Live Nation Entertainment (LYV) Company Report

On September 18, 2025, the FTC and seven states filed a civil complaint accusing Live Nation and Ticketmaster of deceptively low pricing, misrepresenting ticket limits, and earning hundreds of millions in unlawful revenue.
The complaint alleges a broker used hundreds of accounts to purchase 9,000 tickets for a Beyoncé concert and resell 2,500 on the secondary market, generating extra fees and inflating fan prices.
Senior officers are alleged to have directed management to “turn a blind eye” to enforcement circumvention, leading to a 3% drop in Live Nation shares upon filing.
Berman Tabacco is investigating potential breaches of fiduciary duties by Live Nation’s board and officers.

Nov 10, 2025, 9:24 PM

Press Release

Canterbury Park reports Q3 2025 results

LYV

Earnings

New Projects/Investments

Net revenues fell 5.0% to $18.3 million in Q3 2025, driven by declines in Casino, Pari-mutuel and Other revenues, partially offset by a 13.1% increase in Food & Beverage, versus $19.3 million a year ago.
Net income was $0.5 million (EPS $0.10) compared to $2.0 million (EPS $0.40) in Q3 2024, while Adjusted EBITDA declined 14.2% to $2.8 million.
Liquidity remained strong with $17 million in cash and short-term investments (~~$3.28/share), $20 million in TIF receivables (~~$3.95/share) and $16 million invested in real estate JVs (~$3.20/share), supporting an estimated $10.43 per share of hidden asset value.
The 19,000-seat amphitheater project, operated by Live Nation Entertainment, is on schedule to open summer 2026, enhancing the Company’s development pipeline.

Nov 6, 2025, 9:05 PM

Press Release

Live Nation outlines global growth strategy and 2026 outlook

LYV

New Projects/Investments

Revenue Acceleration/Inflection

Live Nation forecasts 2026 as a record year, projecting growth to 225 million fans and double-digit adjusted operating income (AOI) driven by robust venue development and tour demand
Venue Nation is investing $5.2 billion to develop 48 large venues (28 international), targeting >20% IRR, and adding 29 million fans and $600 million in AOI
The food & beverage revamp, featuring value items like 600,000 $2 hot dogs and $5 beers, plus in-house brands (Rebel Hand, Mosh Burger), has increased per-cap spending and outperformed licensed offerings
Ticketmaster is integrating AI for real-time ticket discovery and pricing, blocking 20 billion bots/month, and implementing identity checks to reclaim 9,000 tickets for genuine fans
Emphasizing affordable pricing, 98% of shows are aimed to fill seats, with Face Value Exchange enabling ticket resale at face value without fees, aligning with artist objectives

Nov 5, 2025, 6:00 PM

Transcript

Live Nation outlines growth and digital strategy

LYV

Guidance Update

New Projects/Investments

Product Launch

Live Nation forecasts sustained 8% annual industry growth through 2030 and expects a normalized 2026 performance as it recovers post-COVID.
Global footprint of 148 offices in 40+ countries supports expansion into India, China, Latin America and Asia-Pacific markets, unlocking a new fan base.
Venue pipeline includes 48 large venues (28 international) opening by 2027, adding 29 million fans and targeting $600 million AOI on $5.2 billion capex at >20% IRR.
Digital and AI strategy features the All Access loyalty program (1 million sign-ups YTD), AI-driven pricing/marketing, and enhanced fraud controls; Ticketmaster now tickets 643 million events across 39 countries.

Nov 5, 2025, 6:00 PM

Transcript

Live Nation presents investor update highlighting global growth and technology initiatives

LYV

Guidance Update

New Projects/Investments

Live Nation projects the live entertainment industry to grow at 8% annually to $50 billion by 2030, and expects 2026 to reconfirm normalized post-COVID growth driven by increased stadium, arena, and amphitheater tours.
International expansion is a key growth driver, with major artists touring new markets—India, China, Latin America—and supported by 148 offices in over 40 countries to execute locally and tap a global fan base.
A 48-venue pipeline (28 international) through 2027–28 is expected to add ~30 million fans and $600 million of AOI, funded via $5.2 billion of capital at >20% portfolio IRR through cash, debt, and partners.
Ticketmaster is enhancing discovery and fraud prevention—blocking 20 billion bot attempts monthly, implementing in-app identity verification, and developing AI-powered concierge and on-sale agents to improve accessibility.
Sponsorships with 1,300 global brands, high renewal rates, and new category partnerships (e.g., Airbnb experiences) underpin confirmed 65% of 2026 revenue, driving multi-year contracted income.

