Analyst Note
| Neil Macker, CFA |Live Nation’s 2022 focus on returning to pre-pandemic levels appears on track with over 70 million tickets sold for 2022 shows, 36% above the same point in 2019, and 90% of planned sponsorship for the year already booked. Both the level of demand and supply for live music continue to expand despite limited activity in certain markets. The rebound remains leveraged to the U.S. and the U.K., which collectively accounted for 80% of attendees in the quarter, though the share dropped sequentially from 90% in the fourth quarter. We keep our narrow moat and raise our fair value estimate to $105 from $100 as we now project a higher revenue rebound in 2022.