LYV
#And, also, just to add to that.
We kind of get a little US centric here.
We've been very effective on a global basis, of moving faster than the historic Ticketmaster that we inherited did here.
So, in the UK, Australia, all across Europe, where we have launched a secondary platform, we are number one, close to number one, I mean, StubHub really is only strong in America.
They are obviously expanding.
But we, on a global basis, we're seeing great success as we're either a leader, or an early entrant into a lot of the markets.
So, we see on a global basis we will continue to have market share growth on that segment.
A lot of that is part of the deferred revenue at year end.
So, they've sold for future shows as well, so the reason why we say we don't repatriate is we use for their events, and pay artists, et cetera.
I'm sorry.
Yes, it is going to be primarily deferred, sponsorship, all kinds of things.
We don't have more granularity to give you on that.
But generally, our cash is going to tick up with the deferred revenue.
Yes.
I would say, where I think StubHub has always had market leadership in the US, I think we've obviously grown strong and taken market share from the independents in the US.
Outside of America, Viagogo and others have been out there, and we would be the one taking market share from most of the independents in different countries.
No, we haven't seen that.
We have a strong 2016 in Europe, obviously and international.
And, we're off in February to a strong on-sale, right now across Europe.
We don't see any slowdown in any countries, right now.
We see very robust planned and on-sale, so far.
That's all, <UNK>.
(laughter)
We've been talking for the last couple years about an API open allocated market.
We've been very clear that the rest of the world has always been allocation, and Ticketmaster does very well in those markets.
We've got a strong market leadership, generally at a lower cost per ticket.
We've seen over the years, that eventually we always had kind of stated that we thought that multiple ---+ more distribution points were going to be a reality in the business for clients.
While we were very aggressive over the last three years of building an API to help clients and artists, et cetera, have opportunity like StubHub ---+ or Spotify, Bandsintown, Groupons, and others.
We believe that the smartest strategy for Ticketmaster as a software platform, has always been to solve its clients' needs to provide great platform software, provide a great marketplace, and provide the flexibility to use partner sites to help augment its sales.
Because, as you know, when you have as many customers as we do, you're the hottest team in the NBA, you're not that worried about partner sites.
You're not really worried about Amazon if your U2 sold a million tickets in an hour.
But if you're a team or an artist, that's like most of the business, needs to sell a few extra tickets, you are always going to be looking for incremental distribution points.
So we've always believed that being open API driven, letting our clients have opportunity to power other retail sites is a smart strategy for Ticketmaster, and we've been doing that over the last couple of years now ---+ finding partner sites to augment sales.
Yes.
We see them as retail partner, absolutely.
On the CapEx question, think about it from a new tools or new clients, versus other things.
So if we are adding technology to our mobile product, or adding functionality to TM+, those things would be revenue generating.
If we get a new client where we have to add hardware or make some changes, that's going to be revenue generating.
Other things, like your question on CapEx related to cloud ---+ moving to the cloud, or just replacing hardware, et cetera would generally be maintenance.
Yes.
If we're adding new technology and new tools to it, absolutely.
