LIVE NATION: BIGGER, RICHER AND AT A CROSSROADS

THE BIGGEST WINNER of the midyear Boxscore is Live Nation: The company spent much of 2021 preparing tours for the busy 2022 season, delivering the big concert grosses that it had been promising investors while working under a reorganized management structure that has brought more focus to the company’s Beverly Hills, Calif., office.

Live Nation’s share price is hovering around $90, down from a high of about $125 per share when chief executive Michael Rapino and other executives cashed out some of their expiring stock options, but still 20% higher than the pre-pandemic period. Its show count and attendance are up, according to its quarterly financial report (though its Boxscore numbers are down because it has curbed how much information it shares with Billboard), and its market share is as strong, if not stronger, than it was in 2019.

Still, Rapino isn’t taking a victory lap. Instead, he has reduced his visibility and worked mostly behind the scenes amid the fallout from the Astroworld Festival, where 10 fans died due to crowd surges. The tragedy presents both a major reputational and financial threat to the company, though Live Nation officials believe they have enough insurance to cover most of the costs.