Goldman Sachs Americas Entertainment: Communacopia + Tech Conference 2026—Key Takeaways and Themes
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Following the September 8-11, 2026 Communacopia + Tech Conference in San Francisco, Goldman Sachs reports constructive management tone across its US entertainment coverage—sports media, live events, audio platforms, and exhibition—and leaves all ratings and price targets unchanged. Five themes emerged: (1) robust live-event demand—Live Nation has sold over 155 million tickets YTD (+12% year over year), tracking toward roughly 175 million for the year; (2) premium experiences as a growth engine—LYV amphitheater per-capita spend has risen from about $16 a decade ago to $47-48, and IMAX's The Odyssey underpins confidence in its $1.4 billion 2026 global box office target; (3) audio pricing power—Spotify's recent price increases came with low churn, while SiriusXM is making annual increases routine; (4) tiering—Spotify add-ons and SiriusXM's Play and Sports Pass expand monetization; (5) resilient advertising—iHeartMedia sees midterm political advertising nearing presidential-year intensity, and Fox booked a record upfront with double-digit volume growth. Company guidance: IMAX reiterated mid-40s% FY2026 EBITDA margins (45% floor) and 50%+ FCF conversion; StubHub raised FY revenue growth guidance to 10-12% from 8-10%; iHeart reiterated $800 million adjusted EBITDA and $200 million FCF; SiriusXM sees ~$1.375 billion 2026 and ~$1.5 billion 2027 FCF; Spotify reaffirmed 1 billion MAU by 2030. Ratings: LYV, SPOT, STUB, TKO Buy; IMAX, SIRI, WBTN Neutral; IHRT Sell.