(Bloomberg) -- 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.
©2018 Bloomberg L.P.
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