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Phil Wickham was named songwriter of the year at the 2024 BMI Christian Awards, which were held Tuesday (June 18) at BMI’s Nashville’s office. BMI’s AVP of creative, Nashville, Leslie Roberts hosted the invitation-only ceremony.
Wickham, 40, had a hand in writing four of this year’s award-winning songs — “Holy Forever,” “Hymn of Heaven,” “Then Christ Came” and “This Is Our God.” Wickham has received three Grammy nominations in the past two years, including one for his album I Believe at the Feb. 4 ceremony. He has amassed 11 top 10 hits on Billboard’s Hot Christian Songs chart, including “House of the Lord,” which reached No. 1 in 2022.
Wickham performed an acoustic rendition of his song “Hymn of Heaven” at the event.
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“Gratitude” was named the 2024 song of the year. Written by BMI songwriters Dante Bowe and Ben Hastings (APRA) and recorded by Brandon Lake, the song logged 28 weeks at No. 1 on Hot Country Songs. The track, featured on Lake’s album, House of Miracles, received nominations from the 2023 GMA Dove Awards for song of the year and worship recorded song of the year.
Essential Music Publishing took home the accolade for publisher of the year. Essential is responsible for 12 of the 25 most-performed songs of the year — “Cornerstone,” “God Is in This Story,” “Heart of God,” “Holy Forever,” “I Thank God,” “I’m So Blessed,” “Perfectly Loved,” “Same God,” “Thank God I Do,” “Then Christ Came,” “This Is Our God” and “Who I Am.”
In addition, the ceremony named 21 first-time winners for their role in writing the top 25 most-performed Christian songs of the previous year. They included pop powerhouses P!nk and Jeff Bhasker, who co-wrote the Lauren Daigle hit “Thank God I Do,” which topped Hot Christian Songs for 20 weeks.
Three first-time winners were double winners on the night — Jonathan Jay (“Fear Is Not My Future” and “Rest on Us”) and Jacob Mills and Levi Mills (“God Is Real” and “Never Not God”).
The complete winners list can be found here.
Wickham wasn’t the night’s only performer. Anne Wilson, 22, offered a stripped-down version of her hit, “Strong,” accompanied by BMI’s 2023 songwriter of the year, Jeff Pardo. Newcomer Charly Beathard made her BMI performance debut with “Hallelujah Anyway.”
Taylor Swift took pop songwriter of the year at the 2024 BMI Pop Awards, which were held at the Beverly Wilshire Hotel in Beverly Hills, Calif. on Tuesday (June 4).
Swift had a hand in writing 10 of BMI’s most-performed songs of 2023 – “Anti-Hero,” “Bejeweled,” “Cruel Summer,” “Karma,” “Lavender Haze,” “Maroon,” “Midnight Rain,” “Snow on the Beach,” “Vigilante Shit” and “You’re on Your Own, Kid.” Swift has received a total of 65 BMI Awards, including the BMI President’s Award in 2009.
On Nov. 10, 2023, Swift received her seventh Grammy nomination for song of the year for “Anti-Hero,” which enabled her to set a new record for the most nods in the category.
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Miley Cyrus, Gregory ‘Aldae’ Hein and Michael Pollack won the BMI Pop Award for song of the year for Cyrus’ megahit, “Flowers.” The smash entered the Billboard Hot 100 at No. 1 and remained there for eight nonconsecutive weeks. It won Grammys for record of the year and best pop solo performance on Feb. 4 (and was nominated for song of the year).
Sony Music Publishing received publisher of the year for the seventh year in a row. The company represented 34 of the previous year’s most performed songs, including “Anti-Hero,” “Barbie World,” “Eyes Closed,” “Flowers,” “Trustfall” and “Unholy.”
As previously announced, Benny Blanco, 36, received the BMI President’s Award. Blanco has won 55 BMI Awards, was named songwriter of the year four times, and won pop song of the year in 2013 for co-writing “Moves Like Jagger” performed by Maroon 5 featuring Christina Aguilera.
