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Panamanian singer-songwriter Rubén Blades has signed a global partnership with Virgin Music Group, Billboard has learned. The indie artist, who releases music under his own label Rubén Blades Production, was previously with AWAL. This new deal with Virgin sets him up for the “next chapter in his legendary career,” states a press release. One of […]
Tencent Music Entertainment reported a 35% uptick in profit on Tuesday after the Chinese music streamer added 2 million subscribers over the third quarter.
TME reported net profit for the third quarter of RMB1.71 billion ($244 million), and total revenues of RMB7.02 billion ($1 billion)–increases of 35.3% and 6.8% respectively from the third quarter last year. Music subscription revenue grew by more than 20%, which offset the continued decline in social entertainment services revenue TME has seen for more than a year.
“This quarter’s robust music subscription performance, with better-than-expected net subscriber additions and an expanding ARPPU, highlights the effectiveness of our balanced approach to achieve growth, which is important to drive paying user base expansion in the coming years,” TME’s chief executive officer Ross Liang said in a statement.
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TME added 2 million new paying users during the third quarter to bring its total number of subscribers to 119 million, which drove a 4.9% expansion of the company’s monthly average revenue per paying user (ARPPU). That metric now stands at RMB 10.8 ($1.50). Music subscriptions revenue grew to RMB3.84 billion ($547 million) representing 20.3% year-over-year growth.
The company’s gross margin — the percentage of company revenue that remains after expenses are taken out — rose to 42.6% from 35.7% in the year-ago quarter, thanks to increased revenues from subscriptions and advertising.
Notably, TME said its number of SVIP subscribers — a premium tier that costs five times more than the regular version — topped 10 million in the quarter ending Sept. 30.
Tencent Music executives said partnering with Galaxy Corporation this quarter for K-pop icon G-Dragon upcoming tour boosted its content offerings with audiences.
G-Dragon released his first single in seven years, “POWER,” in October ahead of his tour of Southeast Asia, the Middle East, Hong Kong, Macao, Taiwan, Australia and New Zealand.
TME’s stock was trading at $10.46, down 9.48% at 10:25 a.m. in New York. TME’s stock has declined by nearly 18% in the past month, but is still up 19.7% year to date.
In calling for Universal Music Group (UMG) to move its stock listing and legal headquarters to the U.S. from Amsterdam by next year, board member and billionaire activist investor William Ackman argued the move could make the company more valuable. But financial sources are split on whether that would be the case.
On Friday (Nov. 8), Ackman said his hedge fund, Pershing Square Capital Holdings, which owns 10.25% of UMG’s stock, will exercise its right to require the company to register with the U.S. Securities and Exchange Commission following violent attacks on Israeli soccer fans on Thursday night (Nov. 7) in Amsterdam, where UMG’s stock is listed on the Euronext exchange. But would the move actually benefit the company, as Ackman seems to believe?
“It could noticeably increase UMG’s value because even though it will make your taxes a little higher and you’re going to spend a whole lot more on expensive securities lawyers, it gives you access to the giant U.S. retail market, and UMG is the perfect kind of company for retail investors,” says Erik Gordon, a professor at University of Michigan’s Ross School of Business.
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In the U.S., more than 62% of individual adults own stocks, a group referred to as retail investors. While big institutional investors, like Pershing, account for about three-quarters of the trading volume on U.S. stock markets, like the Nasdaq or New York Stock Exchange, retail investors are a powerful and growing group. Since the start of the pandemic, when retail investors on Reddit fueled a run-up in the share price of companies like GameStop and AMC, more than 30 million new investors have opened brokerage accounts, according to a University of Missouri study.
Right now, four institutional investors control nearly 60% of UMG’s current pool of stock. In his post last week, Ackman argued that lack of liquidity — in part because only a slim portion of UMG’s stock frequently changes hands — could improve if UMG listed in the U.S.
“UMG trades at a large discount to its intrinsic value with limited liquidity in significant part due to it not having its primary listing on the [New York Stock Exchange] or Nasdaq Exchange and not being eligible for S&P 500 and other index inclusion,” he wrote.
Ackman’s argument is essentially that if UMG lists and starts trading in the U.S., its value will make it an important stock in U.S. financial markets, which in a few years will earn it inclusion in a major index, says Gordon. Getting included in an index, like the S&P 500, creates more demand for a company’s stock because mutual funds and exchange traded funds that track the S&P begin to buy the stock.
