The Going-Out Economy
Shazeem@shazeem
−0.3%
since Oct 6
The idea
I believe people keep trading stuff and screen time for in-person experiences, so this leans into the newer formats capturing that shift rather than legacy venues. It holds sports and music IP, live events and ticketing, immersive venues like Sphere, plus experiential travel and destination resorts as ballast, while skipping dated parks and fading arcade chains. A portion stays in cash, no single name dominates, and the thesis is meant to play out over three to five years. I would rethink it if the newer formats start losing share back to legacy venues or screen based entertainment.
What it owns
- Leagues, teams and catalogs are scarce assets that cannot be replicated, so their value compounds as live event demand grows. · TKO Group HoldingsIt owns UFC and WWE, scarce live sports properties that fill arenas and command rising media and event fees as people pay premiums to see live sports in person., Liberty Media Formula OneIt owns Formula One, scarce sports IP with sold-out race weekends that function as destination events, requiring attendance and hosting fees to reflect spending on in-person experiences., Madison Square Garden SportsIt owns the Knicks and Rangers, unreplicable teams in a city full of people choosing nights out, with value rising as scarce team assets appreciate with live sports demand., Atlanta Braves HoldingsIt pairs the Braves team with the Battery district around the ballpark, embodying the going-out economy in physical form and depending on consistent attendance on and off game days., Warner Music GroupIts catalog grows more valuable as touring and live music expand, since streamed songs feed the shows people buy tickets to and need the live music boom to lift rights value.26%
- Concerts and shows are where people spend to be there in person, and these companies sell the tickets and run the tours. · Live Nation EntertainmentIt sells and tickets the concerts people go out for, so ticket volumes and concert attendance feed its growth as spending shifts from stuff to in-person experiences., Madison Square Garden EntertainmentIt owns Madison Square Garden and Radio City, venues people leave the house for, with success tied to bookings and per-event spending at marquee rooms as going-out demand grows., StubHub HoldingsIt operates a resale market for sold-out shows and games, which works only if demand for going out stays hotter than supply and resale volumes hold up.20%
- Trips, stays and cruises are the biggest-ticket version of choosing experiences over things. · Royal Caribbean GroupIt packages the going-out impulse into trips with private destinations and new ships, growing as bookings and onboard spending stay strong with the shift toward experiences., AirbnbIt lets people turn travel into an experience rather than a hotel stay and pushes into bookable experiences, growing with nights booked and experience revenue as people favor doing things in person., Viking HoldingsIt sells destination-first travel to people who chose experiences over possessions, succeeding as forward bookings stay full and the experiential travel wave continues.17%
- These venues give audiences something a screen at home cannot, representing the core of this take. · Sphere EntertainmentIt operates the Sphere, an immersive venue that delivers an experience impossible on a screen, with success hinging on whether attendance and new locations prove the model., IMAX CorporationIt offers a movie format worth leaving the couch for, earning when people pay up for the premium screen experience as premium-format box office outgrows regular moviegoing.13%
- Vegas resorts and social clubs are where going out becomes a whole evening or weekend. · MGM Resorts InternationalIts Vegas resorts stack shows, sports, dining and nightlife in one place, requiring strong visitation and per-visitor spending to validate the destination resort bet., Wynn ResortsIt is the high-end destination resort bet with new openings like the UAE property, succeeding as luxury travelers keep spending and new resorts open strong., Life Time Group HoldingsIt turned the gym into a social destination people visit for hours rather than a chore, requiring membership growth and per-member spending to show in-person routines are winning.11%
- Cash13%