Blanco has received two Grammy nods for song of the year, for the Julia Michaels hit “Issues” and the Justin Bieber smash “Love Yourself.” Blanco has gone 0-11 at the Grammys over the years, so this BMI recognition was probably especially meaningful.
Blanco was presented with the award by BMI president and CEO Mike O’Neill, who praised the songwriter as an “unstoppable creative force who has shaped the sound of popular music.” Some of Blanco’s top collaborators, including Lil Dicky, John Janick, Blake Slatkin and Ed Sheeran, sent in video congratulatory messages. Sia then hit the stage to perform Rihanna’s 2012 hit “Diamonds,” which she co-wrote with Blanco.
On receiving the honor, Blanco said, “We have the best job in the world, and we are so thankful and lucky to be in this room. We have the opportunity to make things better through music and help people. We’re giving the soundtrack to peoples’ lives.”
Previous recipients of the BMI President’s Award include Luis Fonsi, Noel Gallagher, Ellie Goulding, Imagine Dragons, Jay Kay of Jamiroquai, Ludacris, P!nk, Willie Nelson, Pitbull, Taylor Swift, Brian Wilson, and Dwight Yoakam.
BMI celebrated 53 first-time Pop Award winners including Sabrina Carpenter (“Nonsense”), Ice Spice (“Boy’s a Liar Pt. 2”), Jelly Roll and Rob Ragosta (“Need a Favor”), Kamille (“I’m Good (Blue)”) and Stephen Sanchez (“Until I Found You”).
The private event was co-hosted by O’Neill and BMI vice president, creative, worldwide, Barbara Cane.
For the full list of 2024 honorees, visit https://www.bmi.com/award-shows/pop-2024/
Composer Ramin Djawadi is set to receive the BMI Icon Award at the 40th annual BMI Film, TV and Visual Media Awards on June 5 in Beverly Hills, Calif. The Emmy-winning composer will receive the accolade for his body of work across film, television and video games. The ceremony will also salute the composers of the previous year’s top-grossing films, top-rated primetime network television series, and highest-ranking cable and streamed media programs.
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The event will be hosted by BMI president and CEO Mike O’Neill and BMI vice president of creative, film, TV & visual media, Tracy McKnight.
Previous BMI Icon Award recipients include Terence Blanchard, Mychael Danna, Alexandre Desplat, Harry Gregson-Williams, James Newton Howard, Christopher Lennertz, Thomas Newman, Rachel Portman (PRS), Mike Post, Alan Silvestri, Brian Tyler and John Williams.
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Djawadi has received 15 BMI Awards for outstanding scores for films, cable TV programs and streamed media. He won back-to-back Primetime Emmy Awards in 2018-19 for outstanding music composition for a series (original dramatic score) for Game of Thrones. He has received five other Primetime Emmy nods for Game of Thrones, Prison Break, FlashForward and Westworld. In addition, Djawadi has received three Grammy nods.
“We’re excited to honor Ramin Djawadi and celebrate his outstanding musical achievements,” McKnight in a statement. “Ramin’s innovative compositions for films, TV shows, and video games have captivated audiences worldwide, exemplifying his remarkable range and talent.”
Djawadi collaborated with Jonathan Nolan and Lisa Joy on Amazon Prime’s Fallout and partnered with David Benioff and D.B. Weiss on the Netflix series 3 Body Problem.
Djawadi, 49, got his start by collaborating with Hans Zimmer on such films as Pirates of the Caribbean: The Curse of the Black Pearl and Batman Begins. (Both composers were born in what was then known as West Germany.) Djawadi went on to score such films as Iron Man, Eternals, A Wrinkle in Time, Clash of the Titans, Pacific Rim and Blade:Trinity.
In addition, Djawadi, has composed music for several video games including “Medal of Honor,” “Gears of War 4” and “Gears 5.”
