Wall Street has wondered how much longer the good times will last for the concert industry, after it roared back to life last year following two years of pandemic shutdowns.
But executives at Ticketmaster parent and concert-venue operator Live Nation Entertainment Inc. said those trends could go on for another two years, as bigger, global tours help expand the company’s international footprint, and the company buys its way into a bigger share of the market. Shares of Live Nation were up 2.8% on Friday, after the company’s second-quarter results a day earlier scorched past analysts’ expectations. Live Nation’s stock is up 42.8% so far this year.
According to Pollstar data, gross proceeds for larger outdoor venues jumped last year when compared to 2019. But smaller indoor clubs, the ones emerging artists build their careers on, didn’t do as well, possibly due to concerns over contracting COVID-19.
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Live Nation Quarterly Revenue Jumps 27% As Concert Business Continues to SoarRevenue at the concert promotion giant hit $5.6 billion, generating earnings per share of $1.02.
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