Live Nation Shares Soar to Record High as Millennials Flock to Live Events

November 3, 2018, 11:50 AM UTC
Live Nation Concert
Swae Lee (L) and Slim Jxmmi of Rae Sremmurd perform onstage during "Mac Miller: A Celebration Of Life" Concert Benefiting The Launch Of The Mac Miller Circles Fund at The Greek Theatre on October 31, 2018 in Los Angeles, California. (Photo by Kevin Winter/Getty Images for LiveNation)
Kevin Winter—Getty Images for LiveNation

Millennials are flocking to authentic entertainment experiences, and that’s driving Live Nation Entertainment Inc. to an all-time high.

The event promoter’s third-quarter earnings report showed it raking in more than $3.8 billion in revenue for the period, a number comfortably at the high end of Wall Street’s estimates. “There were nearly 300 more events than we expected,” and total global attendance of 33.3 million was 7 percent more than Evercore ISI predicted, analyst David Joyce wrote in a report.

Shares of Live Nation rose to a record high Friday, rising 3.1 percent to $54.85.

“Consumers, particularly millennials, are shifting toward live experiences,” said Macquarie Capital analyst Amy Yong in a note to clients. And that positions Live Nation “to benefit from a long runway for growth,” she said.

And while the Federal Trade Commission’s interest in concert ticket prices creates some minimal concerns, the Beverly Hills, California-based company has actually been on a tear. Live Nation has gained 104 percent since this time in 2015.

With the stock ahead almost 30 percent in 2018 alone, that doesn’t look to be slowing down anytime soon.