BMI celebrated songwriter, composer and producer David Foster at the 74th annual BMI/NAB Dinner held Tuesday (April 16) at Encore Las Vegas. The private event was sponsored by Xperi.
BMI President & CEO Mike O’Neill presented Foster with the award, praising Foster’s “extraordinary creativity and the singular impact he’s made as a songwriter, a producer, an artist, a mentor and a philanthropist.” Foster joined BMI in 1978.
The annual BMI/NAB dinner recognizes the mutually supportive relationship between the songwriting community and the broadcast industry. Past recipients of the BMI honor include Paul Anka, John Fogerty, Graham Nash, Willie Nelson, Dolly Parton, Mike Post, Carlos Santana, Paul Simon, Carrie Underwood and John Williams.
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Following a video of career highlights, Foster performed. He was joined on stage by his wife, singer-actress Katharine McPhee, and classically trained vocalist Daniel Emmet.
Foster has received many accolades over the years, including 16 Grammy Awards, a Primetime Emmy and three Oscar nods for best original song.
His Grammys include three wins for producer of the year (non-classical), three for album of the year and two for record of the year. He has won 11 of his 16 Grammys for producing, four for arranging and one for songwriting (his first Grammy, for co-writing Earth, Wind & Fire’s 1979 smash “After the Love Has Gone,” which was voted best R&B song). His other Grammys are for work with Jennifer Holliday (on the Dreamgirls cast album), Chicago, Barbra Streisand, Natalie Cole, Celine Dion, Whitney Houston and Michael Bublé.
His Emmy was for co-writing a song for The Concert for World Children’s Day, an ABC special in 2003. He has been nominated three times for outstanding music direction for those endlessly replayed Great Performances specials on PBS.
Foster was inducted into the Songwriters Hall of Fame in 2010. He was honored as a BMI Icon the following year. He has won 42 BMI Awards and was named BMI pop songwriter of the year three times.
Kirk Franklin, Travis Greene and Tamela Mann tied for BMI’s Gospel Songwriter of the Year at the 2024 BMI Trailblazers of Gospel Music Awards, which were held at Flourish in Atlanta on Thursday March 28. Each songwriter wrote two of the most performed gospel songs of the year. Franklin was honored for “Bless Me” and “Kingdom,” Greene for “Finished” and “Tent Revival,” and Mann for “Finished” and “He Did It for Me.”
Franklin won a second award for “Kingdom,” which was named the BMI Gospel Song of the Year. Franklin cowrote the song with Jonathan Jay, Chandler Moore and Jacob Poole. The song, which was recorded by Maverick City Music X Kirk Franklin, won a Grammy for best gospel performance/song at the 65th annual Grammy Awards in February 2023.
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BMI’s Gospel Publisher of the Year went to Essential Music Publishing for the second year in a row.
Throughout the luncheon event, BMI saluted the Top 25 most-performed gospel songs of the previous year. The private ceremony was hosted by Mike O’Neill, BMI’s president & CEO, and Catherine Brewton, vice president, creative, Atlanta.
As previously announced, gospel legend and evangelist Dorinda Clark-Cole, of the acclaimed Clark Sisters, was honored as a Trailblazer of Gospel Music. Upon receiving the honor, Clark-Cole offered this advice for songwriters: “When you are at your lowest, that’s when God can get your greatest… keep writing, keep getting inspired by God because somebody is being blessed.”
Crystal Aikin, Tasha Page-Lockhart, Yolanda Adams, Lisa Knowles-Smith and Clark-Cole’s niece Kierra Sheard performed songs to fete Clark-Cole.
Jonathan McReynolds received the BMI Champion Award, the first time this accolade was presented at this ceremony. DOE, Tyree Miller, Darrel Walls and Jason Nelson sang tributes to McReynolds.
