Definition
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.
- Status
- Definition in force
- Method version
- 1.0
- Reviewed
- 2026-08-22
In the Live Index framework
Live Revenue Exposure is the primary eligibility test in the Live Index equity framework. It answers a narrow question: of every dollar this company reported, how many came from activity that only happens because a live event happens? Ticket service fees qualify. A loudspeaker sold to a touring rental house qualifies. A streaming subscription does not, and neither does a loudspeaker sold into a home cinema.
The measurement rule is deliberately restrictive. Exposure is read from a segment disclosure, a revenue-by-category table, or an equivalent statement in a primary filing. Where a company does not separate live from non-live revenue, the exposure is not estimated, not apportioned by headcount or asset base, and not inferred from commentary. It is recorded as unmeasured, and the company remains ineligible until the disclosure improves or a comparable primary document is found.
That rule has a cost: it excludes companies that plainly have live exposure but do not report it. Live Index accepts that cost, because an index whose weights rest on estimated splits is an index of the estimator's judgement rather than of the market. The excluded companies are recorded on the relevant segment page so the gap is visible.