Over the weekend, UMG stated that Pershing can request that UMG list in the U.S. if it sells at least $500 million worth of its own UMG shares as part of that listing.
“If I had to guess, Ackman will end up with the right to sell his shares in the U.S. public market and that the company will issue new shares in the U.S. so that Ackman isn’t the only guy selling,” Gordon says.
One equity analyst believes UMG would not become a more valuable company if it moved to a U.S. exchange because its shares already trade at a premium to shares of Warner Music Group (WMG). In a Nov. 1 investor note, J.P Morgan analysts wrote about the premium, arguing that “UMG should trade at a significant premium to WMG…to reflect greater scale, a better track record for growth and consistent margin expansion, best-in-class management and better governance.”
According to Billboard’s calculations, UMG shares were recently trading at a roughly 17 times multiple trailing 12 months adjusted EBITDA, while WMG shares were trading at about 11 times multiple.
UMG moving its stock to an American exchange also comes with another downside: the operational expense that U.S.-listed public companies face from shareholder lawsuits.
“One area U.S. issuers have to manage, unlike non-U.S. issuers, is the volume of shareholder litigation that gets brought in the U.S.,” says Michael Poster, a music industry lawyer at Michelman & Robinson. “It’s expensive to deal with litigation, there are a lot of fees associated with managing, settling and litigating the claims, and it’s frankly a distraction for management. Those things contribute to making trading in the U.S. more expensive from an operational point of view.”
Concert promoter Live Nation turned its busiest summer concert season ever into an all-time financial haul. With the number of shows up 13% and fan attendance up 3%, adjusted operating income (AOI) reached a record $909.8 million, up 4% from the prior-year period, the company announced Monday (Nov. 11).
The third quarter benefitted from a heavy schedule in Live Nation’s owned and operated amphitheaters, which can generate ancillary income from food, beverage and parking. As a result, AOI increased even though revenue of $7.7 billion was 6% short of the $8.15 billion generated in the third quarter of 2023. Net income fell 13.4% to $451.8 million.
“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating,” said CEO Michael Rapino in a statement.
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The concerts division had a record AOI of $474.1 million, up 39% year-over-year, on revenue of $6.58 billion, down 6%. Venue Nation, the venue operation division, saw a double-digit increase in on-site spending per fan at major festivals and a 9% increase in per-fan spending at amphitheaters. Live Nation hosted 112 million fans globally in the quarter, up 3%, which more than compensated for a 30% decline in stadium attendance.
The change in venue mix — fewer high-priced stadium tickets, more lower-priced amphitheater seats — caused Ticketmaster revenue to drop 17% to $693.7 million and AOI to fall 33% to $235.7 million. Sponsorship and advertising AOI grew 10% to $275 million on revenue of $390 million, up 6%. That revenue growth came mainly from a 20% increase in the number of strategic partners that generated more than $1 million of sponsorship and advertising revenue. The division added such brands as American Apparel, Wrangler, Ultra Beauty and American Eagle in Mexico to global festivals.
“As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy,” said Rapino. “Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.”
Ticket sales in September and October were up 20% year over year, and Live Nation has already sold more than 20 million tickets for concerts in 2025, a double-digit increase. Recent stadium ticket on-sales — including Coldplay, Rüfüs Du Sol and Shakira — saw double-digit growth in gross sales compared to past tours.
Venue Nation expects to host about 60 million fans in 2024, up 8% from 2023; it will benefit from VIP enhancements at Northwell at Jones Beach amphitheater in New York, Estadio GNP in Mexico City and others. At Northwell at Jones Beach, for example, season seat and box suite sales are up 50%, VIP club sales are up 50%, and per-fan food and beverage spending is up double-digits.
Following the announcement, which came after the markets closed on Monday, Live Nation shares rose 5% to $130.00 in after-hours trading.
Less than a week after Donald Trump won the presidential election, the White Stripes have dropped their copyright lawsuit accusing him of using “Seven Nation Army” in a social media post without a license.
The case, filed in the September by Jack White and Meg White, accused Trump and his campaign of “flagrant misappropriation” of one of the “most well-known and influential musical works of all time.” In announcing it, White referred to Trump as a “fascist.”
But in one-sentence motion filed Sunday, attorneys for the rockers quietly dropped the lawsuit. The motion was filed “without prejudice,” meaning the White Stripes could theoretically refile their case at some point in the future, but it still likely means that the case is over for good.
