Buy Live Nation because millennials are driving rising concert ticket sales, Goldman says

Michael Rapino, CEO, Live Nation
Scott Mlyn | CNBC

Investors should buy Live Nation shares on the prospect of strong profit growth ahead from its concert ticketing business, according to Goldman Sachs, which initiated coverage of the company with a buy rating and added it to its Americas buy list.

"As the world's largest concert promoter … and ticketing platform (Ticketmaster), LYV is uniquely positioned to benefit from secular growth in global concerts and gain market share," analyst Drew Borst wrote in a note to clients Sunday. "Touring has become increasingly important to artists' income, given the decline in album sales. On the demand side, the millennial 'experience economy' is fueling steady attendance growth in a wide array of live music events."