Touring giants rebound after stock market slump

Touring power players appear to be back on track following a turbulent few days for the stock market.

Markets in the US dipped on Friday and Monday after new data showed the unemployment rate increased from 4.1% to 4.3% in July – its highest level in almost three years – while only 114,000 jobs were added – well down from the 215,000 monthly average over the previous 12 months.

However, the BBC reports that Nasdaq, the Dow Jones Industrial Average and the S&P 500 all witnessed early gains today (6 August). Japan’s Nikkei 225 stock index also surged by more than 10%, having plummeted 12% at the beginning of the week.

Live Nation‘s share price, which opened at US$88.06, advanced almost 3% to $90.57, giving it a $21.25 billion market cap.

The company published its Q2 earnings report last week, posting $6 billion in revenue for the quarter – up 7% on the equivalent quarter in 2023. Operating income rose 21% to $466 million and AOI 21% to $716m, with the key metrics pointing to another record-setting year for the firm.

Shares in Madison Square Garden Entertainment and spin-off Sphere Entertainment have both risen

“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide,” said Live Nation president and CEO Michael Rapino.

German-headquartered CTS Eventim, which is due to release its half-year financial report later this month, saw a small uptick to €75.55, valuing the pan-European behemoth at €7.38bn.

Shares in Madison Square Garden Entertainment and spin-off Sphere Entertainment have also both risen to $36.24 and $39.30, respectively, ahead of their upcoming financial results for fiscal Q4.

Elsewhere, MENA streaming service Anghami, owner of Dubai-based event management company Spotlight Events, has dipped almost 7% to $0.89 over the past five days, while shares in music company ATC Group, which is listed on the Aquis Growth Market in London, stand at 110p. Plus, Roblox Corp, the firm behind social gaming platform Roblox, saw a 1% uptick to $36.95.

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