Live Nation Entertainment made $23 billion in 2024–not just by owning Ticketmaster but by having a hand in nearly every corner of the live music industry. From owning around 390 venues and having a controlling stake in festivals like Lollapalooza and Bonnaroo, to investing in ancillary businesses like Liquid Death and owning its own management agency, Live Nation’s ‘flywheel’ business model has fueled the company’s rise.

WSJ examines how this business model allows it to operate in the four main areas of touring and how this same strategy could be its downfall after the DOJ sued the company over monopoly concerns