stockrowWhat it does
Liberty Live Holdings owns QuintEvents, a business that sells premium experiences at sports and entertainment events, and a minority stake in Live Nation Entertainment. It also owns interests in private assets and holds corporate cash and debt obligations. At December 31, 2025, Liberty Live owned approximately 30% of Live Nation, which is accounted for as an equity-method investment rather than as a consolidated subsidiary.
Quint packages event tickets with hospitality and other services for individual consumers and corporate clients. A package can include premium seating, a suite experience, transportation, hotel accommodation, concierge services or activities at and away from an event. Quint obtains rights from leagues, teams, promoters and other event organizers, then designs and sells the packages and arranges the services customers receive.
Live Nation is a separate public company whose businesses include concert promotion, venue operations, ticketing, artist services, sponsorship and advertising. Its Ticketmaster business sells tickets for Live Nation events and for outside clients, including venues, sports organizations and performing arts institutions. Live Nation also operates or has interests in music venues and produces festivals.
Liberty Live became a separate public company following its split-off from Liberty Media in December 2025. Liberty Media continues to provide administrative services, including legal, tax, accounting, treasury and investor relations support, under a services agreement.
How it makes money
Quint generated $382.0 million of revenue in FY2025. A latest-quarter total is not provided here.
Quint derives substantially all its revenue from premium packages that include event tickets. It contracts for access to tickets, hospitality and marketing rights, and related inventory, then combines them with services such as travel, accommodation and on-site experiences. It sells through direct-to-consumer channels, corporate sales teams and authorized distribution partners. Revenue is generally recognized when events take place and services are delivered. The timing and frequency of events affect revenue, which is seasonal around Quint’s largest events, generally in the second and fourth quarters.
Liberty Live recognizes its share of Live Nation’s earnings or losses through equity-method accounting. Live Nation’s revenue is separate from Quint’s consolidated package revenue. Live Nation earns concert promotion revenue primarily from ticket sales, while paying artists under arrangements that can include guarantees or shares of ticket sales or event profits. Its venue revenue includes concessions, parking, premium seating, rent and ticket-related charges.
Ticketmaster primarily acts as an agent, selling tickets for clients and retaining part of the service charge. Its primary ticketing agreements with individual clients typically run for three to five years. Live Nation also earns sponsorship and advertising revenue from programs across its events, venues and digital properties. Sponsorship arrangements can include naming rights, signage, advertising and exclusive partner rights.
Live Nation’s concert and sponsorship revenue is generally higher in the second and third quarters, when many outdoor shows and festivals take place. Its concert revenue varies with the number of events, tickets sold and ticket prices; event costs are typically substantial relative to promotion revenue.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Quint | $382.0 million | 100.0% | 12.2% |
Customers and how it sells
Quint serves individuals and corporate clients seeking premium access to live events. Its principal partners are Formula 1, MotoGP, Churchill Downs and the NBA. The top two partners accounted for 83.0% of revenue in FY2025; the available concentration figure does not identify which two partners they were.
Quint reaches customers directly, through corporate sales teams and through authorized distributors such as sports agencies and premium entertainment event organizers. Its services include customer support and the fulfillment of travel and hospitality arrangements, as well as the event experience itself.
The United States accounted for $336.0 million, or 88.0%, of FY2025 revenue. Other countries accounted for $46.0 million, or 12.0%. These figures describe Liberty Live’s reported revenue, not the revenue of the separately accounted-for Live Nation investment.
Live Nation serves fans, artists, ticketing clients and corporate sponsors. Ticketmaster’s clients include arenas, stadiums, concert promoters, sports franchises and leagues, colleges, museums and theaters. Live Nation had operations across 55 countries as of the end of 2025. Its agreements with venue clients in North America and Australia generally give it exclusive rights to sell publicly available tickets for events at the relevant venue, subject to other permitted distribution channels.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $336.0 million | 88.0% | 10.5% |
| Other countries | $46.0 million | 12.0% | 26.5% |
Suppliers and costs
Quint obtains event inventory and rights through contracts with leagues, teams, promoters and entertainment properties. Those contracts typically provide access to tickets, hospitality and marketing rights. Quint then arranges the components needed to fulfill its packages, including hotels and transportation.
Quint’s cost of revenue primarily consists of the direct costs of executing packages, including tickets, hospitality, hotels and transportation. Selling, general and administrative expenses include personnel, marketing, software licenses, sales commissions, credit card interchange fees, professional services and office expenses. Quint also uses temporary and part-time staff for event operations when needed.
Liberty Media provides corporate support under a services agreement; Liberty Live reimburses direct expenses and pays a service fee. Liberty Live expects amounts allocated through its ancillary agreements with Liberty Media to be approximately $9.0 million annually. It also expects approximately $8.0 million annually in corporate overhead, primarily associated with being a standalone public company.
