Specialist
Former general manager at StubHub Inc
Agenda
- Key trends and developments in the ticketing industry
- Coronavirus impact across primary and secondary ticket marketplaces
- Potential impact of event cancellations on dynamics between sports leagues and venues such as Madison Square Garden (NYSE: MSG)
- Medium- to long-term outlook
Questions
1.
What is your assessment of the state of primary and secondary ticket marketplaces in light of the novel coronavirus pandemic? Could you give us some contrast to what was happening in January and February 2020?
2.
What were supply and demand dynamics like in January and February vs a year ago? Do you think it will return to business as usual when the coronavirus pandemic is no longer a threat?
3.
What levers are available to ticket platform operators? What is important to understand about the dynamics between the venues and the primary or secondary ticketing platforms?
4.
What is the concentration of the largest professional resellers in the resale market and relative size by dollar inventory?
5.
Are any of the large professional resellers institutionally backed?
6.
How are you evaluating the impact of the coronavirus pandemic across the primary and secondary ticket marketplaces, as well as the venues and content rights holders?
7.
When thinking about revenue exposure, you say the secondary ticketing platforms are extremely challenged at the moment. However, they are not necessarily holding the inventory. Is that correct?
8.
Has there been any pushback on StubHub’s FanProtect Guarantee or similar credit policies? People might want the cash upfront if they’re being furloughed. Might it come to a point where regional governments ask to step in? What is the most likely direction?
9.
What is the likelihood of large professional resellers having significant liquidity issues related to event cancellations? What is the potential loss exposure that secondary ticketing players if professional resellers are unable to reimburse cash, due to insolvency, that the secondary player has refunded to the consumer?
10.
Which players in the overall ecosystem are best positioned to exit the coronavirus pandemic, not unscathed but alive at least?
11.
When an event is cancelled, who is responsible for the staff, security and other associated necessities? How are losses being mitigated here? Is the onus on the venue, on the content rights holder, or on any of the ticketing platforms?
12.
Could you outline what percentage of cost is fixed vs variable for the venues vs the primary and secondary ticket platforms, as a percent of total sales? What costs are absolutely unavoidable for each stakeholder?
13.
Is there any potential for the venues or the primary and secondary platforms to file insurance claims against lost revenues? How might that insurance help consumers?
14.
Prior to the coronavirus pandemic, were customers able to file claims for entire cash refunds when an event was cancelled? What are the typical policies and how have those subsequently eased?
15.
What is the historical mix of people willing to take a refund vs a credit voucher, for platforms offering the two options?
16.
How much growth or value is potentially at risk for a secondary player at a time when so many events are cancelled? How far in advance do people typically buy tickets, and how is it dealt with, given a situation such as the coronavirus pandemic?
17.
What is your assessment of a potential government bailout for the ticketing industry and the related platforms and venues?
18.
What are some realistic recovery scenarios for the ticket platforms, venues and other players?
19.
After 9/11, people were less willing to frequent public spaces, for a while. In the case of the coronavirus pandemic, people may be less willing to sit in close proximity to others. Could this impact how operators approach their operating model?
20.
How should we re-evaluate revenue expectations for ticketing platforms, based on the potential demand headwinds we’ve discussed?
21.
Do you have any closing comments or an outlook on worst- and best-case scenarios after the pandemic?