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The White Stripes were one of many acts to sharply criticize the Republican candidate for using their music during the 2024 campaign. Beyoncé, Celine Dion, the Foo Fighters, ABBA and Sinead O’Connor‘s estate have all spoken out against the former president’s use of their songs.
White first spoke out on social media — blasting the Trump campaign over a clip, posted to Instagram and X by his deputy director of communications, in which Trump ascends the stairs of a plane as the iconic bass riff of “Seven Nation Army” plays: “Don’t even think about using my music you fascists.”
Two weeks later, he made good on those threats by filing a copyright infringement lawsuit in Manhattan federal court, claiming Trump infringed the band’s rights to the song and harmed the duo by suggesting they support his bid for another presidential term.
“The new association with defendant Trump that defendants have foisted upon plaintiffs through the infringing Trump videos is even more offensive to plaintiffs because plaintiffs vehemently oppose the policies adopted and actions taken by defendant Trump when he was President and those he has proposed for the second term he seeks,” attorneys for the White Stripes wrote.
But on Sunday, following Trump’s victory over VP Kamala Harris last week, attorneys asked the judge overseeing the case to voluntarily dismiss the band’s claims. As is typical in such filings, the motion did not explain the decision to drop the case, and an attorney for the band declined to comment.
Trump’s victory did not mean the lawsuit had to be dismissed. Presidential immunity – a much discussed concept when it comes to Trump’s high-profile criminal cases – would not have barred a case over actions he took before taking office. And even if Trump’s role as president made pursuing him personally more difficult, the case could have continued against his campaign (Donald J. Trump for President 2024 Inc.) and the staffer who posted the clip (Margo McAtee Martin).
But following the end of the election, the juice may simply have not been worth the squeeze. Federal copyright litigation can take years to resolve and is incredibly expensive, particularly when handled by the kind of white shoe attorneys from an elite law firm (Manatt, Phelps & Phillips, LLP) that the White Stripes hired.
Jack and Meg could have pursued damages over the clip, including potentially more than $100K in so-called “statutory” damages or even more in “actual” damages that might have offset those costs. But the true goals of the litigation was likely to send a message and to bar further uses of the clip, both of which carry less weight now that the election is over.
Following last week’s vote, White took to Instagram to express his disgust with the outcome: “Trump won the popular vote. End of story. Americans chose a known, obvious fascist and now America will get whatever this wannabe dictator wants to enact from here on in.”
Trump and his campaign are still facing another pending music lawsuit from the estate of Isaac Hayes, which sued over his alleged use of the late singer’s “Hold On, I’m Coming” at rallies and in videos. The case remains in the earliest stages.
The campaign is also still facing a pending copyright case lawsuit from the 2020 election filed by Eddy Grant over the unauthorized use of his iconic “Electric Avenue.” In September, a federal judge ruled that Trump infringed the song by using it; a ruling on how much he owes in damages will be resolved in future proceedings.
A spokesman for the Trump campaign did not return a request for comment on the dismissal of the case.
Jerry Garcia‘s estate has partnered with AI voice company ElevenLabs to bring the late Grateful Dead guitarist, singer and songwriter’s AI-recreated voice to its Iconic Listening Experience on the ElevenReader app. Now, Deadheads using the app can hear Garcia’s voice read out audiobooks, e-books, articles, poetry, fan stories, PDFs and more in 32 different languages.
Garcia is the latest in a string of partnerships between ElevenLabs and famous estates. Already, the AI voice company has rolled out voice models for Judy Garland, James Dean, Burt Reynolds and Sir Laurence Olivier to its Iconic Listening Experience. According to a company spokesperson, ElevenLabs worked “in close collaboration with the Jerry Garcia Estate to ensure that the reproduction of Garcia’s voice was as authentic and true to his legacy as possible.”
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In addition to the ElevenReader, Garcia’s voice model will also be used in various upcoming projects associated with the Jerry Garcia Foundation. This could include narrated documentaries, audio art exhibits and more.
This announcement with the Garcia estate shows ElevenLabs taking another step towards infiltrating the niche of AI music. In May, the company’s head of design Ammaar Reshi gave a “very early preview” of an ElevenLabs AI music generator on X, formerly known as Twitter. For now, however, Garcia’s voice model is only available to read various texts.
