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Liam Payne has signed with CAA for representation for all areas of representation. In March, the former member of One Direction released a single, “Teardrops,” written with *NSYNC’s JC Chasez. It was his first new music in three years. “Teardrops is out now,” Payne posted on Instagram. “This song is born from many tears, not all […]
This is The Legal Beat, a weekly newsletter about music law from Billboard Pro, offering you a one-stop cheat sheet of big new cases, important rulings and all the fun stuff in between.
This week: Young Thug’s criminal trial is in chaos after the judge is forced to recuse himself; Nirvana ends a long-running lawsuit over its famed smiley face logo; the Beastie Boys launch a copyright battle against Chili’s over “Sabotage”; and much more.
THE BIG STORY: Young Thug Trial Judge Removed From Case
The controversial, oft-delayed, never-normal criminal trial of Young Thug got another stunning twist this week, when the Atlanta judge overseeing it was ordered removed from the case. Judge Ural Glanville’s recusal came a month after revelations of a secret “ex parte” meeting between the judge, prosecutors and a key prosecution witness. Attorneys for Thug and other defendants had argued that Glanville aided prosecutors in coercing the witness to testify and that the meeting had violated their constitutional rights to a fair trial. In her decision Monday (July 15), Judge Rachel Krause ruled that the secret meeting had not been “inherently improper” and that Glanville “can and would continue presiding fairly over this matter” if left on the case. But she criticized him for his handling of the fallout from the meeting revelations, and ordered him to step aside for the sake of “preserving the public’s confidence in the judicial system.” That’s all well and good, but the public’s confidence has already repeatedly been tested by the case against Young Thug. The sprawling racketeering case, which claims the rapper and dozens of others ran a violent Atlanta street gang called YSL, has meandered through the court system for more than two years — first through an unprecedented 10-month jury selection and then repeated delays and disruptions, including the stabbing of another defendant. Prosecutors have only presented part of their vast list of potential witnesses, and nobody expects the case to conclude early next year. All the while, Young Thug has sat in jail, repeatedly denied bond by Glanville. What happens now is anybody’s guess. With a new judge already set to take over (Judge Shakura L. Ingram was listed on the court docket by late Monday) defense attorneys will likely re-file their requests that Thug and the other defendants be released on bond. They will also likely renew their demands for a mistrial over Glanville’s handling of the case — a motion that, if granted, would force prosecutors to start the entire massive case over from scratch.
THE OTHER BIG STORY: Nirvana Settles Logo Battle
An epic, three-way legal battle over Nirvana‘s iconic smiley face logo is over. For years, lawyers for the rock legends had been locked in sprawling litigation over the image, which emerged as an unofficial emblem for the band in its heyday and has only grown more valuable in recent years amid a boom in ‘90s/’00s nostalgia. First, Nirvana sued fashion designer Marc Jacobs in 2018 for using it without permission on grunge-themed apparel. Then, a designer at Geffen Records named Robert Fisher came out of the woodwork to argue that he — and not Kurt Cobain — had created the image and owned the rights to it. “For 30 years now, Nirvana has reaped enormous profits from Mr. Fisher’s works,” his lawyers wrote when he jumped into the case in 2020. “Nirvana was able to do so without any compensation to Mr. Fisher by falsely claiming authorship and ownership.” Nirvana’s attorneys staunchly maintained that Cobain designed the logo — or at the very least, that Fisher didn’t own any rights to it. But those questions are moot now: Attorneys for all three sides filed a motion last week saying they had reached a settlement to end the case. Go read our full story on the settlement, which recounts the back story of a case that probed into the creative origins of one of rock’s best-known pieces of iconography.
