in emerging markets. We're selling more and more tickets in Colombia to Asia, when we're putting these tours on sale. So continue to open the outpost around the world because every time we have an office, we can promote Justin, we can build a Sponsorship business around it and we can monetize some ticketing around it. So build our outpost, distribute our content globally and make sure we keep looking at the different segments within the business, whether it's festivals, EDM, that we're well represented in those issues.

Benjamin Swinburne - Morgan Stanley, Research Division

I wanted to ask you about actually emerging markets, maybe a little more detail. It seems that the conference has really been the rise of consumers spending and discretionary income outside the U.S., Latin America and Asia, in particular. How does your business model that you've built in the U.S., how does that look outside of the U.S.? How much does it vary across regions? And if you had to tell us about, kind of, the 1 or 2 markets we really should watch your business in, which ones will they be?

Michael Rapino

More than 50% of our business is outside of U.S. and has been for a while. Listen, we have a really, really huge advantage. Most people can't think about entering emerging markets like we can. I mean, we entered Russia last month. I can move into a market. I don't have to build a factory. I have no regulations. There's no media. It's not like -- NBC can't move in Russia because the local -- so I have no regulations in those markets. I have no factory to build. And I got a product that I don't even have to market because Russia knows who Lady Gaga is. So we've got a product that is truly transportable. All I need to do is get in that market with some credible, local executors, promoters; open up my Live Nation office; start feeding them those 52 tours a year we buy; build some local scale. Probably then, because you got Lady Gaga, U2 and Justin there, you start to hire 2 sponsorship people and get Coke deals. And then, if we can drop in our Ticketmaster ticketing platform, I can build my base. So for us, there's a lot of other issues when you look at emerging markets that I don't have. I can move into Russia at a low cost and transport my product there and not have any of the other issues that most people do. So we look at -- from a music business perspective, I would say the hottest market that we think we want to make sure we're leading in would be Latin America. One, because it's really efficient for touring if you're a big band. It's a lot cheaper to go from Texas down and continue South than it is to boat all your stuff for 2 weeks to Asia or over to Europe. So efficiency, if we can now put 15 dates from Mexico down to Colombia for artists, those are probably more attractive and cost-efficient for them than going to Asia or Europe. The market's all hot, emerging young kids coming up disposable. Facebook's on fire there, so they all know all the major artists that matter. So we think Latin America and Brazil, as they're building up their Soccer World Cup, Olympics, building some infrastructure, most of those markets now have that arena now and have a structure in place. So we look at that as a place we think has great margin potential for us.

Benjamin Swinburne - Morgan Stanley, Research Division

Great. All right. Why don't we see if there any questions from the audience. And if you could just wait for the microphone. Thank you.

Question-and-Answer Session

Unknown Analyst

I'm sorry. This is a little bit of a basic question. I'm a little out of date with your business model. So could you just kind of talk about your competitive advantage and competition more broadly? And I guess, as part of that, how does this work with the artists? Are you contracting on a percentage of revenues, or are you doing a broad deal? I think that people back in the past, there was a broad deal element when you got into this business. It seems to me that there isn't actually that much of a barrier to entry, except for global scale. So maybe you could just give -- talk about those pieces of the puzzle.

Michael Rapino

I'll simplify because I keep looking at your ticker there. So I'm getting faster and faster. My answers are [indiscernible]. So, yes, when you're the promoter, you're basically the bank. You're providing a guarantee to an artist against the percentage. So if you want to be a promoter tonight, you can call up CA and say, "I want to promote Green Day in San Francisco, and I've got $1 million and I'll take a risk on a 90-10." Why is there a barrier? Historically, it used to be a 50-50, 60-40, and you probably could pay them $300,000 and maybe make some money at the door, pay your staff and have a decent business. Over the years, the percentage has gone up. But more importantly, the guarantee has gone up because this gross has got so big. So the first barrier to entry is most people just don't have the bankroll that's required to provide to these artists. But more importantly, what is really important is you need a certain scale in a marketplace to get all of the ancillary businesses revenues to be able to drive that business. So why we have 100 offices in 41 countries versus just buying everything from L.A. with a checkbook is because in San Francisco, my 20-something-plus staff, we're going to do 300 shows here. Most of them are local. The agents are only selling to someone that lives in San Fran. We've got our San Fran media buys because we have all the best media relations on our scale here. We got all the sound and light production rebates here. We have all the venue rental rebates because if you do 200, 300 shows, you're getting rebates in ancillary models. If you do 2 shows, you're not getting any of those. So at the core, we don't make a ton of money at the door, as our model shows. But we make our $500 million from all of those things around that show. So why you just can't be rich and be in the business because you can buy a tour or 2, but you can't make any money on a tour or 2. You need a certain level of scale in a local market that starts providing you all of those ancillary benefits from those other businesses that funds your model. So that's kind of the key business.

Unknown Analyst

Can you talk about maybe what you think Liberty can bring to your platform, either 1 of the businesses?

Michael Rapino

Listen, well, the good news about any time we used to be part of Clear Channel, so we're in synergy, as we all learn, right? It sounds good, but we all have different business objectives. I'd say the greatest part about Liberty is, as you know, they've been buying stock from the time we merged. So they're a supporter and believer, and that's been good. We've -- we are -- I think we're going to have some good conversations with SiriusXM. Maybe this is the time we can maybe figure out how to launch a Live Nation channel or get something done on that platform. So we'll look at that. And probably the most immediate kind of sister company that, if we can find a business model that works for both of us, we'd look at it.

Benjamin Swinburne - Morgan Stanley, Research Division

Let me try to squeeze [indiscernible] we've got a question [indiscernible] we're out of time.

Unknown Analyst

I'm sorry, if you already covered this. I know that you already touched on your lack of participation in the secondary market. And I think that in the -- I apologize for not following your business closely, but I think that you have mentioned the mandated pricing in the past, and I was wondering how is that going?

Michael Rapino

I think the business has gotten really smart over the last couple of years, as I said earlier. Now if you're a manager of a band or the accountant, probably more than anyone, you had no exposure before to pricing. You believe there is $129, $79 and $49 in San Fran and that made sense because that's what Elton John has made. And you don't -- weren't sure what the kid on the street was really scalping for or you didn't have exposure. Now everybody looks in the marketplace and says, "My God! I priced it $179, and there's 600 tickets at StubHub for $320 sold in a minute." Man, I underpriced." Next time you come to the market, and you're working for that band and you're talking to us, we're going to sit -- now we get to sit down and go, "Well, we can just give that money away, if you want." But you probably can get $250 for the front row. Maybe they want -- they don't want to go all the way to $300. And we probably can get a higher gross for the show. And then more importantly, the backseat, which is always the problem, right, maybe it's not $39, maybe it's $19. And you're going to subsidize it with the front. So most bands now, we have a thing called Pricemaster. We had 1,000 shows last year with a dynamic pricing model, where they can put their scaling in and it spits out a gross, and they can adjust everything and show how the gross is going to increase. They can press automatic and get some market feed, which the market will tell them what they should price for that. None of them are that sophisticated yet, but they want to get the 17 scalings. But they've certainly gone from 3 to 6 and they've increased the front. And I think that's been a big piece of why the gross in the industry has gone up. So I think that will be the industry in general is going to participate in that, and that helps us. Thank you.

Benjamin Swinburne - Morgan Stanley, Research Division

All right. We're out of time. Thanks so much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Live Nation Entertainment's CEO Presents at Morgan Stanley Technology, Media & Telecom Conference (Transcript)
This Transcript
All Transcripts