A new lawsuit brought by fans of Taylor Swift and other musicians reportedly accuses Ticketmaster and its parent company, Live Nation, of colluding with other organizations to drive up ticket prices.
Live Nation CEO Michael Rapino told CNBC's Jim Cramer on Tuesday that the nature of live music keeps it in demand. "It's a very scarce commodity," he said.
Shares of Ticketmaster's parent company Live Nation (LYV) were up by midday Tuesday after the company's third quarter earnings came in better than expected.
LYV's third-quarter 2024 top line reflects dismal contributions from the Concerts and Ticketing segments.
Shares of Ticketmaster's parent company Live Nation (LYV) surged Tuesday morning after the company's third quarter earnings came in better than expected.
Ticketmaster has faced intense criticism over its dynamic pricing policies, but third-quarter results published by parent company Live Nation Entertainment Inc (NYSE:LYV) show that its potentially anti-competitive business practices are not necessarily translating into higher profits. Ticketmaster reported a 17% year-on-year revenue slump in the third quarter, with adjusted operating income falling 33% to $235.7 million.
The headline numbers for Live Nation (LYV) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Live Nation Entertainment, Inc. (NYSE:LYV ) Q3 2024 Earnings Conference Call November 11, 2024 5:00 PM ET Company Participants Amy Yong - Investor Relations Joe Berchtold - President and Chief Financial Officer Michael Rapino - President and Chief Executive Officer Conference Call Participants Brandon Ross - LightShed Partners David Karnovsky - JPMorgan Stephen Laszczyk - Goldman Sachs Cameron Mansson-Perrone - Morgan Stanley Peter Henderson - Bank of America David Katz - Jefferies Peter Supino - Wolfe Research Operator Good afternoon. My name is John and I'll be your conference operator today.
Live Nation (LYV) came out with quarterly earnings of $1.66 per share, beating the Zacks Consensus Estimate of $1.58 per share. This compares to earnings of $1.78 per share a year ago.
Ticketmaster-parent Live Nation Entertainment beat Wall Street estimates for third-quarter profit on Monday, helped by cost controls, sending its shares up 5.1% in extended trading.
Live Nation Entertainment, Inc. LYV will release earnings results for its third quarter, after the closing bell on Monday, Nov. 11.
Live Nation (LYV) stock price continued its strong rally, reaching a record high of $127.50 as traders eyed its upcoming earnings. It jumped to a high of $127.50, up by 100% from its lowest level last year, giving it a market cap of almost $30 billion.