Live Nation (LYV): We Love Rock N' Roll


Summary

  • Live Nation (LYV, $91.98) is the quintessential example of an Epicenter stock; it lost 95% of revenue at the height of the pandemic and was forced to significantly mitigate interrupted revenue with cost-cutting.
  • The company is by far the largest operator in the events business. The advantages of scale are likely to increase as it potentially gobbles up the best of thousands of smaller operators and assets like venues.
  • We believe a truly once-in-a-lifetime moment is developing for the live music business in the post-pandemic period. There is no company, in our view, better slated to turn it into benefits for shareholders than LYV.
  • Live Nation is still exposed to the risk of pandemic resurgence, but unlike competitors, its scale and geographic diversification should help mitigate the effects of regional shutdowns/outbreaks.
  • Current trends show fans are buying tickets, and events are selling out literally at their fastest pace in history. We believe what this company sells will be a massive beneficiary of “revenge spend.”

Americans love Rock N’ Roll, and it is also one of our most admired cultural exports. It is a uniquely American invention that could not have possibly spawned from any other geography in the same way. In our divided times, one thing that unites all American...
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