Encore told the SEC exactly how the hotel AV game works.
Read it for yourself.

This is Encore's own IPO prospectus — the legal filing behind the company that absorbed PSAV. It lays out the contract architecture, the $1.23 billion in hotel commissions, and the debt load driving your rising AV invoices. We've annotated the parts every event buyer should read before signing another hotel contract.

• The $1.23B in revenue-based commissions Encore pays hotels — more than it pays its entire global workforce.
• The contract language that "prevents non-Encore team members and technology from being in-house" — in Encore's own words.
• Why price-per-event keeps rising while the number of events falls — and what a $2.33B debt load has to do with it.
• The services you can take to the open market vs. the few that are genuinely exclusive to the building.
• Our highlights and margin notes pointing you straight to the pages that matter.