Live Nation’s share price has reached a new high, topping $145 for the first time, after rising 11% in the last month alone.

The company’s stock, which peaked at $145.33 so far today (31 January), has continued on an upward trajectory after rocketing over 8% to a then all-time high of $127.64 in the immediate aftermath of Donald Trump’s victory in last November’s US election.

Live Nation has said it is “hopeful” the administration change will have a positive impact on its antitrust battle with the DOJ.

Additionally, LN’s share price has risen 50% over the past six months and 63% in the last year. The firm has a market cap of more than $33.5 billion.

The firm’s president/CEO Michael Rapino was recently named No.1 on Billboard‘s latest Power 100 List, its annual rankings of the music industry’s top executives.

“The word ‘record-breaking’ has become synonymous with Live Nation under Rapino’s leadership”

“The word ‘record-breaking’ has become synonymous with Live Nation under Rapino’s leadership,” states the publication. “In 2024 alone, the first two quarters of the year broke revenue records, while in the third quarter (though down in overall revenue year over year) concerts delivered record profitability.

“Those results stem from consistently promoting shows from some of the biggest acts on the road.”

Rapino came out on top of the list ahead of Universal Music Group chair/CEO Lucian Grainge at No.2, with the top 5 completed by Sony Music Entertainment CEO Rob Stringer, Spotify co-founder/CEO Daniel Ek and Irving and Jeffrey Azoff, who are jointly ranked at No.5.

Other live music figures included in the top 20 were AEG Presents president/CEO Jay Marciano at No.9, Red Light Management CEO Coran Copshaw was at No.19 and Oak View Group chair/CEO Tim Leiweke at No.20.

In further positive stock market news for the business, shares in German-headquartered live entertainment giant CTS Eventim have seen an 11.5% uptick over the past month to €94.70, while Sphere Entertainment’s have risen close to 15% in the same period to $46.17. Madison Square Garden Entertainment Corp is up slightly to $36.30.

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The sovereign wealth fund of the kingdom of Saudi Arabia has sold its entire shareholding in Live Nation after more than tripling the value of its investment in less than five years.

The move was disclosed in a filing with the Securities and Exchange Commission last Thursday (14 November).

The PIF took a 5.7% stake in the promoter in April 2020 – just weeks after the start of the Covid live music shutdown – when LN’s share price was below $40.

It bought 12,337,569 shares, valued at just shy of US$500 million, becoming the fourth-largest shareholder in the world’s largest live entertainment firm behind Liberty Media, Vanguard Group and BlackRock.

Live Nation stock has continued to rise to record highs, surpassing $131 for the first time ever today (18 November) for a market capitalisation of $30.2 billion.

Saudi Arabia’s investment in the company formed part of its push to grow its domestic events market in order to reduce its reliance on oil revenues. However, the FT reported last month that the PIF, which has around $930bn worth of assets, was pivoting from international investments to focus on domestic projects.

MDLBeast’s Soundstorm festival returns from 12-14 December, headlined by Eminem, Muse and Tyler, The Creator

This summer, it was announced that Live Nation Arabia had secured a deal to manage operations at Maraya, a multi-purpose venue in AlUla, Saudi Arabia, under a three-year partnership with AlUla Development Company, a Public Investment Fund company.

New venues are also being built, such as the 20,000-seat Jeddah Arena, due for completion in December 2025, and a brand-new, 45,000-capacity stadium in Qiddiya.

In addition, the region’s biggest festival Soundstorm returns from 12-14 December. Organised by MDLBeast, it will feature headliners Eminem, Muse and Tyler, The Creator. The promoter also launched a weekly series of music shows in August in partnership with Jeddah Season 2024.

IQ‘s 2024 Global Promoters Report explores the current state of play in the fast-growing sector.

“There are still artists that don’t want to go, for obvious reasons,” says Thomas Ovesen, CEO of UAE-based All Things Live. “But the Saudis have successfully chipped away at it and have attracted more and more, including female artists. So there’s definitely a market.”

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Live Nation and CTS Eventim have both seen significant gains on the stock market over the past few weeks.

