(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.
To contact the reporter on this story: Kamaron Leach in New York at kleach6@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper
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