Live Events Toll Collectors
−4.6%
since Sep 16
The idea
I think consumer spending keeps tilting toward live experiences, concerts, sports, festivals, and I want to own both ends of that trade. Most of the weight sits in the toll collectors, ticketing platforms and promoters that take a cut regardless of who is on stage, plus franchise owners and scarce venues where fixed supply meets rising demand. Smaller positions catch the spillover around every event, and I keep some cash on hand. This is a multi year structural bet, not a reaction to any one hot season or artist, so I would rethink it if spending on experiences actually started to shrink.
What it owns
- Teams and leagues are one-of-a-kind assets that cannot be replicated, so their value rises as capital competes for ownership and media rights. · TKO Group HoldingsIt owns UFC and WWE outright, capturing media rights, live gate revenue, and sponsorships from two year-round fan bases., Liberty Media Formula OneIt owns the entire Formula One sport, controlling race fees, media rights, and sponsorships across a calendar with only so many slots., Madison Square Garden SportsIt owns the Knicks and Rangers, scarce franchises in the largest US media market whose valuations have climbed for decades., Atlanta Braves HoldingsIt is one of the few ways to own a major league franchise directly, plus the real estate around the ballpark that fans activate every game., Manchester UnitedIt is a globally scarce franchise with a fan base far larger than its stadium, positioned to benefit from rising commercial revenue in world football.32%
- These companies collect a fee on nearly every ticket sold for live events, so they profit regardless of which artist or team draws the crowd. · Live Nation EntertainmentIt promotes shows and operates Ticketmaster, collecting a cut on nearly every major concert ticket sold regardless of the artist., CTS EventimIt is the dominant ticketing and promotion platform in Europe, extending the toll-collector model beyond the United States., Vivid SeatsIt takes a fee each time a ticket resells on the secondary market, winning when demand for hot events exceeds face-value supply., Liberty Live GroupIt is a tracking stock built around a substantial Live Nation stake, often trading at a discount to the underlying position.21%
- Big events drive spending on hotels, food, drinks, and local services around the venue, a quieter way to profit from the same live entertainment trend. · AirbnbIt captures lodging demand when big concerts and events overflow local hotels, though most bookings come from non-event travel., AramarkIt operates food and beverage at stadiums and arenas, so every additional fan through the gate drives higher per-person spending., Hilton WorldwideIt captures the hotel side of event weekends through a fee-based model that earns more as room rates and occupancy rise., VICI PropertiesIt owns Vegas Strip real estate and other entertainment properties, collecting long-term rent from operators without taking event-by-event risk., PENN EntertainmentIts regional casinos and entertainment properties capture local spending on nights out and experience-driven visits.21%
- Iconic arenas and destination venues control a physical bottleneck where supply is fixed by geography and calendar, giving them pricing power over decades. · Madison Square Garden EntertainmentIt owns Madison Square Garden and Radio City, venues that cannot be rebuilt elsewhere in Manhattan, giving it long-term pricing power., Sphere EntertainmentIt operates a one-of-a-kind venue designed to command premium prices and license its format to other cities., Churchill DownsIt owns the Kentucky Derby, a once-a-year event with fixed capacity and growing demand, plus a gaming business for steady revenue.17%
- Cash9%