LN’s share price reached a 52-week high of $109.24 today (27 September), having climbed almost 12% in the last month, to give the promoter a $24.9 billion market cap.

Live Nation posted $6.02 billion revenue in its most recent financial results covering Q2 2024 – an increase of 7% on the equivalent quarter last year. It was revealed yesterday that the company plans to open a 50,000-cap seasonal stadium in Toronto, Canada next summer.

Meanwhile, stock in German-headquartered live entertainment heavyweight CTS has risen close to 7% in the same period to peak at €92.10 – representing another all-time high for the firm, which is valued at €8.8bn.

CTS raised its guidance for 2024 last month in light of its “excellent” Q2 financials, which saw its quarterly revenue rise 21.2% to €793.6m. The figures included its recently acquired festival and international ticketing businesses from Vivendi for the first time, including See Tickets.

Shares in Las Vegas Sphere parent Sphere Entertainment are up nearly 7% this week

Separately, shares in Las Vegas Sphere parent Sphere Entertainment are up nearly 7% this week to $43.99, while Madison Square Garden Entertainment Corp is around flat at $42.13.

The US Federal Reserve lowered interest rates for the first time in four years on 18 September, reducing the key lending rate by half a percentage point.

Elsewhere, MENA streaming service Anghami, which owns Dubai-based event management company Spotlight Events, has improved 1% to $0.85 over the past five days.

Shares in Roblox Corp, the firm behind social gaming platform Roblox, has dipped slightly to $44.07 and live entertainment global digital media firm LiveOne is down to $1.12. Music company ATC Group, which is listed on the Aquis Growth Market in London, are at 110p.

In addition, there were big gains for K-pop businesses, with HYBE up 7.5% this week, JYP Entertainment soaring 14% and YG Entertainment and SM Entertainment rocketing nearly 19% and 17% respectively.

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It has been a strong week for touring power players on the stock market, with Live Nation, CTS Eventim and Madison Square Garden (MSG) Entertainment all seeing significant gains.

Billboard‘s Global Music Index increased 4.4% to 1,256.06, with 15 of the 21 stocks showing an upswing over the past week. Shares in concert giants LN and CTS were up 8.4% and 9.2% respectively, spurred by recent positive financial results for Q1 2023.

Live Nation posted revenue of $3.1 billion (€2.8bn) for the first quarter – up 73% on the corresponding period 12 months ago – with record results across all divisions. The earnings call prompted a notable uptick in the company’s share price, increasing from $66.76 to $75.91. The stock has since soared a further 12%, standing at $85.13 at press time, boosted by a bullish forecast by CEO Michael Rapino.

“What is clear as we look at our results and operating metrics is that global demand for live events continues to reach new heights – demand has been growing for a long time and is showing no signs of letting up,” said Rapino. “We expect to host a record number of fans this year, even against a 2022 comparison which benefited from rescheduled shows attended by 20 million fans.”

“The results show that live entertainment remains as popular as ever”

It is a similar story at pan-European giant CTS, which reported last week that ticket sales were up 58% on 2022, while consolidated revenue rocketed 163% year-on-year to €366.2m. Shares in the German-headquartered firm jumped 3% to €62.60 and have continued on an upward curve to €64.75.

“The results show that live entertainment remains as popular as ever,” said CEO Klaus-Peter Schulenberg. “Our customers have high expectations when it comes to buying tickets – especially for tours featuring top acts – and we have comfortably met these expectations. Both in Germany and internationally, we are pursuing organic growth and anticipate that our business performance will continue on its successful course.”

But it was MSG Entertainment, which reported a 4% year-on-year rise in revenues to $201.2m for the fiscal 2023 third quarter – its first as a standalone company following its spin-off from Sphere Entertainment – that experienced the biggest uplift. Shares leapt a huge 19.4% amid rumours it is negotiating a $1 billion deal to sell the former Hulu Theater, as Guggenheim initiated coverage of the company with a buy recommendation. The share price increased a further 2% today to $36.54.

“With the completion of our spin-off, MSG Entertainment begins its new chapter as a standalone, pure-play live entertainment company,” said executive chairman and CEO James L. Dolan. “We remain confident in the strength of our assets and brands and believe that we are well-positioned to create long-term value for shareholders.”

