...The company has transformed itself into a vertically integrated music company. As such, it benefits from a strong competitive position in the live entertainment industry and has diversified beyond the volatile and low-margin concert promotion and touring business, which is now a flywheel for the company's other assets, particularly its ticket sales business. The company controls the leading global network of venues through which it promotes its portfolio of more than 500 leading artists. Live Nation monetizes these assets through the sale of concert tickets, concessions, and high-margin corporate sponsorships. Ticketmaster (which represents more than 50% of Live Nation's consolidated EBITDA) is the market leader in the ticket sales industry. It benefits from steady growth rates and a stable contractual profile, which offsets some of the competitive pressures the company faces from established competitors and potential new entrants....