Tim Bowman, Jr., Kim Burrell and Faith City Music and Zacardi Cortez also performed at the event.
BMI, which was acquired by New Mountain Capital in February, last night notified songwriters and publishers that its previous owners, mainly radio and TV stations, have followed through on their commitment to disburse a $100 million bonus from the undisclosed amount received for the sale — which sources say was over $1 billion — to songwriters and publishers. What’s more, it disclosed to each songwriter and publisher how much they will be receiving.
Songwriters and publishers expressed gratitude for the payout — after all, the sellers were under no legal obligation to share any of the sale price with BMI members. In fact, some consider it a very generous reward from the prior owners. However, other sources have suggested that morally, the previous owners should shared something, considering it was songwriters’ and music publishers’ rights that generated all the licensing revenue and created the value for the sale price to be achieved.
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In any event, publishers and songwriters contacted by Billboard Thursday (March 28) said they were engaging in mathematical analysis to try and figure out what their payment represented, even though BMI laid out on its website some details on how it arrived at each individual payout. According to the website, BMI looked at the most recent five years of payouts (2019-2023) and used that as a basis to determine how much each payout should be — after taking into consideration whether the songwriter’s catalog was there for all five years or is still there even if the songwriter has left. Then, it apparently divided songwriters into tiers based on undisclosed parameters and paid every songwriter or publisher in that tier the same amount according to the website. Only songwriters or publishers that had received over $500 in royalties were eligible for a bonus distribution.
BMI didn’t provide any information on how it calculated allocations other than to say it split the bonus payouts evenly between songwriters and publishers — and that sold catalogs’ bonuses would be pro-rated between the new owners and old owners. But it did disclose that the method it used “is different from how we calculate our quarterly distributions,” according to the letter signed by BMI president/CEO Mike O’Neill that accompanied news of the allocation. “We thought very carefully about how we determined this allocation and made every effort to be as inclusive as possible and have it applied to the greatest number of earning BMI affiliates,” O’Neill’s letter stated. “Your allocation is truly well deserved, and I’m very pleased to deliver it to you on behalf of BMI’s former shareholders. Moving forward, your future with BMI is brighter than ever.”
Meanwhile, publishers’ data teams spent the day analyzing the payouts, looking at instances where they could see payouts on multiple catalogs or songwriters with similar characteristics for the five-year terms in order to compare them. Others measured their bonus payout as a percentage of the $100 million or compared it to the suspected sale price.
Still others decided that the best way to measure the bonus was to add up all the royalties BMI paid for a song catalog for the five-year period to see what percentage of that amount the bonus comprised; and then to compare that percentage with other songwriters or catalogs. One such catalog, an A-level writer/producer with several No. 1 hits during the period, earned about $4.1 million from BMI over those five years and received a bonus of $47,000 — or a 1.15% bonus on the earnings for the period, according to one source who had access to that data.
Another publishing source says comparing songwriters on its rosters who are equally successful to what each received as a bonus created quite a bit of confusion. In one instance, when they compared two songwriters at the same level, both got the same amount even though one has been at BMI for all five years while the other has only been there for only a few of the five years. “BMI might file this under ‘no good deed goes unpunished’ or ‘looking a gift horse in the mouth,’ but so far I can’t see any rhyme or reason on how they are determining the payouts,” that publisher says, but quickly adds, “Having said that, I am very happy for getting the money.”
A BMI representative was unavailable to comment at deadline — the organization was holding its Trailblazers of Gospel Music Awards event in Atlanta on Thursday. But the O’Neill letter to those receiving bonus payments also noted that the new owners will give BMI increased capabilities and leave the organization in “the best possible position to tap into numerous growth opportunities that will ensure your long-term success…increasing your distributions, elevating the services we provide and exploring new revenue streams that will benefit you.”
