Live Nation Entertainment, Inc.

seeing that those on sales and continued strength, particularly, as you noted, for April being up 22% globally through the first part. And we expect probably two-thirds of the Live Nation concert fan growth to be in the second half this year in terms of when the events actually take place and that fan growth happens. So you're seeing a bit of a just a little later Timing of those on sales and you've seen some huge on sales for Chris Brown Lady Gaga and others this month and then finally The one area that is also hitting Ticketmaster is FX this year All FX is rebounded for a lot of markets for Mexico and Latin America. It's still a headwind and Ticketmaster took about 60% of that headwind in q1 in terms of its portion of the overall company's headwind and And we project it to be kind of two-thirds of the headwinds in Q2. So it's going to have a little bit of a reported impact in the short term. As you said, all of this is in the context of massive growth in deferred revenue for concerts and good double-digit growth in deferred revenue for Ticketmaster. So we're still confident we'll get some good growth out of Ticketmaster for the year, but we didn't see it play through in Q1 as much as we expected.

It sounds from that answer that you're not seeing much headwinds from tariffs or other economic issues in the consumer yet. You could correct me if I'm wrong, but wanted to get a sense of what the potential disruption is if there is a slowdown in the consumer. And I guess two legs to that. One is how much of the year, especially concerts, is already in the bag through You're on sales and then for the parts and sponsorship, and then for the parts that are more real time, like amphitheaters, what can you do if you do see the consumer weakened to protect AOI?

I'll start on demand and then Joe can jump in. I mean, Brandon, on the concert side, and it's the question every CEO gets asked, are you feeling the consumer pullback at all? We haven't felt it at all yet. So a lot of our stuff is on sale. you know, October, November, December. So that stuff would have already been to the system. The real number we look at is what have we done from April 1 to April 21st, the most relevant on sale period. We put a lot of shows on sale in the month of April. Chris Brown sold a million tickets this month. Mumford & Sons, 300 suicide bond. Lady Gaga sold out up 18% year over year. So any data we have right now up until last week, whether it's a festival on sale or a new tour or a show that went on sale, complete sell-through and strong demand and beating last year's numbers. So we haven't seen a consumer pullback in any genre, pub, theater, stadium, amphitheater. We haven't seen it all happen yet. Two, sponsorship. You know, we're up. we've got over 80% of our business contracted this year so far. We're up over last year. Again, because we deal in more longer-term relationships, we don't feel it. We don't have a weekly digital buy that can be canceled. Ours is the longer-term commitments, and we still see brands flocking and exploring, and we're attracting new brands all the time. So we've seen no sponsorship pullback yet. And as you said, the last thing, But we really don't have that enough data on yet would be the summer food and beverage and kind of onsite. We haven't seen anything about 11 amphitheaters played out so far. We had a festival on the weekend. We've had theaters and clubs. None of that yet has said that they're buying one less beer or they're consuming less onsite on any consumer pullback. So we're actively working around our menu for the summer, pricing it right, making sure we got affordability built into it. and a wider menu to attract and build on. But so far, those three legs of the stool, the consumer demand, sponsorship, and onsite, we haven't seen what others are seeing yet.