At Live Nation, artist fees and production expenses are substantial costs of promoting events. Artist payments can include fixed guarantees, under which a promoter bears the risk of an unprofitable event. Live Nation also pays ticketing clients for rights to sell certain tickets, including through upfront payments and a share of service-fee revenue.
Competitive position
Quint competes in premium sports and entertainment experiences against On Location, Elevate and Revelxp, as well as regional providers, travel firms, hospitality agencies and digital platforms. Competition depends on relationships with rights holders, access to event inventory, customer service, pricing and delivery of experiences.
Our reading: Quint’s rights-holder relationships and ability to assemble tickets, travel and hospitality are sources of differentiation, but competitors also offer bundled access to events. Its revenue concentration makes retaining major partners important to that position.
Live Nation competes with AEG, CTS Eventim and other promoters for concerts; with Madison Square Garden Entertainment Corp. and other operators for venues; and with ticketing providers including AXS, SeatGeek and Eventbrite. Live Nation believes entry barriers in concert promotion are low. It also faces competition from self-ticketing systems and venues that bring ticketing in-house.
Our reading: Live Nation’s venue network, artist relationships and ticketing distribution provide a broad competitive position across connected parts of live entertainment. That position is not exclusive: artists have alternative venues, and technology has made it easier for other companies to offer ticketing services.
Live Nation’s ticketing agreements typically run for multiple years, and many venue agreements grant exclusive primary ticketing rights. Clients can still distribute some tickets through permitted channels, including box offices and season-ticket programs.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| On Location | Premium sports and entertainment experiences | High |
| Elevate | Premium hospitality and event packages | High |
| Revelxp | College sports hospitality | Medium |
| Anschutz Entertainment Group | Live music promotion | High |
| CTS Eventim | Live music promotion and ticketing | High |
| Madison Square Garden Entertainment Corp. | Venue management | Medium |
| AXS | Primary ticketing | Medium |
| SeatGeek | Primary and secondary ticketing | Medium |
Growth opportunities
Quint’s revenue rose from $340.5 million in FY2024 to $382.0 million in FY2025, an increase of 12.2%. The increase was primarily associated with Formula 1, NBA and MotoGP programs. Formula 1 revenue benefited from additional product offerings and higher prices for hospitality and experiential packages. NBA revenue benefited from an additional international game in Paris and more hospitality and experience offerings at All Star Weekend. MotoGP revenue benefited from sales at additional races and incremental package sales.
Those increases were partly offset by lower revenue from the Kentucky Derby, hotel room packages and the Super Bowl. The hotel decline included the discontinuation of Las Vegas Grand Prix-related hotel programs and a shift toward commission-based revenue at certain events.
Quint’s strategy is to expand its offerings, deepen existing partner relationships and pursue new partnerships and markets. It also seeks to expand its global footprint and invest in product development and operating capabilities. Quint believes combining experiences with travel and hospitality provides opportunities to increase customer value and monetization.
Live Nation’s strategy includes selling more tickets, connecting artists with fans and adding sponsors. It is investing in venue infrastructure around the world and in ticketing technology. In 2025, Live Nation’s revenue increased as concert, ticketing and sponsorship and advertising revenue grew; more stadium shows and fans contributed to the concert increase.
Structural risks
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Partner and event dependence: Quint’s top two partners accounted for 83.0% of FY2025 revenue. Most of its revenue depends on the successful execution of live sports and entertainment events, and scheduling and event frequency affect results.
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Limited control of Live Nation: Live Nation has a different management team, and Liberty Live does not directly control its day-to-day operations. Competition, artist guarantees and the cash needed to secure tours and ticketing clients can affect Live Nation’s performance.
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Discretionary spending: Quint and Live Nation depend on consumer and corporate spending that may decline during economic weakness. Reduced spending can affect event attendance, premium packages, sponsorship and hospitality purchases.
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Regulation and legal compliance: Both businesses face laws covering ticketing, privacy, safety, accessibility and other areas. More restrictive regulation could increase compliance costs or limit how services are provided and fees are charged.
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Corporate and asset exposure: Overlapping directors and officers with other Liberty companies may create conflicts of interest. Quint’s carrying value approximated its estimated fair value at December 31, 2025; declines in forecast revenue or cash flow could lead to material asset write-downs.
Bottom line
Our reading
Our reading: Liberty Live combines a concentrated operating business selling event packages with a substantial minority investment in a separate live entertainment company. Quint’s access to event rights and Live Nation’s venue and ticketing networks support their businesses, while partner concentration, discretionary spending and Liberty Live’s limited control over Live Nation shape the exposure.