Cramer pinpoints what Live Nation's earnings report revealed about consumer habits
Sometimes, Jim Cramer finds companies that shed light on what consumers like to do and where they are really spending their money.

That's why the "Mad Money" host was so fascinated by Wednesday's earnings report from Live Nation Entertainment , the TicketMaster parent that produces live events like music festivals.

Live Nation's report topped Wall Street's estimates. The company reported a second-quarter profit of $62.6 million on revenue of $2.82 billion, as opposed to the expected $2.35 billion.

Cramer said that when he first met Live Nation CEO Michael Rapino at Dreamforce, Salesforce's annual innovation-themed conference, Rapino outlined a plan for Live Nation to buy various festivals around the country and use them to boost TicketMaster's reach.

"Now the company's plan to build that network of festivals is being put into action and it's generating staggering numbers worldwide, with operating revenues up 29 percent, operating income up 53 percent and free cash flow — these events just spin off cash — up 42 percent," Cramer said.

So far this year, TicketMaster has sold over 68 million tickets, already 12 million more than in 2016.

"It's the hottest venue for you know who: the millennials," the "Mad Money" host said. "Lots of CEOs claim they have a flywheel effect — it's very fashionable to do so — but Rapino really does have one going here."

In the post-earnings conference call, Rapino elaborated on Live Nation's sponsors, saying they each pay over $1 million annually "to reach that highly sought-after millennial customer."

The company is now pushing into personalized ticketing as well, both to seize on the surge in mobile use and the value of having customer information on hand.

"In other words, Live Nation's taking advantage of all the customer relations products that Salesforce.com has to sell these millennials more goods and services at the point when they're most thinking about them," Cramer said.

Live Nation also has the perfect cause to entice millennials, Cramer said: live events, particularly music festivals, offer ideal backdrops for posts on the likes of Facebook or Instagram.

"The goal of all advertisers is to hit people when they're most interested. The best platform I've seen to date for these hard-to-reach folks may be Live Nation," Cramer said. "That's why I think this stock remains one of the best plays on millennials."