Concert Flywheel Fully Ramped Up for Live Nation; Maintaining $105 FVE

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. The firm is on pace to exceed 2019 revenue levels in each of its three segment (concerts, ticketing, and sponsorship) and we project further growth beyond precoronavirus levels over the next five years.