Live Nation Earnings: Continued Global Demand for Live Events Drives Strong Growth

Live Nation benefited once again from the ongoing demand growth for live events as second-quarter revenue jumped by 27% year over year. Management touted the strength of 2023 demand, with over 117 million tickets sold to date for shows, tracking 20% ahead of 2022 at the same point. Despite the relatively weak global ad market, over 90% of the planned sponsorship for 2023 is already booked with double-digit growth. We are maintaining our fair value estimate of $105.