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Other top stories this week…
CAN’T STAND IT – The Beastie Boys sued the owner of Chili’s over allegations that the restaurant chain used the rap trio’s 1994 song “Sabotage” in a social media advertisement without permission — an especially serious allegation from a trio that famously doesn’t allow its music to appear in ads. The offending content? An apparent spoof of the iconic “Sabotage” video featuring a restaurant heist and 1970s-era disguises. LABELS SUE VERIZON – The major music companies filed a massive copyright case claiming the telecom giant effectively encouraged its internet subscribers to steal music on a “staggering” scale. Seeking billions in damages, the case is the latest in a long series of lawsuits aimed at forcing ISPs to crack down on “repeat infringers.” And it came with a zinger: “While Verizon is famous for its ‘Can you hear me now?’ advertising campaign, it has intentionally chosen not to listen to complaints from copyright owners.” AI FIRMS LAWYER UP – AI music companies Suno and Udio hired Latham & Watkins to defend them against lawsuits filed by the three major labels that accuse the companies of using vast swathes of copyright music to “train” their models. Latham is a big deal in the BigLaw world, but especially in the burgeoning sub-niche of AI-training copyright defense litigation. The firm already reps Anthropic in such a case filed by music publishers, and OpenAI in a similar suit filed by The New York Times. DEFAMATORY DENIAL? Film composer Danny Elfman was hit with a libel lawsuit over statements he made to the media last year defending himself from claims that he sexually abused Nomi Abadi, a former friend and fellow composer. In denying the allegations, Abadi says Elfman falsely tarred her as a “liar, homewrecker, and an extortionist.” EX-RHCP IN HOT WATER – Josh Klinghoffer, a former guitarist for the Red Hot Chili Peppers, was sued for wrongful death over allegations that he struck and killed a pedestrian near Los Angeles earlier this year due to “distracted driving.” Lawyers for the victim’s family say they have video evidence showing Klinghoffer “using a device mere seconds before he crashed” into Israel Sanchez. CLASS ACTION IN THE REARVIEW – A group of Spotify customers dropped their class action against the streaming giant over its recent decision to kill its short-lived “Car Thing” device, resolving a case that claimed Spotify left users holding “a useless product.” Terms of the deal were not disclosed, but Spotify has more clearly indicated since the case was first filed that it will provide refunds to people who purchased the Car Thing. ABUSE CLAIMS AGAINST IRV GOTTI –The co-founder of Murder Inc. Records was hit with a lawsuit accusing him of sexual assault and rape, filed by an unnamed woman who says he repeatedly “coerced” her into sex by leveraging his “power and influence in the music world.”
Prajin Parlay Inc. and Double P Records announced on Tuesday (July 16) a joint deal with Mexican-American DJ and producer Deorro, who joins the imprints for management and label services effective immediately, Billboard has learned. Led by George Prajin, Prajin Parlay Inc. is home to superstar Peso Pluma, Santa Fe Klan and Codigo FN, among […]
Vinyl and CD music sales grew 7.9% to £164 million ($213 million) in the United Kingdom in the first six months of 2024, due in no small part to the all-conquering, seemingly unstoppable success of Taylor Swift, according to mid-year figures from the Digital Entertainment and Retail Association (ERA).
Released in April, Swift’s eleventh studio set The Tortured Poets Department is the singer’s fastest-selling album in the U.K., shifting the equivalent of 270,000 units across all formats in its first seven days, according to Official Charts Company (OCC) data.
To date, The Tortured Poets Department has spent eight non-consecutive weeks at No. 1 in the United Kingdom — surpassing Swift’s previous best chart run of five weeks at the summit with 2022’s Midnights — making it the biggest-selling album in the country so far this year by some distance.
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Mid-year sales for The Tortured Poets Department stand at 542,000 equivalent units in the U.K. across all formats, just under half of which (251,000) were physical format purchases, according to ERA data for the first 26 weeks of 2024. The Tortured Poets Department additionally sold just under 20,000 digital downloads.
The second highest-selling album year-to-date is The Weeknd’s Highlights with 220,000 equivalent sales units.
Swift was also behind the half-year period’s biggest-selling physical single, “Fortnight” featuring Post Malone, which topped the U.K.’s official singles charts for one week in May, selling more than 16,500 copies on CD, the only physical format it was available on, reports ERA.
In total, Swift had six of the Top 20 best-selling albums across all formats (digital and physical) in the U.K. during the sales period, including fan favorites 1989 (Taylor’s Version), Lover, Midnights and Folklore.
The singer’s ubiquitous chart success helped lift physical format and download music sales to £164 million ($213 million) in the U.K. in the first half of 2024, a rise of 7.9% on the same period the previous year, said ERA CEO Kim Bayley, who also credited April’s Record Store Day with further boosting retailers’ revenues.
ERA’s half-year sales figures do not include music streaming, which account for more than 88% of all music sales in the U.K. ERA said overall music streaming consumption was up 11% year-on-year in the first six months of the year but did not provide value figures.
Breaking down physical format sales, vinyl album purchases were up 13.5% year-on-year to just over £86 million ($111 million), while CD sales showed a 3.2% year-on-year increase to £58 million ($75 million). In total, there were 8.5 million physical albums sold in the U.K. during the period, said ERA.
As a result, growth of physical format and download music sales outpaced growth of video sales (comprising of DVD and Blu-ray sales, video downloads and digital rental), which totaled £214 million ($277 million), up 5.4% year-on-year, not including revenues from video streaming services like Netflix or Apple TV.
Music sales also outpaced equivalent growth of video games (combining physical and digital downloads), which fell by almost 30% year-on-year to just under £350 million ($454 million) due to what ERA called a “soft release schedule” in the first half of the year.
