Shares of Live Nation jumped 7.2% to $94.66 on Friday following the company’s earnings report on Thursday , which showed the concert promotion and ticketing giant had a. Revenue of $3.8 billion was up 21% year over year, and the company said it expects strong results in 2024 from its arena and high-margin amphitheater businesses.
Investors may have been encouraged by Live Nation’s insistence during Thursday’s earnings call that the U.S. Department of Justice does not pose a mortal threat to the company. Commenting about an April 16dismissed the notion that regulators could force Live Nation to sever its concert promotion and ticketing businesses. “Very little of the conduct the DOJ has raised with us relates to the combination of ticketing and promotion resulting from the merger,” he said.
Live Nation was one of the best-performing music stocks in a week the vast majority of them posted gains. Seventeen of the index’s 20 stocks gained ground this week, helping theimprove 3.8% to 1,824.29 and nearly match the all-time high of 1,841.66 reached four weeks ago. Two stocks — Abu Dhabi-based music streamer Anghami and New York-based label and publisher Reservoir Media — posted losses and one stock, French music company Believe, was unchanged. . UMG’s earnings rose 6% to 2.
K-pop company SM Entertainment was the week’s best performer after gaining 5.9% to 85,800 won . Warner Music Group rose 5.4% to $34.14. iHeartMedia climbed 5.1% to $2.25. Cumulus Media gained 2.6% — and rose 4.2% on Friday — after itsshowed the company’s self-pay subscribers dropped by 1.4%. Many analysts cut their price targets in the wake of the earnings. Barrington dropped SiriusXM to $4.75 from $5.75 and maintained its “outperform” rating. Deutsche Bank lowered its price target to $3.