Nov 5, 2025, 6:00 PM

Transcript

Live Nation reports Q3 2025 results

LYV

Earnings

Legal Proceedings

Live Nation delivered 11% revenue growth, 24% operating income growth, and 14% AOI growth in Q3 2025.
Concert segment AOI rose by $40 million on just over 1 million additional fans, driven by 120 more stadium shows and reopenings like Estadio GNP and Rogers Stadium.
Ticketmaster is eliminating its Trade Desk tool and has deployed identity verification—canceling over 1 million accounts—to curb scalping; expects these changes to impact AOI by a low- to mid-single-digit percentage next year.
Live Nation contests the FTC’s BOTS Act suit as overreaching and continues to defend against the DOJ antitrust case (trial set for March 6), noting the Google remedies ruling supports its position.
The global show pipeline for 2026 remains robust, with double-digit ticket sales growth and ongoing international expansion underpinning expectations for continued double-digit AOI growth.

Nov 4, 2025, 10:00 PM

Transcript

Live Nation reports Q3 2025 results

LYV

Earnings

Guidance Update

Legal Proceedings

Revenue rose 11%, Operating Income increased 24%, and Adjusted Operating Income (AOI) grew 14% year-over-year in Q3 2025, driven by strong ticketing and live events performance.
Stadium shows surged 60%, offsetting a decline in amphitheater events; management expects a robust pipeline of amphitheater, arena, and stadium concerts for 2026 globally.
Ticketmaster is eliminating the Trade Desk tool and deploying identity-verification checks—cancelling over 1 million scalper accounts—to curb bots, with an expected low- to mid-single-digit AOI impact next year.
Live Nation remains confident in defending the FTC’s Bots Act lawsuit and is advancing through the DOJ antitrust case (discovery complete; trial set for March 6, 2026).
Deferred event and ticketing revenue grew substantially, and ticket sales for 2026 are up double digits, underscoring a healthy early-year revenue backlog.

Nov 4, 2025, 10:00 PM

Transcript

Live Nation reports Q3 2025 results

LYV

Earnings

Legal Proceedings

Live Nation delivered 11% revenue growth, 24% operating income growth, and 14% AOI growth in Q3 2025.
Concert segment AOI rose by $40 million on roughly 1 million incremental fans, driven by 120 additional stadium shows and growth in operated arenas, partly offset by 250 fewer amphitheater shows.
Ticketmaster has tackled scalping by shutting down its Trade Desk tool and deploying identity verification, cancelling over 1 million high-risk accounts; these measures may reduce Ticketmaster AOI by low- to mid-single digits in 2026 but won’t alter primary ticketing growth plans.
Live Nation is contesting an FTC suit under the Bots Act and preparing for a DOJ trial set for March 6, 2026, while citing a recent legal ruling that blocks breakup remedies even if the DOJ prevails.
Deferred event-related and ticketing revenue grew significantly, reflecting double-digit increases in ticket sales for 2026 shows and expanded venue onboarding.

Nov 4, 2025, 10:00 PM

Transcript

Live Nation reports Q3 2025 results

LYV

Earnings

Guidance Update

New Projects/Investments

Live Nation delivered $8.5 B in Q3 revenue (up 11% YoY) and $793 M in operating income (up 24%), with adjusted operating income of $1.03 B (up 14%)
Event‐related deferred revenue reached $3.5 B (up 37%) and Ticketmaster deferred revenue was $231 M (up 30%), reflecting strong future demand
Year‐to‐date capex of $680 M is on track for ~$1 B full-year spend, including $750 M for venue expansion, supported by $1.9 B of debt refinanced and $1.5 B in added liquidity
Leading indicators for 2026 show a double-digit increase in large-venue show pipeline, 26 M tickets sold, and ~65% of sponsorship commitments booked

Nov 4, 2025, 9:21 PM

8-K

Live Nation reports Q3 2025 results

LYV

Earnings

Guidance Update

Revenue Acceleration/Inflection

Revenue of $8.5 billion (+11% YoY) in Q3 2025; Operating income rose 24% to $793 million and AOI climbed 14% to $1.03 billion.
Concerts revenue of $7.28 billion (+11%) with AOI of $514 million (+8%); Ticketing revenue of $798 million (+15%) with AOI of $286 million (+21%); Sponsorship revenue of $443 million (+13%) with AOI of $313 million (+14%).
Event-related deferred revenue reached $3.5 billion (+37%) and Ticketmaster deferred revenue grew 30% to $231 million, underscoring strong demand for future shows.
On track for double-digit AOI growth for the full year and targeting ~160 million fans in 2025, driven by accelerating Q4 attendance and international expansion.

Nov 4, 2025, 9:07 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Live Nation Entertainment.

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