Concert Flywheel Beginning to Spin for Live Nation; Raising FVE to $78

Live Nation is highly focused on live entertainment at venues ranging from intimate clubs to large stadiums. The firm controls over 235 concert venues that hosted over 40,000 events and nearly 98 million fans in 2019. Ticketmaster, the firm’s ticketing platform, sold over 485 million tickets for over 12,000 clients in 2019. While 2020 was a challenging year, we expect that the reopening of venues in 2021 and pent-up demand for fans and artists will help the firm reach its 2019 revenue level by 2022.