The Garcia voice model is the latest instance of deceased or older musicians and their estates partnering with AI companies to market the artists’ catalogs and personas to the next generation of fans. Warner Music and the estate of “La Vie En Rose” singer Edith Piaf, for instance, partnered with an AI company to bring the late French singer’s voice back to life for an upcoming biopic, and last month, Universal Music Enterprises and Brenda Lee used AI to translate her Hot 100 No. 1 hit “Rockin’ Around the Christmas Tree” into Spanish, enabling Lee, who is now 79, recreate the youthful tone of her voice from the time when she originally recorded the song.
“My father was a pioneering artist, who embraced innovative audio and visual technologies,” says Keelin Garcia, daughter of Jerry and co-founder and vp of the Jerry Garcia Foundation. “In the 1990’s, my dad introduced me to the computer, digital art, and video games. When we traveled on concert tour, we played on Game Boy. At home, we’d have fun playing on the Macintosh in the studio where my father created his first digital art, and housed his MIDI guitar. Now, as technological landscapes continue to expand, ElevenLabs AI Audio technology will offer fans the first opportunity to hear and stream a replica of my father’s voice reading their favorite books and other written content.”
“At ElevenLabs, we’re committed to preserving and celebrating cultural legacies while pushing the boundaries of technology,” said Dustin Blank, Head of Partnerships at ElevenLabs. “By bringing voices like Jerry Garcia to our platform, we’re not just enhancing our app – we’re creating new ways for people to experience content.This project has been a labor of love, and we couldn’t be happier with how Jerry’s voice has been recreated. It’s a beautiful thing to bring his sound to life again for both longtime fans and a new generation of listeners.”
Maria Becerra has shuffled her management, Billboard has learned.
The Argentine star and her longtime manager, José Levy, have amicably parted ways. Becerra will now be co-managed by Natanael Real, who was been her longtime day-to-day manager, along with veteran Mexican manager Armando Lozano, who steps into a bigger role after working two years as a consultant for the artist for all territories outside Argentina.
“I would like to extend my heartfelt thanks to María for placing her trust in me over nearly seven years, from the very beginning. It has been a true pleasure and honor to be part of her professional journey, and I wish her every success in this new chapter,” Levy told Billboard in a statement.
In turn, Lozano, who until recently also managed Mau & Ricky, said: “I am deeply grateful for the opportunity to join María in this exciting new phase of her career. I am confident that remarkable achievements await her, further cementing her place as the global star she truly is.”
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Added Real: “From the start, I’ve been inspired by María’s extraordinary talent and charisma. It is a privilege to support her in this new chapter and help her reach even greater heights.”
Becerra started her career as a YouTuber in her native Argentina as a tween, posting all kinds of content that included music covers. By 17, she was focusing only on music and started working with Levy. In 2021, at 21, she released her debut album, Animal via 300 Entertainment and earned a Latin Grammy nomination for best new artist.
In 2023, Becerra signed a deal with Warner Music Latina as a joint venture with 300 Entertainment, still managed by Levy, and also received the Visionary Award at Billboard’s inaugural Latin Women In Music event.
Becerra is in the midst of her first major U.S. tour and released new singles with Yandel (“El sexo está de moda”) and Gloria Trevi (“Borracha”), the latter which she performed at the Billboard Latin Music Awards in October.
She currently has 24 million monthly listeners on Spotify, making her 240 in the world on the platform. Becerra has multiple entries on the Billboard charts, including two No. 1s on Billboard’s Tropical Airplay chart.
Chappell Roan has split with her management team, sources confirm to Billboard.
The news comes after the breakout star scored her first slate of Grammy nominations, including in all of the Big Four categories. Her 2023 debut album, The Rise and Fall of a Midwest Princess, will compete for album of the year while her hit “Good Luck, Babe!” is up for record and song of the year. Roan is also a contender for best new artist.
Roan’s nods were notably left off a congratulatory post shared from the Instagram account for State Of the Art — the company Roan was previously signed to, with Nick Bobetsky as her manager. Bobetsky met Roan in 2018, and as he previously told Billboard, “Her immense talent was clear immediately.”
Bobetsky had a front-row seat as Roan’s career took off and she racked up milestones including her first Billboard Hot 100 top 10 (“Good Luck, Babe!”), a top 5 entry for Midwest Princess on the Billboard 200 and record-breaking festival crowds, among other accomplishments.
