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Live Music Entertainment IMAP SEPTEMBER 2017 Live Music Entertainment Roadmap to live music entertainment acquisitions with a special focus on festivals IMAP M&A SECTOR REPORT LIVE MUSIC ENTERTAINMENT Executive summary Executive summary TELEMATICS Live music entertainment related opportunities in numbers Favorable market environment and improving M&A Table of contents 04 MARKET OUTLOOK AND SUMMARY 83% 3.0% 40 05 DRIVERS OF LIVE MUSIC ENTERTAINMENT SHARE OF TOURING PROJECTED CAGR AVE. ANNUAL GLOBAL MARKET REVENUES OF TOP 20 2016-2020 TRANSACTIONS MONEY MAKERS 06 REVENUE STREAMS OF TOP ARTISTS 07 FESTIVAL INDUSTRY TRENDS 08 HOW TO GROW: ACQUISITIONS VS. ORGANIC GROWTH 09 NUMBER OF ACQUISITIONS BY LIVE ENTERTAINMENT AND EVENT ORGANIZATION PLAYERS 10 UNIVERSE OF MUSIC EVENT ORGANIZATION INCREASING STRONG GROWTH M&A ACTIVITY UP IMPORTANCE RELATED ACTIVITIES Total live music revenue The two main drivers: Artists are now more will rise at a 3.0% CAGR geographic expansion 11 TRANSACTION DENSITY BY AREA OF OPERATION dependent on earnings through 2020, and tapping into from live music exceeding USD related revenue PEER TRANSACTION MULTIPLES performance than ever 28 billion, globally. streams. 12 before. CASE STUDIES: 13 LIVE NATION ENTERTAINMENT 17 CTS EVENTIM 19 DEAG 21 ULTRA MUSIC FESTIVAL 22 RED BULL 23 APPENDIX 24 ABOUT IMAP 2 IMAP IMAP IMAP 3 LIVE MUSIC ENTERTAINMENT Outlook & summary Market drivers LIVE MUSIC ENTERTAINMENT Market outlook and summary Drivers of live music entertainment market Younger revellers worldwide are seeking live performance experiences The world is getting younger: in 2014 1.8 billion of the world’s population was between 10 and 24 years old - a record high - and global literacy has improved significantly. Combined with strong economic growth Favorable market environment and improving M&A activity this drives a need for culture and entertainment Festivals offerings, especially in Asia and Africa. definition: The appetite for physical events and venues has Public transaction The most active Total live music For active live In terms of number increased. The music industry has shifted to live “SPECIAL SEGMENT OF THE LIVE multiples are investor in revenue is entertainment of transactions, the events, and revenues from live shows now surpass MUSIC ENTERTAINMENT BUSINESS: scarce, the known acquisitions has expected to players, diverse outstanding results recorded music sales in some regions. In Europe, AN ORGANIZED SERIES OF CONCERTS ones range on a been Live Nation, rise at a 3.0% activity related of 2014 might ticket revenues for live music performances are now TYPICALLY HELD ANNUALLY IN THE healthy interval: expanding further CAGR through acquisitions return in 2017 and more than twice of recorded music sales. SAME PLACE.” 2020, exceeding could be a viable 2018. 6x-15x EV/EBITDA into ticketing and promotion. USD 28 billion, option for growth, Festivals are an increasing asset for cultural tourism globally. Despite especially in case worldwide, and developing cultural infrastructure is the overwhelming of investing in especially important for emerging countries, which expansion of the ticketing, venues will attract more than half of international tourists by digital world, live and promoters 2030. entertainment with good track events give fans a records and Source: IMAP, EY – Cultural Report, PWC: Global entertainment type of experience networks. and media outlook 2016-2020 that is unparalleled and engaging. 4 IMAP IMAP 5 LIVE MUSIC ENTERTAINMENT Revenue streams of top artists Festival industry trends LIVE MUSIC ENTERTAINMENT Revenue streams of top artists Festival industry trends Live entertainment is the main driver of revenues Trends driving the future of festivals can be grouped into four sections Taylor Swift Kenny Chesney The Rolling Stones Billy Joel ARTISTS SOCIAL MEDIA TECHNOLOGY NEW DIMENSIONS One Direction Grateful Dead Artists are turning their Fans expect a mix of Immersive theater, Virtual Strong competition Luke Bryan gaze to touring to take options and more Reality and Augmented and festival export (e.g. U2 advantage of the massive personalized experiences Reality will influence live Lollapalooza going to Adele jump in artist fees music performances Berlin) Maroon 5 Social media provides Lack of strong headliners hard cash benefits Blockchain solutions Reconsider catering Jason Aldean (announcement dates to event organizers, may transform ticketing options: in-house or Shania Twain are earlier: 8-9 months especially in ticket sales solutions and licensing outsource, “food-line-ups” Dave Matthews Band instead of 3-4) – channeling royalty collection for or new lines: veggie, bio, Madonna influenced by cheap public performances organic, local Elton John airline tickets Video content and live