Trump wins: What now for the touring business?

Donald Trump’s stunning re-election has sent stocks soaring on Wall Street, while leaving more questions than answers for the touring business.

The Republican candidate, who will become only the second US president after Grover Cleveland to serve non-consecutive terms in the White House, hailed a “magnificent victory for the American people” after defeating Democrat nominee Kamala Harris in what had been predicted to be one of closest races in history.

VP Harris had received the endorsement of a parade of A-list artists including Beyoncé, Taylor Swift, Lady Gaga, Cardi B, Ariana Grande, Olivia Rodrigo, John Bon Jovi, Jennifer Lopez, Billie Eilish and Bruce Springsteen, but lost the crucial swing states that decided the election’s fate.

Live Nation’s share price rocketed more than 8% to an all-time high of $127.64 (€119) in the wake of Trump’s triumph, giving the company a market cap of $29 billion.

The vote will inevitably put the US Department of Justice (DOJ) antitrust lawsuit against the company back in the spotlight. After the case, which is set to go to trial in 2026, was filed in May, Live Nation’s EVP, regulatory affairs Dan Wall was asked about the likely implications a Trump victory would have for the suit.

“That’s a tough one, for sure,” he said. “If we just kind of go back in time and you asked me whether I think that the first Trump administration would have brought this case, I would tell you that I don’t think that any prior administration – Republican or Democrat – would have brought this case. But the circumstances, looking to the future, it would depend a lot on who was appointed to these positions, and that just makes it kind of vulnerable.”

“I think the unpredictability of Trump makes it very hard to assume anything with certainty”

Ticketing reform will be another subject on the agenda as the US House of Representatives – control of which was still up in the air at press time – voted to pass the TICKET Act earlier this year. If enacted, it will enforce all-in pricing, ban speculative ticketing, ban deceptive websites and deceptive website marketing, provide fans with a full refund to cancelled events and require a report from the Federal Trade Commission on BOTS Act Enforcement.

Outgoing president Joe Biden also declared plans to further clamp down on “junk fees” on tickets for events such as concerts.

On the live circuit, international artists are already battling large increases in US visa petition fees, with many acts claiming that touring the US is “no longer viable”. There are also further potential knock-on effects of Trump’s proposed import tariffs for international production, technology and services companies.

Immediate reaction to the result from the music industry to Trump’s victory in the US and UK was in short supply. But as Independent Artist Group EVP, head of global music, Jarred Arfa tells IQ, it is a case of wait and see.

“I think the unpredictability of Trump makes it very hard to assume anything with certainty, though I think it’s safe to assume we will have a DOJ which is friendlier to big corporations and mergers,” he says. “I think the live business will continue to thrive regardless of the election results.”

Phil Rodriguez, boss of Miami-headquartered promoter Move Concerts, adds: “The only possible impact I see is if economy improves and fans have more disposable income, this may result in an increase in concert attendance.

“Other factors may come into play: lower cost of fuel, for example, which impacts many of the costs of touring. We’ll find out soon enough!”

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