The Live Experience Economy
scott belsky
@scottbelsky
−9.9%
since Aug 4
The idea
I believe that as AI makes digital content infinite and nearly free, value shifts to what can't be copied: being physically present. So this owns the scarce inputs of that shift, live sports and rights, ticketing and access gatekeepers, travel and destination platforms, venues and experiential real estate, plus a small toll-collecting layer underneath it all. It's a broad, decade-long hold with modest cash on the side, built to compound rather than trade.
What it owns
- Sports franchises and live events are the one category artificial intelligence cannot replicate, making their media rights and gate revenue defensible assets. · TKO Group HoldingsIt owns UFC and WWE, two live sports properties whose media rights and gate revenue cannot be replicated by artificial intelligence., Liberty Media Formula OneIt owns Formula One, a fixed global calendar of live races with growing sponsorship fees, hosting fees, and media rights value., Madison Square Garden SportsIt owns the Knicks and Rangers, two of the most valuable sports franchises in the world's largest media market, with public valuations historically trading below comparable private transactions., DraftKingsIt monetizes live sports attention in real time, as betting only works on events happening now., Atlanta Braves HoldingsIt owns a major-league franchise plus its surrounding real estate district, collecting revenue from franchise appreciation and mixed-use development growth., Manchester UnitedIt represents one of the most globally recognized football brands, with revenue streams from matchday attendance, commercial partnerships, and broadcast rights that benefit as live sports command higher premiums.27%
- Travel is a pure form of spending on experience rather than physical goods, making it a structural beneficiary as consumer preferences shift away from stuff. · Booking HoldingsIt is the largest platform routing global travel demand, collecting booking fees on every room and experience reserved through its system., AirbnbIt connects travelers to physical stays and in-person experiences, positioning itself as the default marketplace for experiential travel bookings., Royal Caribbean GroupIt sells fully bundled physical experiences with structurally constrained supply, as new ships take years to build., Marriott InternationalIt collects fees on every room-night across the world's largest hotel system, functioning as an asset-light royalty on global travel., Expedia GroupIt adds platform breadth to the travel-demand toll layer, collecting booking fees at a lower valuation multiple than its larger competitor.26%
- Controlling the ticket and resale toll on live experiences gives these platforms a recurring cut of attendance and pricing power. · Live Nation EntertainmentIt controls promotion, venues, and ticketing for live music, making it the dominant toll booth on concert attendance and pricing power., Sphere EntertainmentIt operates a physical spectacle that cannot be streamed, commanding premium pricing as an irreplicable live experience., StubHub HoldingsIt earns a toll on the secondary market for live access, where scarcity prices prove that attendance value is repricing upward., Vivid SeatsIt is a second platform claiming the secondary-ticketing toll booth, diversifying exposure to the resale marketplace for live events.18%
- Physical venues and destination properties are scarce, difficult to build, and collect revenue from the entire trend regardless of which performers or tenants fill them. · Walt DisneyIts parks are the world's most valuable experiential real estate, and ESPN provides exposure to live sports, the one content artificial intelligence cannot cheapen., VICI PropertiesIt owns the land beneath the experience economy through Vegas casinos and venues under long leases that escalate with inflation., Six Flags EntertainmentIt owns the dominant regional theme park footprint, providing affordable and repeatable physical experiences for the mass market., MGM Resorts InternationalIt operates the Vegas Strip's largest live-entertainment complex, concentrating its bet on Vegas as the experience-economy capital.17%
- Infrastructure providers and discovery layers earn a transaction toll on live events and travel regardless of which brand or artist succeeds. · Spotify TechnologyIt is the discovery layer feeding the concert economy, as streaming builds fandom and increasingly monetizes the handoff to live events and merchandise., Toast IncIt earns a payment toll every time people gather to eat and drink, providing infrastructure underneath the in-person economy.7%
- Cash5%