The Experience Economy
Amplify@amplify
−0.5%
since Sep 28
The idea
I believe screens are making the digital world feel cheap and interchangeable, so people will keep paying up for being in the room, live and in person. This basket owns the gate, the trip and the room itself: concert and sports promoters and venues, hotels, airlines, cruise lines and booking platforms, theme parks, and a smaller slice of betting and casino operators. It leans on steadier large caps for ballast, keeps a small cash reserve to add on weak days, and is built to hold for years since the shift is structural, not seasonal.
What it owns
- Every live experience comes wrapped in a trip, and these companies sell the flights, rooms, cruises and bookings around it. · Booking HoldingsIt takes a cut of a huge share of the world's trips, so it wins whenever people travel more for experiences and bookings volume keeps climbing., Royal Caribbean GroupIt packages the whole experience on ships and private islands and has been able to raise prices while staying booked out., AirbnbIt's where trips built around a place or an event get booked, and it's pushing directly into selling experiences, not just rooms., Marriott InternationalIt earns more as more rooms get booked worldwide through a fee-based model and the biggest loyalty program in the business., Hilton WorldwideIt's an asset-light fee collector adding rooms around the world, earning more as global travel and occupancy keep growing., Carnival CorporationIt's the mass-market version of the cruise bet, more people choosing a ship vacation at a lower price point, with strong bookings needed to manage debt., Delta Air LinesIt's how people physically get to the concerts, races and trips, earning most from premium seats bought by travelers paying up for the experience.36%
- The companies that own the stage, the ring and the ticket, and get paid every time people show up in person. · Live Nation EntertainmentIt owns the promoter, the venues and the ticketing system for concerts worldwide, so it collects when attendance and ticket spending keep growing., TKO Group HoldingsIt owns UFC and WWE, live events that sell out arenas and command rising media rights fees as live sports become more valued., Liberty Media Formula OneFormula One is a calendar of race weekends people fly across the world to attend, an experience a screen can't replace., Sphere EntertainmentIt's a bet that the venue itself can be the draw, a building people travel to just to see, with residencies and experiences as the revenue., Madison Square Garden EntertainmentMadison Square Garden and Radio City are venues that can't be copied, collecting on concerts, shows and events night after night.27%
- Wagering grows alongside live sports, and casino floors are experiences in their own right. · DraftKingsIt's a leader in US sports betting as states keep legalizing, and gambling rides along with live sports as one grows so does the other., Flutter EntertainmentIt owns the biggest US sportsbook plus betting businesses worldwide, matching the belief that sports betting spreads globally, not just in America., MGM Resorts InternationalIt owns the biggest set of resorts on the Vegas Strip where casinos, concerts, residencies and sports now all sell the same weekend., VICI PropertiesIt owns the buildings, Caesars Palace, the Venetian and MGM's resorts, collecting long-term rent as long as tenants keep paying and properties stay full., Las Vegas SandsIt's almost entirely Macau and Singapore, so it's the bet that gambling and casino trips grow worldwide, not just in the US.17%
- Theme parks are built-for-being-there businesses that sell experiences which cannot be streamed or consumed at home. · Walt Disney CompanyDisney's parks and cruise ships have become the profit engine, requiring growth in attendance and per-guest spending to drive returns on new capital investments., Comcast CorporationUniversal's theme parks, including Epic Universe, are pulling visitors and spending at a pace that matters to the overall business., Six Flags EntertainmentIt's the drive-to park chain for families who want a day out without a flight, sensitive to consumer strength and regional attendance.13%
- Cash7%