In the ever-evolving world of entertainment, superfans have emerged as the powerhouse fueling growth and profitability across live music, streaming, and gaming sectors. Bernstein analyst Ian Moore recently highlighted this trend, placing companies like Live Nation Entertainment and Spotify Technology at the forefront of this lucrative wave. As superfans—those high-earning, loyal enthusiasts less sensitive to price hikes—continue to drive demand, the entertainment industry is adapting swiftly to capture their attention and spending power.
On June 3, 2025, Moore initiated coverage on the entertainment sector with a bullish outlook, rating Live Nation, Spotify, TKO Group Holdings, DraftKings, and Warner Music Group as "outperform" stocks. Meanwhile, Liberty Media’s Formula One division and Flutter Entertainment received "market perform" ratings. Moore emphasized that the ability to attract and monetize superfans will be the key differentiator in the next phase of the entertainment industry’s growth.
Live Nation, the parent company of Ticketmaster, was named a "top pick" by Moore. Its shares climbed 2.6% on June 4, reflecting investor confidence. Moore set a price target of $185 for Live Nation shares, the highest among analysts tracked by Bloomberg. He sees potential upside in Ticketmaster’s volume growth, sponsorship revenues, and concert margins. Despite recent public and political scrutiny, Moore considers criticisms of Live Nation and Ticketmaster as "transitory," expressing a "low likelihood" of adverse outcomes from the U.S. Department of Justice's antitrust case or the UK Competition and Markets Authority’s investigation into dynamic pricing.
Spotify, another key player in Moore’s portfolio, hit a fresh record high on June 4, with shares rising 4.5%. Moore assigned Spotify a street-high price target of $825, highlighting the company’s "underappreciated" pricing power and potential from superfans. He anticipates that Spotify’s planned launch of a superfan subscription tier will drive rapid adoption and significantly boost gross profit growth and margins over the long term.
The rise of superfans is closely tied to cultural phenomena like Taylor Swift’s Eras Tour in Europe last summer, which not only energized live event attendance but also benefited hotel groups and travel agencies. This "fear of missing out" (FOMO) and "you only live once" (YOLO) mentality has fueled demand for immersive experiences, prompting entertainment companies to tailor offerings specifically for superfans.
Meanwhile, Live Nation continues to expand its footprint globally. In Australasia, Paul Piticco has been promoted to director of touring and venue development. Piticco, a veteran with nearly a decade at Live Nation, has been instrumental in developing key venues such as Brisbane’s The Triffid, Fortitude Music Hall, and Adelaide’s Hindley Street Music Hall. His leadership is now pivotal in shaping the Northbridge Music Hall in Perth, a new 3,000-capacity venue slated to open in the summer of 2026-27. The venue is expected to host over 120 shows in its first year, becoming a cultural cornerstone for Perth and a hub for both emerging and world-class artists.
Live Nation’s global influence extends into Latin music, where Hans Schafer, senior vice president of global touring, has been a transformative figure. Schafer, who grew up between Miami and Spain and has deep industry roots, has spent seven years shaping landmark moments in Latin music’s international expansion. He orchestrated Los Bukis’ $50 million reunion tour and helped launch the first international stadium tours for stars like Karol G and Bad Bunny.
Bad Bunny’s recent "Debí Tirar Más Fotos World Tour" shattered records by selling more tickets than any Latin artist ever in several European countries, including Italy, France, Poland, Portugal, Sweden, and the UK. Schafer notes that Latin music’s global rise is no longer about crossing over but about authentic promotion and patient growth. He points out that non-English language artists now constitute twice as many of Live Nation’s top 50 tours compared to 2019, reflecting a seismic shift in global music consumption.
Fan attendance at Live Nation’s Latin American shows surged by more than 25% in the first quarter of 2025, underscoring the expanding appetite for diverse musical experiences. Schafer highlights that Latin music fans consume a broad range of genres and languages, breaking down old stereotypes that confined them to niche markets.
Live Nation’s commitment to storytelling extends beyond live events. On June 4, the company teamed up with RadicalMedia, Federal Films, and Polygram Entertainment to produce a documentary chronicling the life of multi-platinum artist Noah Kahan. This collaboration reflects Live Nation’s broader strategy to engage superfans through multiple content platforms, deepening fan connection and loyalty.
Looking ahead, the entertainment industry is poised to capitalize on the superfan phenomenon. Bernstein’s Moore predicts that while focusing on superfans may temper casual fan growth, the profitability gains will be substantial for companies that lead in this space. The industry’s shift toward all-in pricing models, regulatory changes, and innovative subscription offerings like Spotify’s superfan tier signal a new era where superfans are the cornerstone of sustainable growth.
From the bustling venues of Australasia to the global stages of Latin music, Live Nation’s expanding influence epitomizes this trend. With leaders like Paul Piticco driving venue development and Hans Schafer spearheading Latin music’s global tours, the company is positioning itself to harness the power of superfans worldwide. As Moore aptly puts it, "Superfan-driven growth will be sustained for years to come." And in a world hungry for connection and unique experiences, that growth looks set to redefine the entertainment landscape.
