Stock market update: Live Nation reaches new peak

Live Nation stock powered to a new peak after the company’s share price rose 5% over the past week to sail past $160.

Amid reports that American ticket exchange and resale platform StubHub was resuming its plans to go public, shares in LN hit a new high of $162.94 last week.

The increase came after global fan demand drove a record second quarter for Live Nation, with consolidated revenue soaring 16% to $7 billion. The firm’s current market cap is close to $38bn.

Speaking during this month’s Q2 earnings call, CEO/president Michael Rapino discussed LN’s $646 million deal to expand its investment in Latin America’s largest promoter Ocesa with the purchase of an additional 24% stake.

“Ocesa has been just a home run relationship from our early days to now our original acquisition and now our next piece,” he told investors. “We came to a great conclusion where we can buy a bit more now to clean up the balance sheet and then let them participate in an ongoing great growth track… We think Mexico under Alex [Ocesa CEO Alejandro Soberón] has continued great growth ahead of it.”

“Brazil alone, we think, is another Mexico – huge, huge opportunity”

With Mexico having ascended to become the third largest live music market in the world, Rapino suggested that Brazil has the potential to follow a similar path.

“As far as larger Latin America, we’re just getting going,” he said. “Brazil alone, we think, is another Mexico – huge, huge opportunity in Brazil. Other than Rock in Rio and some tours, we really are underdeveloped to most of Latin America.”

Rapino added that Live Nation was “definitely going to finish the year strong”, and said the 2026 stadium slate was “really good” despite the FIFA World Cup taking place in the US, Canada and Mexico in June/July.

“Six months ago to a year ago, I would have been more worried about the World Cup avails and our stadium schedule for 2026,” he said. “But because we get ahead of this so far in advance on bookings, we’ve been able to secure a really good ’26 stadium business, so I’m very optimistic. I think the ’26 on a global basis will be strong again. Stadiums right now look like they’re filling up well around the world.”

The chief executive said the company was well placed due to its “mass diversity on a global basis from a geographic perspective”.

“We think there’s opportunity all around the globe of this new, young consumer with the jukebox in their phone”

“While we might have a few less stadium [shows] in America because of the World Cup, we’re going to have big business in Europe next year,” he said. “We’re going to [have] big business in Latin America… 50% of our business is outside of America. So while one summer could be strong for amphitheatres here, it could be stronger for stadiums somewhere else.”

He added: “We look at the whole globe as a great opportunity. We’re looking at Latin America. We’re looking at The Middle East. We’ve had great success recently in India with Coldplay and others, and all of the Asia and APAC region. We think there’s opportunity all around the globe of this new, young consumer with the jukebox in their phone.”

Elsewhere, German powerhouse CTS Eventim’s share price was flat at €98.15, while Madison Square Garden Entertainment dropped to $36.83 and Sphere Entertainment was down to $39.87.

Sphere Entertainment last week reported Q2 revenues of $282.7m – up 3% on the equivalent quarter in 2024 – as the 20,000-cap Sphere in Las Vegas generated quarterly revenue of $175.6m, a 16% rise. In the accompanying earnings call, executive chair and CEO James Dolan noted: “As we said from the start, our goal was to design and operate a venue that’s busy 365 days a year with multiple events on most days. And while we started in Las Vegas, our strategy has always included a global network of Sphere venues.

“This year, our priorities have been to continue enhancing our operating model in Las Vegas, drive long term profitability for the business, and advance our plans to bring Sphere to Abu Dhabi and additional markets around the world. Our original content category, the Sphere Experience, has been one of the key profit drivers of the business, and we remain focused on developing a diverse slate.”

“We have continued to add shows to our calendar and now expect to host more than 100 concerts this year, up from 70 in 2024”

Dolan said that more than 120,000 tickets had been sold to date for the upcoming The Wizard of Oz at Sphere (“and expect to reach 200,000 by the opening later this month”).

“We’re also seeing increasing demand from artists across a variety of genres, which are driving renewed interest in their music by playing Sphere in Las Vegas,” he said. “We have continued to add shows to our calendar and now expect to host more than 100 concerts this year, up from 70 in 2024.”

Dolan said discussions were ongoing “with a number of other international markets regarding large scale Spheres”, and also offered an update on plans for a series of 5,000-cap mini-Spheres.

“In addition, we have now completed our design and business model for small scale Spheres, which could be built faster and at lower cost and are already in the market having discussions with potential partners,” he added.

In other stock market news, shares in US hospitality and live music company Venu have soared 62% over the last six months to $15.90, but MENA streaming service Anghami, which owns Dubai-based event management company Spotlight Events, has plunged almost 52% in the same period to $3.27.

Meanwhile, K-pop heavyweights SM Entertainment, JYP Entertainment and HYBE have ascended 13%, 6% and 5% in the last month.

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