stockrowWhat it does
Liberty Live Holdings owns QuintEvents, known as Quint, and a minority stake in Live Nation Entertainment. Quint sells ticket-inclusive sports and entertainment experiences to individuals and corporate clients. Its packages can combine event access with hospitality, transportation, hotel accommodations and assistance from Quint personnel.
Quint obtains rights from sports leagues, teams, event promoters and other entertainment properties. It uses those rights to assemble packages that can last from a single day to multiple days. Customers can buy through Quint’s direct channels, corporate sales teams and authorized distribution partners. Quint also provides event management, travel logistics, customer service and fulfillment of hospitality and travel arrangements.
Live Nation is a separate company in which Liberty Live held approximately 30% of the outstanding shares as of December 31, 2025. Its businesses include concert promotion, venue operations, ticketing, artist management, sponsorship and advertising. Ticketmaster sells tickets on behalf of venues, promoters and other clients. Liberty Live accounts for Live Nation as an equity-method investment rather than treating its ticket sales as Quint revenue.
Liberty Live also holds interests in private assets, corporate cash and debt obligations. It became a separate publicly traded company following its split-off from Liberty Media, which was completed on December 15, 2025. Liberty Media continues to provide administrative services to Liberty Live under a services agreement.
How it makes money
Liberty Live’s 2025 revenue was $382.0 million, all from Quint. The annual figure reflects revenue from selling experiences; it does not include Live Nation’s ticketing and concert revenue as though those were Quint sales.
Quint secures rights to tickets, hospitality, marketing and related inventory from event partners. It then builds packages and sells them directly to consumers, through corporate sales teams and through authorized distributors. Substantially all of Quint’s revenue comes from premium, ticket-inclusive experiential packages. The company generally recognizes that revenue when events take place and services are delivered. Its revenue is seasonal around its largest events, generally in the second and fourth quarters, and can change with event schedules and frequency.
Prices and offerings vary across programs. For example, Quint’s Formula 1 revenue increased in 2025 as a result of additional product offerings and higher prices for hospitality and experiential packages. At some events, its business model shifted toward commission-based revenue.
Liberty Live also records its share of earnings or losses from Live Nation under equity-method accounting. That contribution appears separately from revenue and is adjusted for items including amortization associated with the investment. Live Nation earns revenue through concert promotion, venue services, ticketing and sponsorships. Its ticketing business generally sells tickets as an agent for clients and retains part of the service charge as its fee; venues and promoters generally determine ticket availability and prices.
Quint’s rights-holder contracts give it access to inventory, but the available information does not establish a recurring subscription revenue stream. Package revenue instead depends on events being staged and services being provided.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Quint | $382.0 million | 100.0% | 12.2% |
Customers and how it sells
Quint sells to individual consumers and corporate clients seeking access to live sports and entertainment events. Its packages can include tickets, hospitality, premium seating, travel and concierge services. It markets them through direct-to-consumer channels, corporate sales teams and authorized distribution partners, including sports agencies and entertainment event organizers.
Quint’s principal partners include Formula 1, MotoGP, Churchill Downs and the NBA. Its top two partners accounted for 83.0% of 2025 revenue; that concentration figure does not identify which partners were the top two. Quint’s relationships with leagues, teams and event organizers also provide the rights and inventory used in its packages.
The United States accounted for $336.0 million of revenue in 2025, or 88.0% of the total. Other countries accounted for $46.0 million, or 12.0%. Quint develops and sells experiences internationally as well as in the United States.
Live Nation reaches a different set of customers through its separate business. Ticketmaster serves venues, promoters, sports organizations and other event clients, while concertgoers buy tickets through its platforms. Live Nation also sells sponsorship and advertising programs to corporate clients seeking to reach fans.
| 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 rights and inventory through contracts with leagues, teams, promoters and entertainment properties. Those agreements typically give it access to tickets, hospitality and marketing rights. Its direct costs include the tickets, hospitality, hotels and transportation needed to fulfill the packages it sells.
Quint’s selling, general and administrative costs 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 Live paid Liberty Media for shared services and other directly incurred expenses, and reimburses it for out-of-pocket expenses under the continuing services agreement.
Liberty Live expects amounts allocated through its ancillary agreements with Liberty Media to be approximately $9.0 million annually. It also expects to incur approximately $8.0 million annually in corporate overhead, primarily associated with being a standalone public company.
For the separate Live Nation business, event costs include artist fees and production expenses. Artists may receive fixed guarantees or a share of ticket sales or event profits. Live Nation also pays ticketing clients for certain ticket-selling rights, including through upfront payments and shares 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 and incentive firms, hospitality agencies and digital platforms. Competition involves relationships with rights holders, access to event inventory, customer service, pricing and delivery of the experience.
