Live Events Ecosystem
Andrew Razeghi@razeghi
−3.4%
since Sep 30
The idea
As screens fill up with synthetic content, I think a real room with real people becomes the scarce thing, and live events keep growing by double digits for years to come. I own the whole ecosystem but stay tight to the event itself: promoters and venues, ticketing rails, leagues and teams whose product only exists live, and the rights owners paid when it happens. It's built broad and steady around the biggest names, with smaller stakes in challengers, plus cash on hand to add if things dip.
What it owns
- The companies that stage shows and own venues collect the most direct revenue when live attendance grows. · Live Nation EntertainmentIt promotes more concerts and owns more venues than any competitor, so growth in live events flows through its concert count and ticket volumes., Sphere EntertainmentIt owns a venue designed so that the live experience itself commands premium prices, betting that real rooms prove superior to screens., Madison Square Garden EntertainmentIt owns iconic venues that can raise prices when demand for live events grows, capturing more revenue per event at a fixed set of buildings., Churchill DownsIt owns the Kentucky Derby, a live-only event that becomes more valuable if scarce in-person experiences command higher prices and attendance., Ryman Hospitality PropertiesIt owns the Grand Ole Opry and hotels built around country music events, earning on both the ticket and the travel surrounding it.36%
- Leagues and teams produce content that only exists live, so their media and gate value rises as experiences shift toward in-person events. · TKO Group HoldingsIt owns UFC and WWE, products that only fully exist live in person, so rising gate revenue and sold-out arenas reflect whether audiences pay up for live experiences., Liberty Media Formula OneIt operates a fixed schedule of races designed to remain scarce, so growing demand shows up as pricing power on tickets and hosting fees rather than more events., Madison Square Garden SportsIt owns teams whose product exists live more than forty nights a year in a single building, so record ticket revenue reflects whether in-person scarcity drives spending., Atlanta Braves HoldingsIt is the direct way to own a major league baseball team plus the development around the park, monetizing crowds before, during, and after games., Manchester UnitedIt fills a large stadium and sells the live matchday experience to a global fanbase, with revenue rising if in-person demand and stadium capacity both expand.30%
- Every ticket sold or resold generates a fee, regardless of which artist or team is performing. · StubHub HoldingsIt collects fees on every resold ticket across all events and leagues, growing with total event demand regardless of which acts or teams are hot., Vivid SeatsIt operates a ticketing marketplace that grows with resale volume across all events, capturing fees on a smaller platform than larger competitors.12%
- Rights owners and data providers get paid whenever a live event occurs, without depending on any single promoter or team. · Warner Music GroupIt earns royalties when its artists perform live and tour, so a boom in concerts feeds its rights and performance revenue., Sportradar GroupIt sells real-time data that only exists because games are happening live, so more live sports means more feeds and league deals to renew.11%
- Cash10%