ASCAP collections grew 14.1% to $1.737 billion in 2023 and payouts to songwriters and publishers increased 14.7% to $1.592 billion, the performance rights organization reported Wednesday (Feb. 28). Those figures represent a record year for ASCAP in both revenue buckets, as well as all-time highs for any U.S. performance rights organization ever, ASCAP claimed.
The last time BMI revealed its annual financials — for the year ended June 30, 2022 — the PRO reported collections of $1.573 billion and pay outs of $1.471 billion. BMI did not disclose any full-year financial information in its most recent annual report for its fiscal year ended June 30, 2023, and is not likely to disclose any financial information going forward, since it’s now owned by institutional investor New Mountain Capital and will be operating on a for-profit basis. ASCAP now stands as the only U.S. PRO operating on a not-for-profit basis.
ASCAP’s collections break down to $1.327 billion domestically (up 12.7% from the year prior), and $410 million internationally (up 19.2%). For distributions, ASCAP paid out $1.217 billion domestically (up 16.1%), and $375 million internationally (up 10.3%).
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“ASCAP’s mission and not-for-profit business model are more important now than ever before, as artificial intelligence transforms the music landscape, and the need for legislative advocacy to protect creators in DC has never been more important,” ASCAP chairman and president Paul Williams said in a statement. “ASCAP will always be a champion for the humans who create music and demand transparency and fair payment from those who exploit our work. ASCAP makes it possible for our songwriter and composer members to write the next song, to earn a living and to support their families. No one else in the industry has the backs of songwriters like ASCAP.”
In announcing its financial results, the organization pointed out that unlike its competitors, ASCAP has no debt, no shareholders, no private owners and no private equity investors. In other words, ASCAP’s music creator and publisher members are the sole beneficiaries of ASCAP’s financial success.
Moreover, it noted that a democratically elected Board of Directors composed of music publishers and music creators sets the royalty distribution rules and cost allocations based on follow-the-dollar principles. It is the only U.S. PRO that makes those distribution rules publicly available on its website providing transparency to its membership.
“We are delivering industry-leading technical innovation, legislative advocacy and revenue growth that solely benefits our members, not outside investors or shareholders,” ASCAP CEO Elizabeth Matthews said in a statement. “As we like to say, private equity never wrote an iconic love song which is why we fight purely for songwriters, composers and publishers, not for those who use creators and their works of art for their own profits or to secure their own debt. ASCAP differs from others because our mission and purpose is clear and unique.”
In looking at new technology, the PRO reported that in 2023 its board of directors adopted six principles to guide its response to the technology and later submitted them on behalf of members to a U.S. Copyright Office study on generative artificial intelligence. And it reported it had held some AI symposiums for members.
During the year, ASCAP membership grew by 66,000 new members bringing total membership to 960,000 members. Some of those new members included PinkPantheress, Jack Antonoff, Tyla, and Jared Leto and Shannon Leto of 30 Seconds to Mars, as well as art-pop singer-songwriter Caroline Polachek, alt-rocker d4vd, jazz vocalist Samara Joy, country genre bender Jessie Murph, dark balladeer Chappell Roan, post-punker ThxSoMuch and writer-producer Alexander 23, among others
Moreover, the organization says its song catalog now includes 19 million copyrights that consists of music from the likes of Beyoncé, Billy Joel, Cardi B, Dua Lipa, Garth Brooks, Jay-Z, Katy Perry, Lil Baby, Lin-Manuel Miranda, Mariah Carey, Olivia Rodrigo, Paul McCartney, Stevie Wonder and Usher, among others.
Getting back to the financial numbers, ASCAP notes that since the launch of its strategic growth plan in 2015, its compound annual growth rate (CAGR) for total revenue through 2023 has increased to 7%, and the CAGR for total distributions over the same time period rose to 8%.
Moreover, ASCAP reported that in 2023, audio streaming revenue rose 21%, general licensing revenue rose 23%, radio revenue rose 10% and audio-visual revenue rose 3% as compared to 2022. However, ASCAP didn’t break out the specific revenue numbers like it used to in the years preceding 2015, the last year that ASCAP provided extensive insight into its financials.
