Concert giant Live Nation Entertainment Inc. projected it would have its strongest year ever in 2022, sending its shares up as much as 8 per cent in after-hours trading.  

The company is already making almost as much money as it did before the pandemic thanks to the return of live events and enthusiasm for upcoming shows. Live Nation on Wednesday reported sales of US$2.7 billion and US$160 million in adjusted operating income in the final quarter of 2021, well ahead of analysts’ forecasts. Sponsorship and advertising sales reached US$170 million, a 15 per cent jump over the same period in 2019.

This year looks to be even stronger. The company has already sold 45 million tickets for shows, up 45 per cent when compared with this point in 2019. While some musicians remain wary of touring, several of the biggest acts in the world are hitting the road, including Bad Bunny and Billie Eilish. They are among eight artists who have sold more than 500,000 tickets so far this year.

“By summer fans were returning to shows, and by the end of the year, we had a record pipeline of concerts, ticket sales and advertising commitments for 2022,” Chief Executive Officer Michael Rapino wrote in a letter to investors.

Live Nation’s stock plummeted early in the global pandemic, as lockdowns prevented the company from staging shows. Executives have promised all along that demand for live events remains high, as soon as it was safe for people to attend concerts, festivals and sporting events. Shares in the company rebounded throughout 2021 and hit a record in November.

Music festivals such as Coachella, owned by rival Anschutz Entertainment Group, are proceeding without any pandemic-related restrictions.