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It’s incredible to see @LiveNation trading above 72 today. The company basically forfeited a full year of revenue, still has plenty of uncertainty heading into 2021, and is now trading at the same levels as Feb 2020, just before the pandemic became real for markets.
Much of this is a testament to Rapino’s steady leadership, & belief that when we “return to normal” LN is positioned to pick up where they left off; in fact, I would expect an absolute record-shattering year in live music in ‘22. The pent-up supply & demand will be unprecedented.
The company made tough cuts & took on a $500m investment from Saudi Arabia to manage. In all fairness & obviousness, that latter deal needs to be watched closely by industry. The Saudis want to tell a story of progressive evolution, but they remain terrible on human rights.
Also, and I guess to pat myself on the back a bit, I told y’all on here to buy LN—that it was an absolute steal—when it was around 30. I hope at least some of you more than doubled some of your money. I did. :)
Here’s more on the Saudi buy, for those interested. The Saudis now own 5.7% of LN. Globalization is inevitable &, IMO generally wonderful. We must hold partners to the same standards we would hold ourselves to, tho. Blood money will only destroy our biz. https://variety.com/2020/music/news/live-nation-saudi-arabia-investment-fund-1234590638/
