LOS ANGELES (CelebrityAccess) Live Nation recently announced great numbers for its third quarter and, according to at least one analyst, it has to do with the young folk.
The event promoter showed $3.8 billion in revenue for the period, noting there were “nearly 300 more events than we expected” and a total global attendance of 33.3 million. It was 7 percent higher than predicted by Evercore ISI, analyst David Joyce wrote in a report.
“Consumers, particularly millennials, are shifting toward live experiences,” Macquarie Capital analyst Amy Yong said in a note to clients, according to Bloomberg, and it positions Live Nation “to benefit from a long runway for growth.”
Live Nation stock has gained 104 percent since this time in 2015 and has risen almost 30 percent this year alone and “that doesn’t look to be slowing down anytime soon,” Bloomberg said.