Live Nation Posts Strong End to 2021; Flywheel Will Return to Full Speed in 2022

Live Nation’s focus on a “return to scale” over the second half continued to work as fourth-quarter revenue and adjusted EBITDA beat FactSet consensus expectations. Both the level of demand and supply for live music expanded despite limited activity in certain markets. The rebound remained leveraged to the U.S. and the U.K. which accounted for 90% of attendees. While management didn’t provide specific guidance, the firm projects 2022 revenue will exceed the 2019 level with strong growth in sponsorship revenue.