Increasing staff numbers Rush broadcasting on mobile Hybrid music events bring to secure better Ed Sheeran Activism (political) is is becoming increasingly in bigger audiences and expected to revive the live important more money (eg. film, experience derived from Juan Gabriel music community media and video games) professionalism and Florida Georgia Line security needs Fleetwood Mac Artists are recognizing Online ticketing unlocks the role sponsors play in powerful data and Need to take a look helping to fund festivals, insights like never before at how to tackle the challenges posed Sales Streaming Publishing royalties Touring and are more willing to participate in auxiliary Mobile technology by extreme weather U.S. revenues only, Revenue from merchandising, synchronization and sponsorship is not included. Source: Billboard.com activities (Lady Gaga’s improves the conditions Dive Bar Tour, sponsored overall attendee by Bud Light). Brands experience (tickets, Increase revenues from will become even more cashless payment and up- potential upgrades (VIP intertwined with artists to-minute event guides) and VVIP) RFID technology and Niche, high-end boutique smart cards add value gatherings: targeting Touring revenues for top artists The total revenue of Top20 artists At the same time for mid-tier acts, once inside the event the wealthier and family are the main source of income. for 2015 according to Billboard’s that are far from this ranking, demographics estimates was USD 448 million. live performances drive sales for Live streaming events On average the split was: recorded music and generate keep fans connected and engaged digitally - Touring 83% airplay. At their levels touring is - Sales 11% not as lucrative as for the top - Publishing royalties 4% bands, but still an obligatory - Streaming 2% exercise. 6 IMAP IMAP 7 LIVE MUSIC ENTERTAINMENT How to grow Number of acquisitions LIVE MUSIC ENTERTAINMENT How to grow: acquisitions vs. organic growth Number of acquisitions by live entertainment and event organization players Expanding in the live music entertainment business has two different paths In 2017 we see an uptick in the number of deals by industry players* ORGANIC GROWTH / IN-HOUSE 90 ACQUISITIONS DEVELOPMENT 80 Decide on strategic directions incl. Decide on strategic directions incl. PROCESS geographies geographies 70 Research potential targets Develop new content, businesses, find Start negotiations new markets Pay, manage and/or integrate Invest in implementation and go to 60 market 50 40 Fewer management issues as usually Flexibility 30 PROS owner remains in management role Higher chance to reach better returns / Better estimate / limit on spending margins Well established business model Less dependent on available, good quality, 20 Profit in place – more predictable independent businesses on sale business 10 Strong competition from established Time heavy exercise for management 0 CONS players Higher risk as concept is not proven 2012 2013 2014 2015 2016 2017 Difficult pricing if it has to be based on poor financials * Covering global transactions where percentage of acquired stake is 51% or above Source: Zephyr / IMAP The focus of this sector report For this research, as opposed to taking the usual approach of comparing deals (e.g. targets) in the sector, we took a different approach and examined the activity of players already present in the entertainment/event business. In 2014, the number of transactions executed by arts facility operators and convention organizers (excluding business/conference purpose and sports deals) peaked at 83 yearly, based on the data provided by Bureau Van Dijk. The most active players were Live Entertainment Group and Live Style Inc. (formerly SFX Entertainment Inc.). 8 IMAP IMAP 9 LIVE MUSIC ENTERTAINMENT Benchmarking Benchmarking LIVE MUSIC ENTERTAINMENT Universe of music event organization Transaction density by area of operation related activities There are clear directions that the main players follow Live entertainment involves a wide range of businesses VENUE OPERATOR VENUE OPERATOR TOUR / CONCERT / TICKETING (BRANDED / EVENT / FESTIVAL TOUR / CONCERT / EVENT TICKETING (BRANDED / WHITE LABEL ORGANIZER OR / FESTIVAL ORGANIZER WHITE LABEL SOLUTION) PROMOTER OR PROMOTER SOLUTION) OTHER FORMATS ON-SITE PAYMENT OTHER ON-SITE PAYMENT SOLUTIONS FORMATS SOLUTIONS FESTIVALS / FESTIVALS / CONCERTS / CONCERTS / OTHER EVENTS OTHER EVENTS ARTIST MANAGEMENT/ MOBILE APPS AND ARTIST AGENCY ONLINE SOLUTIONS MANAGEMENT/ MOBILE APPS AND AGENCY ONLINE SOLUTIONS EQUIPMENT PR & MARKETING (INCL. DIGITAL) EQUIPMENT PR & MARKETING (INCL. DIGITAL) MERCHANDISING & LICENSING MERCHANDISING Low High & LICENSING Number of examples See appendix for detailed description of the categories. After studying the value
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