1、M FoundationMedia&Entertainment|North America12th Annual Audio Entertainment Survey Maintaining Our Preference for LiveWe continue to see robust growth ahead for live entertainment,underpinned by(i)healthy demand for experiences;(ii)a resilient consumer;and (iii)increasing appetite for authentic exp

2、eriences and interaction as AI adoption spreads.Our recent survey results are broadly supportive.M Morgan Stanley&Co.LLCCameron Mansson-PerroneEquity Analyst Cameron.Mansson-P +1 212 761-7079 Benjamin Swinburne,CFAEquity Analyst Benjamin.S +1 212 761-7527 Grace SongResearch Associate Grace.S +1 212

3、761-4931 Erica CrouserData Analyst Erica.C +1 212 761-4807 Daniel DuranResearch Associate Daniel.D +1 212 761-4822 Media&EntertainmentNorth AmericaIndustry ViewIn-LineSurvey results indicate continued healthy consumer demand for concerts and strong forward spending intentions-positive for OW LYV and

4、 EWs MSGE/SEAT.Our 12th annual Audio Entertainment survey indicates resilient attendance and spending levels,with multi-year growth in spending in the MSD%CAGR range since 2019 across venue types.Despite activity at market leader Live Nation shifting meaningfully toward international in 2025(weighin

5、g on trends in our US-only survey),and limited AEG activity in 1H25,TTM attendance and spending was down only modestly YoY.Stepping back,we make four market-level observations:1.Consumer demand appears healthy:Forward spending intentions are robust,particularly for arena/amphitheater concerts and sp

6、orting events.Netting those expecting to spend more against those expecting to spend less,20%+more survey respondents expect to increase their spending in 26 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the