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Most recently — in addition to her Grammy nominations — Roan made her musical guest debut on Saturday Night Live, where she performed an unreleased country-leaning pop song titled “The Giver.” At her Governors Ball festival set this summer in New York, she performed another unreleased track titled “Subway.” In an August interview with Music Business Worldwide, Bobetsky shared that the artist is “busy writing” new material.
Roan’s rise has had its fair share of frustrations, too. The artist has publicly spoken out about the toxicity of fandoms and “predatory” interactions she has had. In a note posted to Instagram this August, she wrote: “When I’m on stage, when I’m performing, when I’m in drag, when I’m at a work event, when I’m doing press … I am at work. Any other circumstance, I am not in work mode…I don’t agree with the notion that I owe a mutual exchange of energy, time, or attention to people I do not know, do not trust, or who creep me out — just because they’re expressing admiration.”
She then wrote in the caption: “I’m not afraid of the consequences for demanding respect. Just to let you know, every woman is feeling or has felt similar to what I’m experiencing. This isn’t a new situation. If you see me as a b—- or ungrateful or my entire statement upsets you, baby that’s you… you gotta look inward and ask yourself ‘wait why am I so upset by this? Why is a girl expressing her fears and boundaries so infuriating?’ That is all.”
The federal judge overseeing Sean “Diddy” Combs’ racketeering and sex trafficking case has denied his request for a gag order against his victims and their lawyers, ruling the demand “unprecedented” and “unwarranted.”
Attorneys for the embattled rapper claimed last month that “inflammatory extrajudicial statements” from victims and their attorneys were hurting his chances of a fair trial, but Judge Arun Subramanian ruled Friday (Nov. 8) that such “an extreme remedy” would threaten free speech.
“The court has an affirmative constitutional duty to ensure that Combs receives a fair trial,” the judge wrote. “But this essential … requirement must be balanced with the protections the First Amendment affords to those claiming to be Combs’s victims.”
“The unprecedented relief that Combs seeks on this motion is unwarranted,” the judge added.
Combs, also known as Puff Daddy and P. Diddy, was once one of the most powerful men in the music industry. But in September, he was indicted by federal prosecutors on charges of racketeering and sex trafficking over what they say was a sprawling criminal operation aimed at satisfying his need for “sexual gratification.” If convicted on all the charges, he faces a potential sentence of life in prison.
Last month, following the latest wave of civil abuse lawsuits against Combs, his lawyer asked Judge Subramanian to issue a sweeping gag order, claiming the lawyers behind the civil cases had made “shockingly prejudicial and false allegations” about him.
“Mr. Combs has a constitutional right to a fair trial, free from the influence of prejudicial statements in the press,” his attorney Marc Agnifilo wrote in the Oct. 20 motion. “These prospective witnesses and their lawyers have made numerous inflammatory extrajudicial statements aimed at assassinating Mr. Combs’s character in the press.”
But in Friday’s decision, Judge Subramanian ruled that the order Combs was seeking was “incredibly broad” and would have “sweeping First Amendment implications.”
“Not all alleged victims will be participants in this case, and a blanket restriction on their speech will silence individuals who may never have anything to do with the proceedings here,” the judge wrote.
The judge said he had “already taken steps to limit what can be said publicly” about the case and was “open to other tailored proposals that will help ensure a fair trial.” He also said Combs could take specific actions in the various civil lawsuits he was facing if the lawyers in those cases misbehave. But he said he could not do anything close to what Combs was seeking.
“A gag order … is an extreme remedy to be issued only as a last resort,” the judge wrote. “What Combs seeks goes even further.”
Separately on Friday, Combs’ lawyers also renewed their request that he be released from jail on a $50 million bond while he awaits trial. That request has been repeatedly denied since Combs was arrested, but the new filing cited the fact that former Abercrombie & Fitch CEO Mike Jeffries — another high-profile defendant accused of sex trafficking in New York — was immediately released on a $10 million bond after he was arrested last month.
“The government recently successfully requested pretrial release for two similarly situated defendants, including a CEO accused of sex trafficking dozens of young men, including through witness intimidation,” Agnifilo wrote in the new motion. “The conditions of release requested in Jeffries pale in comparison to the conditions proposed by Mr. Combs here.”
