LYV
#<UNK>, as we talked this philosophically, I mean, again, when we took Ticketmaster over, it had been losing customers, renewal rate was down to 70%.
Its EBITDA had declined 20% a year for the five years before that.
So now you sit here with Ticketmaster where EBITDA has grown.
We've had record ---+ a record ticket selling month and our renewal rates are over 100%.
So I believe that if you ask our clients, the number one reason they will tell you that the business, why they've renewed, why they've signed up, why they have a new appreciation for Ticketmaster is that, over the last few years, we, for the first time in 20 years, were the management team that looks serious about investing and upgrading the tools that would help them sell more tickets.
So for a venue, we've shown you in the past the green screen they had, but today they have an iPad app, an iPad with an app that lets them price their own tickets, publish their own shows, instant ticket sales delivery.
There's multiple ways it's been enhanced and elevated.
So absolutely I would not be sitting here years later with a green screen telling you just because we have a few concerts at Live Nation we were able to fix the business.
But the new platform, all the new tools we've been developing, and modularly delivering to our client over the last year I think is the fundamental reason that the business is now excelling.
And a lot of that development also gets shipped internationally.
The reason we are able to scale faster there and grow our businesses, we're going to be, again, able to use the learning in some product development from America on our international expansion, which, again, never happened in the old TM.
They were very separate, 14 separate platforms that shared no product development.
We are not really in their business.
I know they have a few sales guys trying to sell some IP, but at the core are, again, going back to our priority, our focus, the reason we have 900 sponsors, if we surveyed them tomorrow, 899 of them would tell you because we have incredible on-site customer reach.
We are the [60 million customers] (corrected by company after the call).
We are bigger than the NFL, NBA.
So most of our advertising always has been driven by we have an incredible ability to reach, on a Thursday night in seat 7, a customer specific.
When you add it on Ticketmaster and we started to get really rich in data about that customer, our business started to grow.
When you then added on a digital platform and ability to say to a sponsor, "we can deliver you on-site and we can amplify that connection digitally," our business grew.
So our core business, the customers, the brands that are looking to partner with us, that\
Obviously, the cash is paid for contracts that are generally three to five years, and at this point, with that history, cash is basically equivalent to expense.
Yes.
It's essentially steady-state by this point in the history.
Thank you everybody.
We'll talk to you in Q2.
