LYV - Why Live Nation Rallied Today
2024-05-03 15:26:06 ET
Shares of Ticketmaster parent Live Nation (NYSE: LYV) rallied 9.3% on Friday, as of 12:45 p.m. ET.
While some may be balking at the high costs of concertgoing these days, fans overall don't seem deterred in their desire for live music experiences, as Live Nation's impressive results showed.
In the first quarter, Live Nation saw revenue grow by 21% to $3.8 billion, exceeding estimates by a whopping $520 million. Management cited double-digit growth in tickets for live events, along with nonalcoholic beverages, food, and merchandise. Tickets sold were up 21% and concert revenue was up 26%. In what could almost be considered same-store sales in this area, management noted that artists who toured in 2023 are currently seeing bigger sell-throughs and gross dollars per show in 2024.
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Why Live Nation Rallied Today