“We remain confident that this next chapter for our company will drive long-term shareholder value”

Shares in Sphere Entertainment also improved 6.1% last week and a further 1% today to $24.97. The firm reported an operating loss of $70.3m for fiscal Q3 on revenues of $363.3m.

“As we approach the opening of Sphere in Las Vegas, we remain confident that this next chapter for our company will drive long-term shareholder value,” said Dolan.

Billboard also reports that share prices for HYBE, SM Entertainment, YG Entertainment and JYP Entertainment have increased by an average of 75% year to date.

Elsewhere, Anghami, the largest music streaming service in the Middle East and North Africa (MENA), which acquired Dubai-based event management company Spotlight Events, climbed 1.7% and stands at $1.26.

UK-based music company ATC, which listed on the Aquis Growth Market in London in December 2021, has also seen its share price rise from 90p (€1.03) to 92.5p over the past month. The firm bettered its own expectations to record a profit on revenue of £12.1 million (€13.9m) in its first full year as a a public company.

“We are delighted with the progress we have made in our first year as a PLC, delivering 33% top line growth and profitability earlier than expected, whilst also investing in a number of important strategic developments for the group,” said ATC Group plc CEO Adam Driscoll.

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The live music industry is gearing up for a huge 2022 as the concert market explodes post-Covid-19, Live Nation president and CEO Michael Rapino has said.

Speaking to writer Bob Lefsetz, Rapino said Live Nation’s stock – currently priced at US$80.72, above its pre-pandemic high of $75.54 – remains so valuable because financial analysts are expecting a live entertainment boom as the final coronavirus restrictions are lifted in the US and internationally.

“Wall Street’s buying the future, not the present,” Rapino explained. “So if you’re an investor looking at Live Nation, you’re probably saying, ‘Well, I think this live experience business in general is going to boom. We see that happening.’” Wall Street would have been particularly encouraged by the low rate of people returning their tickets for cash and Live Nation’s extensive programme of cost-cutting (estimated at $800 million as of this time last year), he continued: “If you’re an investor and you’ve already valued me at $75 going into the crisis, you’ll be sat there saying, ‘What do I think about the future? I think they’re going to be leaner than they were before they went in, so they’ll make a bit more money. I think there’s a boom happening. And [I think] this thing called live must be really, really valuable to customers, because there’s not even cashing it in in one of the greatest crises in history. So I want to bet on this category, and I want to bet on the market leader.”

Rapino was the guest on the latest episode of the Bob Lefsetz Podcast, where the wide-ranging conversation with Lefsetz also touched on topics including sponsorship, secondary ticketing, global touring, the festival market and the uniqueness of the live experience.

Comparing recorded to live music, Rapino said: “I think live is, is very, very unique. It’s the only unduplicatable asset that’s really survived this entertainment revolution. Everything else pretty much got duplicated and digitised. And that’s great, but those goosebumps you get when you watch the Eagles, [for example], you don’t get that on an iPad. So we have this very unique industry that is not duplicatable. And in a world where everything else has become duplicatable and commoditised, I think this category has a long life.”

He elaborated: “You know, when the when the crisis happened, there were people on Wall Street and elsewhere that were saying, ‘Oh my God, no one’s gonna ever gather again, we’re all going to be living in our houses forever, no one’s going to go to a movie theatre or concert.’ But I always remember it was the May long weekend [in 2020] and there was a CNN report from the Ozark lakes, where everyone was partying like crazy, and in the middle of this crisis with no vaccine. That moment showed that, no matter how dangerous it was, people still wanted to gather people, they wanted to get out.

“We have this very unique industry … in a world where everything else has become duplicatable and commoditised”

“And the market started to realise: Wow, this is really going be a pent-up demand situation when when we can gather. People are going to want to come back to shows, to go to Disneyland, do all the good things they do when when life’s normal.”

In addition to speaking about the market and live music’s recovery, Rapino returned to a favourite theme: The need to more effectively price shows in order to minimise the secondary market, something he discussed during his keynote at ILMC back in 2016.

