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Live Nation Entertainment Inc LYV

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Live Nation Continues to See Pent-up Supply and Demand; Flywheel to Restart Spinning in Summer 2021

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Live Nation’s quarterly results fell severely once again due to the ongoing lockdown restrictions in almost all of the firm’s major markets. With vaccinations becoming more widespread in the U.S. and Europe, management continues to focus on this summer as the start of a “return to scale” for concerts and festivals. The firm remains uninterested in holding concerts with severe capacity constraints such as the current 10% limit in New York City. Rather, Live Nation is waiting for limits that allow 50% capacity or more. We are maintaining our narrow moat and $72 fair value.

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Company Profile

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.

Contact
9348 Civic Center Drive
Beverly Hills, CA, 90210
T +1 310 867-7000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 8,200

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