Live Nation Ends 2022 Ahead of Prepandemic Levels; Headline Risk Remains Issue

Live Nation posted a strong end to an impressive 2022 that saw the firm exceed prepandemic levels in terms of events, fans, and fee-bearing tickets sold. Management remains very positive about 2023, disclosing that ticket sales are pacing 20% ahead of the same point in 2022. While inflation may damp demand from the marginal concertgoer, there are still several artists who delayed or canceled tours over the last few years that fans are looking forward to attending. We are maintaining our $105 fair value estimate. While the shares are trading at a discount, the headline risks for Live Nation remain as the political and fan blowback from the Taylor Swift presale debacle reinvigorated calls for increased regulatory oversight.