“There’s still billions of dollars in secondary business out there, so we know we’re not pricing the house right,” he told Lefsetz, “so we have opportunity to at least get some of that front-of-the-house economics for the artist. [N]inety per cent of the shows I’m dealing with in life are not selling out, so I don’t ever have a problem selling the front part of the house. I do have a problem selling the back part. It’s about pricing, not awareness, so I’m always going to try and convince an artist to redistribute the pricing to see how low can we get the back end of the house – and probably subsidise the back of the house from the front of front of the house – so we can get that perfect sell-out.”

On festivals, Rapino discussed how the market has evolved to a place where niche formats have become more important, accelerated by the pandemic shutdown. “A little bit of a shake-up happened, and probably Covid did help – we’ve even shook out a few; I think we’ve shut down 12 that weren’t working that we didn’t love,” he explained. “And I think you’re seeing the bar getting higher to make a successful festival work.”

Now, he added, “I don’t think all of a sudden you can just launch a main line festival with three different genres of music over the weekend and expect 100,000 [people] anymore. I think they became like any industry: they went out wide, then the big ones survived and the niche ones started to create their own space. We see it happening now: a niche idea in a good location, against a certain genre of music or a certain theme. […] I like the super-served ideas where they’re hitting a certain target, or a certain location, and they’re less talent-reliant because they have more of a thematic soul to them. And those ones tend to work.”

Listen back to the full interview on the Bob Lefsetz Podcast.

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Financial research firm Wolfe Research has begun coverage of Live Nation, assigning the company’s stock an ‘outperform’ (ie strong buy) rating ahead of the resumption of live entertainment activity later this year.

In an announcement, titled ‘LYV: Bring on the Roaring 20s – Initiate with Outperform’, that the company is initiating coverage of Live Nation stocks (which trade on the New York Stock Exchange under the symbol LYV), Wolfe analyst John Janedis says the promoter is “poised for a multi-year cycle of strong growth as the reopening accelerates for a business that will have the tailwind of favourable supply/demand and a structurally stronger margin profile coming out of the pandemic”.

“LN will have the tailwind of favourable supply/demand and a structurally stronger margin profile coming out of the pandemic”

Channelling Marc Geiger in predicting a second “roaring twenties” for live entertainment, Janedis says he also sees Live Nation growing its already dominant market share post-Covid-19 “given its scale and vertical positioning within live entertainment”.

Wolfe has given Live Nation shares a price target of US$97 by the end of 2021. At press time, LYV stocks were worth $85.80; they reached an all-time high of $92.86 on 1 March.

Other analysts covering Live Nation stock include JP Morgan, William Blair, Morgan Stanley and Northcoast Research.

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The share price of live entertainment behemoth Live Nation has scaled new heights this week, despite the fact the vast majority of live shows have not been able to take place for the past 10 months.

On Tuesday (19 January), Live Nation’s share price hit an all-time high of US$76.54 – which has more than doubled since its slump to $29.50 in March last year, amid the cancellations and postponements of live shows.

The record-high share price comes after the company acquired a majority stake in Veeps, a ticketed livestreaming platform developed by Good Charlotte’s Joel and Benji Madden.

Veeps is Live Nation’s first major acquisition since the pre-Covid-19 era and a strong indication that livestreamed concerts are here to stay.

Live Nation’s share price hit an all-time high of $76.54 after the live entertainment giant acquired a majority stake in Veeps

“Livestreaming is a great complement to our core business, and essentially gives any show an unlimited capacity,” said Live Nation CEO, Michael Rapino.

“Looking to the future, live streams will continue to unlock access for fans – whether they are tuning into a sold-out show in their hometown, or watching their favourite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”

Live Nation’s stock has steadily climbed after its 52-week low in March 2020, with the company offering drive-in shows, live streams, and new content through its Live From Home virtual music hub throughout the pandemic.

In November last year, following early results from the world’s first effective coronavirus vaccine, Live Nation share price soared by 22%.

Prior to that, Live Nation-owned Ticketmaster unveiled SmartEvent, a new suite of technology will equip event organisers to meet the evolving needs of capacity, distancing and other logistics.

Live Nation’s share price stood at $74.59 yesterday (21 January).

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