Americas Entertainment Earnings Season Recap

Goldman Sachs recaps 1Q26 earnings for Americas Entertainment, highlighting the robust performance of live events and sports while noting diverging trends in music, toys, and broadcast media.

Key Takeaways

• 1.In-person experiences and live events (LYV, MSGE, SPHR) are delivering the strongest results across the coverage group despite macro volatility.
• 2.Audio services are seeing a divergence between high-growth streaming (WMG) and legacy broadcast/satellite platforms (SIRI, IHRT) facing structural challenges.
• 3.The Toy vertical is showing a preference for collectibles and kidult IP (HAS, FNKO) over traditional toys, which are facing cost and demand headwinds.

Table of Contents

• Key Themes
• Key Debates
• Coverage Benchmarking
• 1Q Company Earnings Review Notes
• Key takes from other recent research
• Valuation & Risks
• Disclosure Appendix

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