Spotify rode a post-election wave of market enthusiasm to close above $400 for the first time on Friday (Nov. 8), valuing the music-streaming giant at nearly $80.5 billion. Before finishing at $400.68, up 4.1% for the week, the company’s stock reached an all-time high of $405.88.
The Stockholm, Sweden-based company’s stock price has increased 113% in 2024 as the company overtook Universal Music Group (UMG) as the most valuable music company. When investors began to tire of high-growth streaming companies with little to show in profitability, Spotify underwent two major rounds of layoffs in 2023, helping reduce costs without sacrificing subscriber growth or revenue. With third-quarter earnings coming on Tuesday (Nov. 12), Spotify will show whether it has maintained that momentum. At least one analyst is optimistic ahead of earnings: Deutsche Bank raised its Spotify price target on Wednesday to $440 from $430.
U.S. stock markets soared this week following the election of Donald Trump on Tuesday (Nov. 5) and the U.S. Federal Reserve’s decision on Thursday (Nov. 7) to lower interest rates by a quarter of a percentage point. On Friday, the Nasdaq composite closed at an all-time high of 19,286.78, up 5.7%. The S&P 500 gained 4.7% to close at a record high of 5,995.54. China’s Shanghai Composite Index rose 5.5% to 3,452.30. South Korea’s KOSPI composite index improved just 0.7% to 2,561.15. In the U.K., the FTSE 100 fell 1.3% to 8,072.39.
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The 20-company Billboard Global Music Index gained 2.4% to an all-time high of 2,043.02, bringing its year-to-date gain to 33.2%. The index had 13 stocks in positive territory while six lost ground and one was unchanged.
The week’s top music stock was iHeartMedia, which jumped 16.7% to $2.44 after the company announced it will restructure much of its retiring debt and plans to save $200 million in 2025 through cost cuts and the embrace of technology. “Technology is the key to increasing our operating leverage and is a constant focus for us,” CEO Bob Pittman said during an earnings call on Thursday. “It allows us to speed up processes, streamline legacy systems and it enables our folks to create more, better and faster.” iHeartMedia shares are down 8.6% year to date but have risen 180% since May 24.
LiveOne gained 15.6% to $0.89 per share after the music streamer announced that revenue increased 14% to $32.6 million and paid members rose 27% to 645,000 in its fiscal second quarter ended Sept. 30. Reservoir Media was another top gainer, improving 9.1% to $9.00.
On the live front, Live Nation shares rose 5.1% to $123.02 following a post-election day boost. The concert promoter is currently facing a lawsuit from the U.S. Department of Justice but could find a better outcome from new appointments made by the Trump administration. The election wasn’t the only reason for the stock’s gains: Morgan Stanley upped its price target to $140 from $120 based on “a combination of strong underlying consumer demand and powerful artist incentives to tour,” analysts wrote in an investor note on Tuesday. Deutsche Bank also increased its Live Nation price target to $130 from $122.
K-pop stocks surged this week despite HYBE and SM Entertainment both reporting sharp drops in profit last quarter due partly to weaker recorded music revenues. HYBE shares jumped 6.4% after the company reported a 99% drop in net income. Likewise, SM Entertainment gained 7.2% the same week the company announced quarterly net profit fell 96% on a 9% revenue decline and a 36% drop in recorded music revenue. Investors may have gained optimism from SM Entertainment’s announcement it will launch a new girl group — its first since aespa debuted five years ago — in 2025 with a single and album release in the first quarter.
JYP Entertainment, which has not yet announced quarterly earnings, shot up 12.6%, and YG Entertainment continued its hot streak, rising 6.3% and bringing its gain in the last three weeks to 17.6%. YG has received a boost from the success of “APT” by ROSÉ featuring Bruno Mars. The song is currently in its second week atop both the Billboard Global 200 and Billboard Global Excl. U.S. charts.
Tencent Music Entertainment (TME) shares rose 2.4% to $11.39 ahead of the company’s third-quarter earnings on Tuesday (Nov. 12). Bernstein initiated coverage of TME with a $14 price target. Barclays initiated coverage with an “overweight” rating and a $16 price target.
German concert promoter CTS Eventim was the worst-performing music stock of the week, dropping 10.4% to 87.70 euros ($94.05). The company will release third-quarter results on Nov. 21. Elsewhere, Cumulus Media dropped 6.4% to $0.88, adding to the prior week’s 19% decline, while SiriusXM dropped 5.5% to $26.13.
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