Glossary
Terms of the live economy equity framework
Each term is defined as it is used in the construction rule. Where a term has a general finance meaning and a narrower Live Index meaning, the narrower one governs on this site.
- Status
- Definitions in force
- Method version
- 1.0
- Reviewed
- 2026-08-22
- Live Revenue Exposure
- The share of a company's total revenue that is attributable to live music and live events, measured from the company's own disclosure rather than estimated.
- Live-Attributable Market Cap
- A company's float-adjusted market capitalisation multiplied by its Live Revenue Exposure, used as the weighting base instead of full market capitalisation.
- Rebalance Date
- The scheduled date on which constituent membership, exposure measurements and weights are recalculated and applied to the index.
- Capped Series
- A version of the index in which no single constituent may exceed a fixed maximum weight, with the excess redistributed across the remaining constituents.
- Uncapped Series
- The version of the index in which constituents are weighted purely by Live-Attributable Market Cap, with no maximum weight applied.
- Free Float
- The portion of a company's shares available for public trading, excluding holdings that are strategic, restricted or otherwise not in circulation.
- Sub-Index
- A segment-level series computed from the constituents assigned to one of the eight activity segments, using the same construction rule as the headline index.
- Constituent
- A listed company that has passed the eligibility test and is included in the index at a defined weight as of the most recent rebalance date.
- Corporate Action
- A change to a constituent's share structure or listing status — a merger, spin-off, split, delisting or acquisition — that requires the index to adjust outside the normal rebalance cycle.
- Private Register
- The parallel record of privately held live-music companies that shape market structure but cannot enter an equity index because they have no listed shares.
- Take Rate
- The share of a ticket transaction's total value retained by the intermediary that processed it, rather than passed to the promoter, venue or artist.
- Service Fee Cap
- A regulatory or contractual limit on the fees that may be charged on a ticket transaction, whether as an absolute amount or a share of face value.
- Amphitheater Exclusivity
- A contractual arrangement under which an amphitheatre's booking, promotion or ticketing is reserved to a single company for a defined term.
- Net-Back
- The amount that reaches the artist, promoter or venue after fees, taxes, deductions and pass-through costs are removed from the gross transaction value.