As a percentage of revenue, overall ASCAP paid out 91.7% of collections in 2023, which implies expenses accounting for 8.3% of revenue. Yet, ASCAP executives also say the organization’s pays out nearly 90% of collections, which means overhead amounts to a little bit more than 10% of revenue.
In any event, ASCAP claims its 90 cents payouts on every dollar of collections yield “the highest value exchange applied to the lowest overhead rate provided to creators and publishers of any U.S. PRO.”
iHeartMedia received $101.4 million from the sale of BMI, in which it held a minority stake, to New Mountain Capital, the company announced Monday (Feb. 12) through an SEC filing. The sale was finalized on Feb. 8. iHeartMedia had previously announced on Nov. 27 that it expected to receive approximately $100 million from the sale, […]
For years, ASCAP and BMI were seen as the Coke and Pepsi of the performing rights management business — two giant entities with complicated formulas that seemed the same from a distance but quite different if you examined them closer. The November agreement to sell BMI to a group of investors led by New Mountain Capital, which was completed Feb. 8., has changed that — and the songwriters for whom they compete have already seen it in the marketing. BMI is making the case that a for-profit model will let it invest more aggressively in technology, among other things, while ASCAP pointed out on social media that “private equity never wrote an iconic love song.” The Pepsi Challenge seems quaint by comparison.
There were always differences between the two — ASCAP is governed by members, BMI was owned by its licensees; ASCAP charged a onetime $50 fee to join, while BMI was free, though that changed and now ASCAP is free to join and BMI charges $75. And although it’s hard to know for certain, this could end up being more of an evolution than a revolution: Nonprofits invest in technology and operations all the time, although it can be tricky, and the music business wasn’t exactly unsullied by greed before the days of private equity.
BMI and ASCAP collect and distribute more money than any other rights organizations in the world, though. So any changes in the way BMI operates — let alone whatever changes ASCAP makes in response — will reverberate through the entire competitive ecosystem to their less regulated U.S. rivals SESAC and GMR (which invite only the songwriters they want to join); to performing rights societies around the world; and ultimately to everyone who writes, owns or publishes songs.
New Mountain Capital wants a return on its investment, so BMI will need to make a profit — plus grow. Some of this will presumably come from higher-margin new businesses, including international venture — think cooperations or partnerships with societies in India, Africa or the Middle East. (BMI and ASCAP are subject to consent decrees that limit what other businesses they could get into in the U.S.) There’s already some competition in some of those places from European organizations, though.
Presumably, some of the profit is going to have to come from BMI’s traditional U.S. performing rights operations — and that won’t be easy, according to about a dozen rights organization and music publishing executives I spoke with for this column. (None has any inside knowledge about BMI’s plans.) Essentially, BMI will need to hold back enough of the money it collects to both cover its operating costs and make a profit on top of that, while paying its songwriters and publishers more than they can get from its rivals.
BMI has said a bit about how it plans to do that. In an Oct. 12 letter to “BMI affiliates and industry partners,” CEO Mike O’Neil said that for the next three years, BMI’s goal would be to retain 15% of its licensing revenue, as opposed to “around 10%,” although it would take a higher margin on “incremental growth we create for the company,” including acquisitions and new services. To make sure that additional 5% doesn’t come at the expense of songwriter and publisher royalties, BMI will need to negotiate deals that are significantly better than ASCAP’s on a consistent basis.
The only way to do that is to have the most in-demand repertoire from top songwriters like Taylor Swift, probably BMI’s biggest songwriter— and getting and retaining it may require offering better terms to top writers. That would almost presumably involve attractive advances (which all four U.S. performing rights organizations sometimes offer) and some form of bonus structure for top performers (which ASCAP and BMI offer, although their methodology differs). BMI said that advances have always been part of its strategy and it has no plans to change its general approach to this or its bonus structure, or its distribution policies. But what if BMI’s rivals also offer higher advances and better bonuses? If getting the best deal terms means having the best repertoire, they have every reason to do so.
