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Live Nation Entertainment Inc LYV Stock Quote

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Morningstar‘s Stock Analysis LYV

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Is it the right time to buy or sell?

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Live Nation Pacing Well Ahead of Prepandemic Levels; Minimal Inflation Impact on 2023 Presales

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Live Nation remains on track to return or even beat its prepandemic levels as the firm posted its highest attendance quarter ever. Festival attendance was very strong in the quarter, up 40% versus the same quarter in 2019. Management is very positive on growth continuing in 2023, disclosing that tickets sales paced double-digits ahead of 2022. While the inflation will likely dampen demand from the marginal concertgoer, there are still a number of artists that delayed or canceled tours in 2020 or 2021 that fans are looking forward to attending. The recent verified fan presale for the 2023 Taylor Swift tour exemplifies this pent-up demand. We are maintaining our narrow moat and our fair value estimate of $105.

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Company Profile LYV

Business Description

Live Nation is the largest live entertainment firm in the world with over 570 million fans served in 44 countries in 2018 by the company’s concert and ticketing platforms. Via either owning, operating, or holding exclusive booking rights, Live Nation controls over 235 venues including the House of Blues, the Hollywood Palladium, and Spark Arena in New Zealand. Live Nation also owns one of the largest ticketing services, Ticketmaster, which sold over 480 million tickets for over 12,000 clients in 2018. The firm’s artist management agencies have over 400 clients. This large live entertainment footprint helped Live Nation become one of the largest advertising and sponsorship platforms aimed at music fans. Liberty Media owns 33% of Live Nation, held under its SiriusXM tracking stock.

9348 Civic Center Drive
Beverly Hills, CA, 90210
T +1 310 867-7000
Industry Entertainment
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 10,200