Live Nation Earnings: Solid Results Despite Fewer Large Stadium Tours

Considering Live Nation was without the stadium-tour tailwinds that buoyed its business in 2023, it had a very good second quarter. Revenue continued to grow at an attractive clip, and the relatively lower level of stadium events boosted the operating margin. With our view that conditions will often be more favorable than they have been in 2024, we like the firm's long-term growth prospects. Although the antitrust lawsuit that the US Department of Justice filed in May will probably be an overhang on the stock through 2025, we're maintaining our $105 fair value estimate. We believe the firm's scale and current leadership position as a concert promoter and in the ticketing industry, which are key features behind our narrow-moat rating, will result in Live Nation maintaining its share in what we expect to be a continually growing concert industry.