Live Nation's Stock Spikes After New York Opens Sport, Concert Venues

Shares of Live Nation Entertainment Inc (NYSE: LYV) spiked Thursday after New York Governor Andrew Cuomo gave an April 1 start date for live sports and concerts.

What Happened: Concertgoers will be able to see their artists perform live starting in just a few short weeks. It may not be easy to snag tickets to shows, however, as some restrictions will be in place.

Large outdoor venues that can host more than 2,500 fans will be able to operate at 20% capacity and proof of vaccination will be required to enter the show. Smaller indoor venues will be permitted to operate at 10% capacity.

"I think you're going to see the capacity increase and the testing requirements decrease as we get more evidence, but we want to start safe and smart," Cuomo said in a press briefing.

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Why It Matters: Live Nation has seen its business temporarily shuttered for more than a year. Back in March 2020, Live Nation made the decision to suspend all live events to help thwart the spread of COVID-19. Consequently, when the company released its fiscal year 2020 results, revenue for the year was down 84%.

Although it will take time, and more doses of vaccines, to get concert venues operating back at 100% capacity, Cuomo’s decision is good news for Live Nation.

LYV Price Action: Shares of Live Entertainment were trading up 4.57% at $89.15 Thursday afternoon.