What is the risk in the live events boom?

2 risks, and neither is demand. Margins. Live Nation's concert business runs a 3.3% adjusted operating margin, its best year ever. The money is in the ticket fee, the sponsor, and the beer, not the show. 1 bad summer of cancellations wipes a year of profit. The law. On 15 April 2026 a New York jury found Live Nation and Ticketmaster (its ticketing arm) guilty of illegal monopolization, with a $1.72 overcharge per ticket on a defined set of purchases tied to 257 major venues, about 1 in 5 of the tickets it sold over 5 years. 33 states and Washington DC want a breakup. The judge decides the remedy. Add CTS Eventim's new Milan arena at double its original budget and Informa rescheduling 15+ event brands inside 2026 because of the Middle East conflict. The crowd shows up. Not everyone selling to it gets paid.