The United Kingdom is the world’s third-biggest recorded behind the United States and Japan with sales of $1.9 billion in 2023, according to IFPI.
More than a month after Min Hee-jin, CEO of HYBE subsidiary label ADOR, successfully avoided HYBE’s attempt to dismiss her from the job, another HYBE imprint has reportedly filed a lawsuit against the embattled executive and NewJeans executive producer.
On Monday (July 15), Korea JoongAng Daily reported that Source Music, the Korean label under the HYBE Labels umbrella that’s home to K-pop girl group LE SSERAFIM, has sued Min for 500 million Korean won (about $361,000), accusing her of defamation and disruption of business stemming from comments she made during two emotional press conferences she held in April — thereby damaging the LE SSERAFIM project.
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During those press conferences, Min claimed that her girl group project under Source, where she previously worked, was pushed aside by HYBE after the company decided to focus its efforts on LE SSERAFIM, which notably included two members of the hugely popular girl group IZ*ONE. According to Min, that change in focus led her to move away from Source and establish ADOR — a label operating under the HYBE Labels umbrella that Min previously told Billboard “started with guaranteed autonomy” — to house her project, which eventually became NewJeans.
During the press conferences, the ADOR CEO also shared what some considered disparaging remarks about several HYBE artists and Source Music’s talent casting — telling reporters that future NewJeans member Minji was the only Source trainee she wanted to recruit and that she cast the rest of the group members herself.
Source Music has not shared a statement on the reported lawsuit. Billboard has reached out to HYBE to verify the lawsuit and offer further details.
While LE SSERAFIM’s Coachella debut in April turned the girl group into a hot topic in Korean media over the pressure put on K-pop artists, Min’s subsequent remarks turned up the heat even more. The backlash to her critiques was so harsh that it led NewJeans and its five members to disable comments on their Instagram pages in late June.
The new lawsuit marks the second time a HYBE subsidiary has filed suit against Min. In May, BELIFT LAB sued Min for defamation and obstruction of business over her comments that BELIFT’s breakout girl group ILLIT had plagiarized NewJeans, stating that the label “copied all the formulas that we had with” the group.
The new lawsuit reportedly filed by Source is just the latest development in a continually unfolding drama. On July 9, Min reportedly arrived at the Yongsan Police Station in Seoul for questioning after HYBE reported her to authorities for breach of trust. Continuing her proclivity to engage in direct media interactions (instead of putting out press releases and statements like HYBE), a smiling Min left the station after eight hours and, to the press gathered outside, called HYBE’s accusations “comedy.”
Amid the commotion, NewJeans has continued rolling out new music. In late June, the group released its first two singles aimed at the Japanese market: “Supernatural” (which peaked at No. 7 on the Billboard Japan Hot 100) and the B-side “Right Now” (which peaked at No. 47 on the same chart) before holding a fan meeting at the famous Tokyo Dome. Meanwhile, Source Music confirmed that LE SSERAFIM is set to drop new music at the end of August following the February release of its EP Easy, which peaked at No. 8 on the Billboard 200.
The Atlanta judge overseeing rapper Young Thug’s gang trial has been ordered removed from the case — a stunning development in sprawling proceedings that have already become the longest-running in Georgia state history.
The ruling, issued by Judge Rachel Krause, came a month after revelations of a secret “ex parte” meeting between Judge Ural Glanville, prosecutors and a key witness. Attorneys for Thug and other defendants have argued that the meeting violated their constitutional rights to a fair trial.
Glanville says the meeting was proper and has repeatedly refused requests to step down, but earlier this month referred the case to Krause to decide whether he should continue presiding over it. And in a decision on Monday (July 15), she said that he should not.
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“This court has no doubt that Judge Glanville can and would continue presiding fairly over this matter if the recusal motions were denied,” Krause wrote. “But the necessity of preserving the public’s confidence in the judicial system weighs in favor of excusing Judge Glanville from further handling of this case.”
Krause did not specify who would take over the proceedings, or how the ruling would impact the timeline of the trial, which has already been underway for more than 18 months. Neither prosecutors nor defense attorneys immediately returned requests for comment on Monday.
Thug (Jeffery Williams) and dozens of others were indicted in May 2022 over allegations that his “YSL” was not really a record label called “Young Stoner Life” but rather a violent Atlanta gang called “Young Slime Life.” Citing Georgia’s Racketeer Influenced and Corrupt Organizations (RICO) law, prosecutors claim the group operated a criminal enterprise that committed murders, carjackings, armed robberies, drug dealing and other crimes over the course of a decade.
The trial has already been beset by procedural delays. Jury selection last year took more than 10 months to complete, and prosecutors have already spent many months presenting only part of their vast list of witnesses. The case is expected to run until at least early next year.
