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Shares of Ticketmaster parent Live Nation (NYSE: LYV) rallied 9.3% on Friday, as of 12:45 p.m. ET.

While some may be balking at the high costs of concertgoing these days, fans overall don't seem deterred in their desire for live music experiences, as Live Nation's impressive results showed.

Fans turn out in the first quarter

In the first quarter, Live Nation saw revenue grow by 21% to $3.8 billion, exceeding estimates by a whopping $520 million. Management cited double-digit growth in tickets for live events, along with nonalcoholic beverages, food, and merchandise. Tickets sold were up 21% and concert revenue was up 26%. In what could almost be considered same-store sales in this area, management noted that artists who toured in 2023 are currently seeing bigger sell-throughs and gross dollars per show in 2024.

Management also gave encouraging guidance on the visibility for revenue this year, with 85% of shows at large venues booked for the full year. Last year at this time, that number stood at 75%. Additionally, 85% of sponsorship revenue has been booked for the year.

The company is also a venue operator and sees 12 new venues opening over the next two years, with the capacity to bring in 8 million more fans through those new amphitheaters.

Live Nation bounces back from monopoly accusations

Live Nation's stock had fallen off in April after The Wall Street Journal reported the Department of Justice was preparing to sue the company for monopoly-like behavior. However, the strong earnings report has helped the stock bounce back.

Live Nation doesn't "look" cheap based on GAAP earnings, because there are some litigation accruals and other depreciation costs from new venues skewing its bottom-line figures this quarter.

However, the company also reports "adjusted" operating earnings, which came in at $367 million last quarter and were up 15%, annualizing to $1.468 billion. At Live Nation's market cap after today's surge of $22.2 billion, that's just a little over 15 times adjusted operating income. Moreover, the company trades at less than 1 times sales.

These aren't overly expensive valuation metrics for a company growing by double digits. If investors can put aside the lingering concerns over the DOJ case which may or may not happen, Live Nation's stock still looks attractive and likely to benefit amid the "experience economy."

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Billy Duberstein has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool recommends Live Nation Entertainment. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.