Live Entertainment Funflation Endures: Q2 Previews for LYV, FWONK, TKO, SPHR, MSGS, MSGE

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Live Entertainment Funflation Endures: Q2 Previews for LYV, FWONK, TKO, SPHR, MSGS, MSGE

J P M O R G A N North America Equity Research

21 July 2026

Live Entertainment

Funflation Endures: Q2 Previews for LYV, FWONK,

TKO, SPHR, MSGS, MSGE

Ahead of calendar Q2 earnings, we’re updating forecasts and establishing Dec Media, Entertainment and

2027 price targets for LYV, FWONK, TKO, SPHR, MSGS, and MSGE. Overall, Advertising

we remain bullish on the live entertainment sub-sector, seeing secular demand David Karnovsky, CFA AC

trends for concerts and sporting events as intact with room for growth through (1-212) 622-1206

volume and premiumization. Within sports, we also view Netflix’s recent earnings david.karnovsky@jpmorgan.com

commentary on the value of live events and their outsize benefit to engagement and Douglas Wardlaw

acquisition as indicative to long-term media demand amid a changing ecosystem. (1-212) 622 4885

douglas.wardlaw@jpmchase.com

Live Nation (LYV, $205 PT) Kiscada A Hastings

(1-212) 622-0226

We’re updating Live Nation estimates ahead of 2Q results and following kiscada.hastings@jpmchase.com

conference appearances. For the quarter, we reduce slightly fan count and revenue Alexey Philippov, CFA

to better reflect guidance points, but we maintain AOI at $792m, which is in line (1-212) 622-0810

alexey.philippov@jpmorgan.com

to consensus. We see risk to the upside, though in general more room for positive J.P. Morgan Securities LLC

2026 consensus adjustments with November earnings given stadium and amp

growth is weighted to 2H; this quarter still has important reads on overall demand

trends and per caps. LYV shares are +7% since Q1 earnings (SPX +1%), though

off highs from early July, which we think reflects a broader trade in live event