The question is how those writers will be rewarded for the leverage they provide, and if Swift’s popularity helps her fellow songwriters, it’s only fair that she should benefit. But this can also create a temptation to pay out even more to the most successful writers — to give a bit more to Peter and a bit less to Paul and Mary. It’s good for everyone — until at some point it starts to feel unfair. And everyone who writes songs or manages those who do is either deeply concerned about this issue or simply eager to make sure they end up on the right side of it. Competition is all well and good, and it will be interesting to see which creators look for better deals and which stick with their current rights organization. (It can be harder than it should be to switch in some cases, which will be the subject of another column.) Ultimately, though, all these creators may find themselves fighting for bigger slices of the same pie.
Shares of iHeartMedia got a boost from the sale of its stake in BMI, rising 7.9% to $3.00 and making the radio giant the best-performing music stock of the week.
The company announced on Monday (Nov. 27) that it expected to receive approximately $100 million from the sale of BMI to New Mountain Capital. With a current market capitalization of just $423 million, the $100 million pre-tax windfall could provide a boost to a stock that has fallen 51.1% this year. iHeartMedia’s announcement said the company plans to use the proceeds for general corporate purposes, “which may include the repayment of debt.” At the 2023 Wells Fargo TMT Summit on Wednesday, CFO Rich Bressler told investors, “You should assume that we will reduce debt with it.”
The BMI sale follows iHeartMedia’s announcement in its third-quarter earnings that it has paid off $519 million of debt since the second quarter of 2022. In the third quarter, the company retired $89 million in principal balance for $65 million cash, according to its Q3 2023 investor presentation. Debt reductions to date are expected to save the company about $43 million in annual cash interest. Additional debt redemptions aided by the BMI sale will further reduce interest expenses and help its bottom line while the advertising market recovers. “I think we’re in terrific shape from the liquidity generation and free cash flow,” Bressler said on Wednesday, “and also in terrific shape to be able to take advantage of opportunities in the marketplace to improve the capital structure.”
The Billboard Global Music Index dropped 0.2% to 1,449.08 as nine of the 20 stocks finished the week in positive territory, 10 stocks posted losses and one was unchanged. Year to date, the index has gained 24.1%.
The week was notable for the unremarkable movements — either positive or negative — in most stock prices. In the absence of earnings results or major news releases, the biggest companies on the Billboard Global Music Index were confined to a narrow band of results. Warner Music Group shares rose 3.8% to $34.59, Universal Music Group gained 1.5% to 24.60 euros ($26.80), Spotify fell 0.5% to $180.75 and Live Nation dropped 3.9% to $84.23.
Anghami, the Abu Dhabi-based music streamer, had the index’s largest drop, diving 18.1% to $2.30. Still, the company’s share price is up 44.2% year to date and has gained 129% since receiving a notification, from the Nasdaq Stock Market in October, regarding its stock’s closing price falling under the $1.00 per share threshold for 30 consecutive days. Companies whose stocks fall below $1.00 for extended periods face being de-listed from the exchange.
While music stocks dropped slightly, some major indexes finished the week at new highs. On Friday, the S&P 500 rose 0.8% to 4,594.63, its highest mark of 2023 and its best showing since March 2022. The Dow Jones Industrial Average, a collection of 30 blue-chip companies, rose 2.4% to a new all-time high of 36,245.50. The Nasdaq composite gained 0.4% to 14,305.03 — nowhere close to its all-time record of 16,057.44 set in 2021 but close to its 2023 high of 14,446.55 set on July 19. In the United Kingdom, the FTSE 100 gained 0.5% to 7,529.35. South Korea’s KOSPI composite index grew 0.3% to 2,505.01.
