Real life is the new luxury

People will spend more on experiences together.

By Jules Park

What’s inside

• LYV Live Nation: Live events and ticketing; record attendance and all-time-high deferred revenue
• TKO TKO Group Holdings: Live sport as spectacle: sold-out arenas and rising ticket yields for shared moments
• DIS Disney: Media and sports distribution plus parks: paying to be somewhere, not just to watch
• BKNG Booking Holdings: Direct read on households choosing trips over things, across hotels and flights
• ABNB Airbnb: Chesky is rebuilding Airbnb into a one-stop shop for the whole trip, not just the bed
• DKS DICK’S Sporting Goods: Sporting goods retail; direct beneficiary of pricier hobbies people keep buying anyway
• NKE Nike: Sports apparel; indirect sports exposure as participation and event spend rises
• SPOT Spotify: Audio distribution and creator tools; discovery engine feeding live demand
• NFLX Netflix: Streaming entertainment, increasingly pushing into live events and sport
• XLC Communication Services SPDR: Broad communication-services exposure to the attention side of the belief

Why it could work

People will spend more on experiences together. The basket combines direct participants and broader suppliers.

What could break it

Adoption could disappoint, competition could weaken margins, or high valuations could already price in the trend. Some holdings are broad, indirect proxies.

For learning only. Not investment advice.