Our reading: Quint’s rights-holder relationships can make its packages harder to replicate, but their protection is limited by competition from other providers seeking the same relationships and inventory. (item1)
Live Nation competes separately in concert promotion, venue management and ticketing. Named concert-promotion competitors include Anschutz Entertainment Group and CTS Eventim. Venue-management competitors include Legends Global and Madison Square Garden Entertainment Corp. Ticketing competitors include AXS, Eventbrite, SeatGeek and StubHub. Live Nation believes barriers to entry in promotion services are low and that some local promoters are expanding geographically.
Live Nation has relationships with artists and operates a network of venues and ticketing platforms. It generally enters into multi-year ticketing agreements, and some venue agreements give it exclusive rights to sell publicly available tickets. Clients can nevertheless distribute some tickets through other permitted channels.
Our reading: Live Nation’s venue network, artist relationships and ticketing agreements provide meaningful competitive advantages, though alternative venues, ticketing providers and self-ticketing systems limit their protection. Liberty Live participates in those advantages through its minority investment rather than direct day-to-day control. (item1, item1a)
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| On Location | Quint’s premium sports and entertainment experiences | High |
| Elevate | Quint’s premium hospitality and event packages | Medium |
| Revelxp | Quint’s premium hospitality, primarily college sports | Medium |
| Anschutz Entertainment Group | Live Nation’s concert promotion | High |
| CTS Eventim | Live Nation’s concert promotion and ticketing | High |
| Madison Square Garden Entertainment Corp. | Live Nation’s venue management | Medium |
| SeatGeek | Live Nation’s primary and resale ticketing | Medium |
| StubHub | Live Nation’s resale ticketing | Medium |
Growth opportunities
Quint’s strategy is to expand its experiential and hospitality offerings, deepen existing partner relationships and pursue new partners and markets. It also seeks to invest in its operational capabilities and combine event experiences with travel and hospitality services. Quint believes this combination gives it opportunities to increase customer value and monetization.
Quint revenue was $382.0 million in 2025, compared with $340.5 million in 2024. The increase was primarily associated with Formula 1, NBA and MotoGP programs. Formula 1 benefited from additional offerings and higher package prices. NBA revenue increased with an additional international game in Paris and more hospitality offerings at NBA All Star Weekend. MotoGP had sales at additional races and more experiential package sales.
Those increases were partly offset by lower revenue from the Kentucky Derby, hotel room packages and the Super Bowl. Quint attributed the Kentucky Derby decline to lower demand compared with the prior year, which included the event’s anniversary. Hotel package revenue fell partly because of discontinued Las Vegas Grand Prix hotel programs and a shift toward commission-based revenue at certain events.
Live Nation’s strategy is to connect artists with fans, sell more tickets and add sponsors. It is also investing in venue infrastructure and ticketing technology. Its 2025 revenue increased from concert, ticketing and sponsorship activity, including more stadium shows and fans. Liberty Live’s participation in Live Nation’s results is through its equity-method investment.
Structural risks
- Quint’s top two partners represented 83.0% of revenue in 2025. Its revenue also depends on live events being successfully staged, and event scheduling and frequency can affect results.
- Live Nation has a different management team, so Liberty Live does not control its day-to-day operations. Liberty Live’s share of affiliate earnings is primarily attributable to its Live Nation ownership.
- Quint and Live Nation depend on discretionary consumer and corporate spending. Economic weakness or instability can reduce spending on events, hospitality, sponsorship and other services; inflation can increase operating costs.
- Live Nation faces competition for tours, venues, ticketing clients and advertising. Artist guarantees and other costs may rise without an equivalent increase in ticket prices, and venue construction can involve delays or cost overruns.
- Quint’s carrying value approximated its estimated fair value as of December 31, 2025. Declines in forecast revenue or cash flows, among other factors, could result in material adjustments to its carrying value.
- Liberty Live has overlapping directors and officers with Liberty Media and Liberty Broadband, and overlapping officers with GCI Liberty, which may lead to conflicting interests.
Bottom line
Our reading
Our reading: Liberty Live combines a hospitality business that sells event packages with a minority investment in a separate concert and ticketing company. (item1, item7)
Our reading: Quint’s rights-holder relationships underpin its offerings, but its concentrated partner revenue and reliance on event execution make those relationships important to its results. Live Nation provides broader exposure to live entertainment, while Liberty Live lacks day-to-day control over it. (item1, item1a)