Ready to Rock: 3 Entertainment Stocks to Buy for the 2024 Concert Season


  • Ride the wave of record tours last year with these top entertainment stocks to buy in 2024.
  • Nexstar Media Group (NXST): Nexstar is poised for significant expansion this year on the back of the 2024 election cycle.
  • Roku (ROKU): Despite market concerns, Roku’s strong Q4 performance demonstrates its resilience and growth potential.
  • Netflix (NFLX): Netflix’s innovative strategies and a Q4 subscriber surge of 13.1 million, trumping expectations, highlight its dominance in the streaming industry.
Entertainment Stocks to Buy - Ready to Rock: 3 Entertainment Stocks to Buy for the 2024 Concert Season

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Last year was a landmark time for concerts, with record-breaking Taylor Swift and Beyoncé tours. This year could be another banger for the music industry, with several big names set to tour. Hence, with the entertainment space buzzing with excitement, it’s best to consider exposure to some of the top entertainment stocks to buy.

Last year was all about Taylor Swift and Beyoncé’s record-smashing tours, setting new benchmarks for the music industry. According to Pollstar, Taylor Swift’s Eras Tour earned a whopping $1.04 billion from 4.35 million ticket sales. Moreover, that figure excludes roughly $450 million in added sales from merchandise and “The Eras Tour” film.

Therefore, with the entertainment sphere heating up, here are three stocks you should bet on now.

Nexstar Media Group (NXST)

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Nexstar Media Group (NASDAQ:NXST) is a veteran in the old media landscape, functioning as a leading operator of broadcast television stations. Though many would consider its business out of fashion, it continues to demonstrate success from its sizeable asset base. Moreover, it rewards its shareholders with a handsome, growing dividend, yielding an excellent 4.04%.

The company is poised for growth this year, spurred by the U.S. presidential election. Political advertising sales are expected to surge in the upcoming quarters, driving top and bottom-line growth. Moreover, Nexstar has effectively controlled its operational expenses, setting the stage for a healthy improvement in net income. That is evidenced by estimates calling for a 156% improvement in year-over-year (YOY) EPS numbers this year to $25.10. That scenario underscores its attractiveness at this time as it leverages the political cycle for robust revenue and earnings growth ahead.

Roku (ROKU)

Logo for Roku, Inc. (ROKU) displayed on a glass building
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Shares of streaming play Roku (NASDAQ:ROKU) are ticking in the red, following concerns over Walmart’s (NYSE:WMT) acquisition of smart TV producer Vizio Holding (NYSE:VZIO). Though these concerns are somewhat valid, Roku’s positioning remains strong, which makes the current pessimism seem misguided.

Moreover, Walmart will likely make concessions in its deal with Vizio to avoid any regulatory roadblocks. For example, it could add Roku’s operating platform to Vizio TVs, similar to what we saw with Walmart’s own Onn TVs.

Nevertheless, Roku’s strong positioning with catalysts such as the trend of ad-supported streaming tiers and the ongoing cord-cutting movement remains as powerful as ever. It recently reported another top-line beat in its fourth quarter (Q4), where sales of $984.43 billion beat estimates by $16.34 million. It was the sixth consecutive quarter where the company easily surpassed revenue estimates. Moreover, its Q4 adjusted EBITDA of $47.7 million represented a 150% improvement YOY, resulting in a 12-month free cash flow balance of $175.9 million.

Netflix (NFLX)

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Streaming video giant Netflix (NASDAQ:NFLX) has come a long way from its humble beginnings as a DVD rental service. It has effectively pioneered the streaming industry, revolutionizing how people consume media globally with its unmatched service. With more than 260 million subscribers, the platform has been a smash hit for consumers seeking affordable entertainment alternatives. Its resilience and growth despite market headwinds underscore its unique positioning as a juggernaut in its niche.

Despite recent setbacks, Netflix has impressively rebounded with its innovative initiatives. Introducing a paid advertisement mode, investment in live sports and stricter password-sharing policies have helped add new chapters to its already illustrious growth story.

In its most recent quarterly showing, Netflix’s sales smashed expectations by a remarkable $120.4 million to a whopping $8.83 billion. Moreover, it welcomed 13.1 million new subscribers in the quarter, far exceeding the forecasted 9 million. These stellar achievements underscore the platform’s enduring allure as it continues to render its competition irrelevant.

On the date of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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