Markets
Live economy equities
A rules-based equity index that weights listed companies by the share of their revenue attributable to live music and live events, rather than by their total market capitalisation.
- Status
- Index framework — not yet released
- Method version
- 1.0
- Reviewed
- 2026-08-22
No index level, constituent weight or market figure is published on this site. What is published is the construction rule, the segment definitions and the vocabulary that a released series would use.
What this is
Live music is an economy with a listed surface. Promoters, venue operators, ticketing companies, production suppliers and rights holders trade on public exchanges, and their reported revenue is one of the few continuous, audited records of how the live business is actually performing. That record is under-used, because the companies that carry it are scattered across leisure, media and industrial classifications that were not built to describe live events.
This vertical assembles that record. It defines eight activity segments, sets out an eligibility test based on measured live-revenue exposure rather than thematic judgement, and maintains a parallel register of the privately held operators that shape the same market structure but cannot enter an equity index.
It is market-structure research. It is not investment advice, it is not a trading surface, and it does not recommend, rate or value any security.
Release state
Framework — unreleased
The index has a documented construction rule and no released series. There is no level, no base value, no history and no constituent weight, because the measurements those figures would rest on have not been taken.
This record exists to fix the schema. It reports no level, market capitalisation, weight, valuation, rating or price, and it is withheld from the search index, the sitemap and the machine-readable corpus until measured values with provenance exist.
What must be true before a level is published
- A measured Live Revenue Exposure for every candidate constituent, each supported by a filing or comparable primary document rather than an estimate.
- A float-adjusted share count for every candidate constituent, taken from the company's own disclosure or the exchange record.
- A base date and base value fixed in advance of the first published level, with the constituent set frozen at that date.
- At least two consecutive rebalance cycles reconstructed on stored inputs, so the rule can be shown to reproduce the same series twice.
- A published correction policy already in force, which exists, and a signed-off revision log for the index inputs.
Segments
Every constituent is assigned to exactly one segment by its dominant live-attributable activity. Each segment page carries its own eligibility rule and boundary.
| Segment | Definition | Series state |
|---|---|---|
| Promotion and venues | Companies that book, promote or operate live-music events and the rooms they take place in, and whose revenue moves with attendance and ticket yield. | Not released |
| Ticketing | Companies whose revenue comes from selling, distributing or reselling admission to live events, principally through service fees charged on the transaction. | Not released |
| Audio and lighting | Manufacturers and rental houses supplying the sound reinforcement and lighting systems that a live performance cannot be staged without. | Not released |
| Video, LED and projection | Companies supplying the large-format video walls, LED surfaces, projection systems and screen content infrastructure that have become standard production elements at scale. | Not released |
| Rigging and staging | Companies supplying the structures, trusses, hoists, decks and temporary infrastructure that physically hold a live production up. | Not released |
| Instruments and backline | Manufacturers and suppliers of the instruments, amplification and backline equipment performers use on stage, and the retail and rental channels that serve them. | Not released |
| Rights and publishing | Companies whose revenue includes performance royalties, synchronisation and catalogue income that arises when music is performed live or licensed for live use. | Not released |
| Media adjacency | Companies whose live exposure runs through broadcast, streaming, sponsorship or content rights attached to live events rather than through admissions. | Not released |
Constituents
There are no constituents. A company becomes a constituent only after its live-revenue exposure and float-adjusted share count have been measured from primary documents and the index has been released. Candidate records held for schema purposes are withheld from publication and are not listed here.
How the rule works
A company enters at the portion of its equity value that corresponds to its measured share of live revenue: float-adjusted market capitalisation multiplied by measured live-revenue exposure. A diversified company with a small live business therefore contributes proportionately little weight regardless of its absolute size, and a company whose live revenue cannot be read from a primary document does not enter at all.
Two series are maintained, capped and uncapped, because the sector is concentrated enough that either one alone would mislead. Membership and weights change only at scheduled rebalance dates, except where a corporate action removes a listing.