Live Events Supercycle
Josh@joshe
−6.4%
since Aug 4
The idea
I believe people keep trading screens and stuff for live, in-person experiences, and that shift has years left to run. So I own the whole stack: the tollbooths that tax every ticket, the scarce venues and teams nobody can replicate, and the travel and lodging layer that profits every event weekend. I keep cash modest since this rewards staying invested, spread bets across the stack rather than betting big on one name, and I'd rethink it if in-person demand genuinely started fading rather than just wobbling quarter to quarter.
What it owns
- These companies take a cut of every ticket and event regardless of which artist or league wins, so they compound with the whole trend. · Live Nation EntertainmentIt taxes nearly every major concert tour through promotion, venues, and ticketing, compounding with global concert attendance and per-fan spend., TKO Group HoldingsIt owns scarce, always-live content in UFC and WWE whose media rights and event revenue reprice upward as live programming becomes the last must-watch category., Madison Square Garden EntertainmentIt owns Madison Square Garden and Radio City, irreplaceable venues that capture pricing power whenever artists tour and events return to New York., Sphere EntertainmentIt is the immersive venue format bet that consumers will pay a premium tier for live experiences, dependent on sustained Las Vegas Sphere utilization and format licensing to new cities., Vivid SeatsIt is high-beta exposure to ticket resale volumes, taxing the gap when demand for live events outstrips supply.27%
- Teams, iconic venues, and marquee events are supply that can't be replicated, so their pricing power grows as demand for live experiences rises. · Liberty Media Formula OneIt holds the commercial rights to a global Formula One event calendar with expanding races, sponsorship, and US fandom that reprices each contract cycle., Madison Square Garden SportsIt owns the Knicks and Rangers in the largest US market, trophy assets whose franchise values compound regardless of on-court results., Churchill DownsIt owns the Kentucky Derby, a once-a-year event no one can replicate, plus a gaming portfolio funding venue expansion., Ryman Hospitality PropertiesIts Gaylord resorts and Opry entertainment assets monetize group events, conventions, and country music tourism in one REIT., Atlanta Braves HoldingsIt operates both an MLB franchise and a mixed-use district that captures spending on game nights and events throughout the year., Manchester UnitedIt is one of the few publicly tradable global sports franchises, with a fanbase in the hundreds of millions that underwrites commercial and matchday revenue.26%
- Every big event fills hotels, flights, rentals, and rides around it, these are the second-order beneficiaries the headline names don't capture. · Booking HoldingsIt taxes global travel demand as a large-cap funnel for flights, rooms, and experiences tied directly to destination events and experience-spend growth., AirbnbIt flexes supply exactly when big events overwhelm hotel capacity, capturing the lodging spike around concerts, festivals, and races., Uber TechnologiesIt is the mobility layer of every event night, with surge demand around stadiums and arenas creating structurally recurring revenue., Marriott InternationalIt is an asset-light large-cap funnel on room-night demand, with group and leisure bookings tied directly to event travel., Delta Air LinesIt captures the premium end of experience travel as consumers pay up for first class and loyalty perks to reach destination events.26%
- Cruises, resorts, and experiential destinations ride the same wallet shift from goods and screens to memories. · Royal CaribbeanIt sells packaged destination experiences at scale, with record bookings showing consumers prioritize experiences over goods., EPR PropertiesIt is the landlord of the experience economy, collecting rent from theaters, eat-and-play venues, and attractions as the portfolio mix shifts toward growing experiential categories., Vail ResortsIt owns scarce destination mountain resorts and converts experience demand into recurring revenue through the Epic Pass., Six Flags EntertainmentIt is the regional-park play on affordable, repeatable in-person experiences, with merger synergies as an added kicker.15%
- Cash6%