Ticketmaster parent Live Nation Entertainment Inc. on Thursday said the concert industry is still on a tear following last year’s massive rebound. But on Friday, at least, investors weren’t buying it.
Live Nation shares LYV slid 9.7% on Friday. But even as concerns grow over whether the company has maxed out its COVID-19-era gains and whether a bigger regulatory crackdown is coming, analysts didn’t appear to think Live Nation or its grip on the concert-ticket market were going anywhere. However, LightShed Partners analyst Brandon Ross also told Barron’s that the stock, at the moment, suffered from a “massive regulatory overhang.” But he said the stock could move higher once that overhang lifts.
Still, during the company’s earnings call, executives spent a lot of time fielding questions about friction with regulators, following Ticketmaster’s implosion last year during a pre-sale of Taylor Swift concert tickets and allegations of cramming “junk fees” into sales. Live Nation’s Chief Financial Officer, Joe Berchtold, faced further questions about Ticketmaster’s hold over the concert industry from lawmakers last month, and blamed the pre-sale debacle on a deluge of bot traffic.
Live Nation owns, operates, or has a stake in 338 venues around the world. Executives, during the call, said they planned a bigger push up ahead to improve their reputation. They also expressed support for legislation that, they said, would allow artists to decide resale rules, ban speculative tickets and crack down on bot activity, among other things.
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