Live Nation vs StubHub: Different Companies Face Similar Risks
Live Nation vs StubHub: over the past few weeks these two companies – arguably the most recognizable names in ticketing – have both made headlines. But despite facing similar headwinds, their stock market trajectories show the contrast between established dominance and a would be disrupter’s rocky debut.
Live Nation vs StubHub: Different Companies Face Similar Risks
Live Nation and Ticketmaster
Live Nation, the global giant that owns Ticketmaster, venues, and a large share of the concert promotion market, has had a strong year. Its second-quarter 2025 earnings showed a company firing on nearly all cylinders. Revenue climbed 16% year-over-year, and more than 44 million fans attended its events in those three months.
Concerts remain Live Nation’s growth engine, and adjusted operating income from this segment surged more than 30%. Ticketmaster’s ticketing arm also some added momentum, posting growth in Gross Transaction Value. That suggests that fans aren’t just going to shows – they’re willingly spending more on them.
At the CNBC Sport and Boardroom’s Game Plan conference last week Live Nation CEO Michael Rapino claimed that concerts are still “underpriced” compared to sports. “When you read about the ticket prices going up, it’s still an average concert price of $72,” said Rapino “Try going to a Laker game for that, and there’s 80 of them in a season.”
On Tuesday Live Nation stock [NYSE: LYV] was trading at $164.49 USD down 3.64% since the FTC announced the lawsuit, but not far off a 52 week high of $175.25.
Regulatory Trouble Ahead
That optimism is tempered by a sense that Live Nation stock already prices in a lot of growth. For a consumer-dependent business that could wobble in a weaker economy, there is little room for error.
More concerning is the regulatory cloud hanging over the company. The scrutiny isn’t new, but it’s intensifying, and the possibility of court-mandated changes looms large.
The Federal Trade Commission, along with seven states, last week filed a lawsuit accusing the company of anti-competitive behavior and deceptive ticketing practices.
Then there’s the U.S. Department of Justice lawsuit which seeks to break Live Nation and Ticketmaster into two companies because of what it says are ant-competitive and monopolistic behavior. It goes to trail in March.
The implications of a decoupling would be massive for ticketing and live music. But even if Live Nation is just forced to adjust its fee structures, curb certain resale practices, or open up more competition, the effect on its margins could be significant.
StubHub
StubHub, by contrast, is just stepping onto the public stage.
The ticket resale platform went public in mid-September 2025, pricing its IPO at $23.50 per share and raising roughly $800 million. The listing valued the company at around $9.3 billion, a respectable figure that hinted at investor appetite for the ticketing business.
But the debut was less than inspiring: after briefly spiking above $26, StubHub’s stock closed its first session below its IPO price, settling around $22. This week the stock fell further, trading at just under $18 by Tuesday.
The market’s hesitancy reflects deeper concerns.
Unlike Live Nation, which is benefiting from surging demand for live events, StubHub’s financials tell a more muted story. Revenue growth for early 2025 came in at just 3%, while adjusted EBITDA actually fell by more than 25% year-over-year.
Those are not the kinds of numbers that make Wall Street eager to bid up shares of a freshly listed company. StubHub intends to use its IPO proceeds to pay down debt and invest in growth, but until profitability stabilizes, many investors may stay on the sidelines.
StubHub could also face regulatory action. The Federal Trade Commission is already suing Key Investment Group (KIG) alleging 379,776 concert tickets purchased illegally for resale for Taylor Swift’s Eras Tour, Bruce Springsteen and other concerts using methods that violate the BOTS Act.
StubHub could be next.
Live Nation vs StubHub
The irony is that both companies face similar risks.
Regulators are as skeptical of the resale market as they are of Ticketmaster. StubHub’s reliance on resold tickets makes it vulnerable to changes in how fees are disclosed, how bots are controlled, and how consumer protections are enforced. In other words, both giants are playing in markets where government scrutiny is only going to grow.
For investors, the choice between Live Nation and StubHub comes down to tolerance for risk and time horizon. Live Nation offers scale, consistent revenue growth, global dominance and a more diverse business overall.. But it’s premium valuation, regulatory and legal challenges are undeniable risks.
StubHub, meanwhile, offers the allure of an early-stage story with upside potential—if management can improve margins and prove that its model can thrive in a more regulated environment.
At a time when fans are willing to pay top dollar to see their favorite acts, both companies are well positioned to capitalize on cultural demand. Yet in the markets, enthusiasm has been far from equal. Live Nation looks like a headliner riding its encore, while StubHub is still trying to prove it deserves a spot on the main stage.
Bruce Houghton is Founder & Editor of Hypebot, Senior Advisor at Bandsintown, a Berklee College Of Music professor and founder of Skyline Artists.
“Live Nation vs StubHub: Different Companies Face Similar Risks” first appeared on Hypbot.com.
