In short: Passing mention — RPK's hypothetical Vision Pro content partner ("a concert package with Live Nation… front-row seats at concerts").
45:53How about a concert package with Live Nation? How about a — once you've demoed and seen what it can do, sitting courtside at an NBA game, watching a baseball game from the best seats in the house — you can sell it anywhere to anyone globally. It is a mad market potential. If they screw up Vision Pro — how did you guys miss this? Because Steve Jobs never would have missed it. Anyway. — It's a really good point.
In short: World tour expands. Q2 revenue +9% Y/Y to $7.7B ($160M beat) and GAAP EPS $1.05 ($0.40 beat), with adjusted operating income of $817M. International markets drove it: attendance +10% to a record 49 million fans, concert revenue +8% to $6.4B, Ticketmaster +15% to $852M, sponsorship +12% to $383M — with international contributing 70% of Ticketmaster's profit growth and 80% of Sponsorship's, and attendance at international stadiums, arenas and festivals growing more than 20% while US stadium attendance declined on a second-half-weighted schedule. Ticketmaster also appears to have absorbed the pullback in secondary ticketing: fee-bearing ticket volumes grew high single digits, the full-year Ticketmaster profit outlook was raised to mid-single-digit growth, and secondary now represents only about 5% of global transaction value. Ticket sales through mid-July reached 143 million, event-related deferred revenue hit a record $6.4B, and cancellations fell to 1.1%; CEO Mike Rapino said there were "no consumer issues" across venues or geographies. FY26 now expects double-digit growth in attendance, revenue and adjusted operating income with margin expansion. The legal overhang hasn't disappeared, but the operating story is back where Live Nation wants it. (Recap, not a stance call.)
Live Nation promotes concerts, owns venues and runs Ticketmaster, so it earns from the same fan three times. A record 49 million people attended its shows, up 10%, and almost all the incremental growth came from outside the US — international markets provided 70% of Ticketmaster's profit growth and 80% of sponsorship's, with attendance at overseas stadiums and festivals up more than 20%. US stadium attendance fell simply because more shows are scheduled later this year. One worry got answered: the crackdown on resale (secondary) ticketing hasn't hurt, because resale is only about 5% of transaction value and Ticketmaster's fee-bearing volumes still grew. Deferred revenue — money already collected for future events — hit a record $6.4 billion, and cancellations fell to 1.1%, both signs demand is real rather than promotional. The antitrust overhang hasn't gone away. A recap, not a call.
In short: Josh Brown's final trade: two price-target lifts today, one from Wells Fargo to $222.
Live Nation is the concert-promotion and ticketing giant (it owns Ticketmaster). Josh Brown made it his final trade, pointing to two analyst price-target increases the same day — including one from Wells Fargo up to $222 — as a sign of building confidence in the stock.
In short: Both a quality-fund add and #9 on the broader superinvestor Top Buys table for Q4 2025. No thesis offered.
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