Last month, Thug’s attorney, Brian Steel, revealed that he had learned of a secret meeting between Glanville, prosecutors and a key witness named Kenneth Copeland. Claiming that the judge had helped prosecutors coerce the uncooperative Copeland into testifying with threats of extended jail time, Steel argued that the ex parte meeting was clear grounds for a mistrial.
Rather than address Steel’s complaints, Glanville instead demanded to know how he had learned of the meeting and eventually ordered him sent to jail when he refused to share his source. Since that bizarre incident, Steel and other defense attorneys have repeatedly demanded that Glanville step down from the case.
“Glanville’s actions offend public confidence in the independence, integrity, and impartiality of the judiciary,” wrote fellow defendant Yak Gotti (Deamonte Kendrick) in a petition last month to Georgia’s Supreme Court.
In her ruling on Monday, although Krause ordered Glanville removed from the case, she made a point to say that the ex parte meeting itself appeared to have been mostly above board: “While the meeting could have — and perhaps should have — taken place in open court, nothing about the fact of the meeting or the substance discussed was inherently improper.”
Rather than the meeting with prosecutors itself, Krause said that it was Glanville’s later handling of the fallout from those revelations — namely, his choice to rule on a dispute in which he himself was involved — that now required that he step away from the case.
“In presenting his record as to the recusal issues and in ruling on Kendrick’s motion, Judge Glanville evaluated and accepted the truth of his own factual allegations, mandating his recusal,” Krause wrote.
Disney Music Group and AudioShake, an AI stem separation company, are teaming up. As part of their partnership, AudioShake will help Disney separate the individual instrument tracks (“stems”) for some of its classic back catalog and provide AI lyric transcription.
According to a press release, Disney says that it hopes this will “unlock new listening and fan engagement experiences” for the legendary catalog, which includes everything from the earliest recordings of Steamboat Willie (which is now in the public domain), to Cinderella, to The Lion King, to contemporary hits like High School Musical: The Musical: The Series.
Given so many of Disney’s greatest hits were made decades ago with now-out-of-date recording technology, this new partnership will allow the company to use the music in new ways for the first time. Stem separation, for instance, can help with re-mixing and mastering old audio for classic Disney films. It could also allow Disney to isolate the vocals or the instrumentals on old hits.
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Disney’s partnership with AudioShake began when the tech start-up was selected for the 2024 Disney Accelerator, a business development program designed to accelerate the growth of new companies around the world. Other participants included AI voice company Eleven Labs and autonomous vehicle company Nuro.
At the accelerator’s Demo Day 2024, on May 23, AudioShake gave a hint at what could be to come in their partnership with Disney when AudioShake CEO, Jessica Powell, showed how stem separation could be used to fix muffled dialog and music in the opening scene of Peter Pan.
Disney explained at the Demo Day that many of their earlier recordings are missing their original stems and that has limited their ability to use older hits in sync licensing, remastering, and emerging formats like immersive audio and lyric videos.
“We were deeply impressed by AudioShake’s sound separation technology, and were among its early adopters,” says David Abdo, SVP and General Manager of Disney Music Group. “We’re excited to expand our existing stem separation work as well as integrate AudioShake’s lyric transcription system. AudioShake is a great example of cutting-edge technology that can benefit our artists and songwriters, and the team at AudioShake have been fantastic partners.”
“Stems and lyrics are crucial assets that labels and artists can use to open up recordings to new music experiences,” says Powell. “We’re thrilled to deepen our partnership with Disney Music Group, and honored to work with their extensive and iconic catalog.”
The three major record labels are suing Verizon over allegations that the telecom giant effectively encouraged its internet subscribers to steal copyrighted music on a “staggering” scale.
In a lawsuit filed Friday in Manhattan federal court, Universal Music Group, Warner Music Group and Sony Music Entertainment claim that Verizon has “buried its head in the sand” in the face of repeated warnings about piracy on its network, fostering a “safe haven” for illegal activity.
“While Verizon is famous for its ‘Can you hear me now?’ advertising campaign, it has intentionally chosen not to listen to complaints from copyright owners,” lawyers for the labels wrote. “Rather than taking any steps to address its customers’ illegal use of its network, Verizon deliberately chose to ignore plaintiffs’ notices, willfully blinding itself to that information and prioritizing its own profits over its legal obligations.”
The financial stakes for Verizon could be very large. The labels accuse the company of infringing more than 17,000 songs; if a judge awarded the maximum penalty for each of those songs, the damages could total more than $2.5 billion. The allegedly-infringed tracks include music by The Beatles, Michael Jackson, Beyoncé, Katy Perry and hundreds of other top artists.
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The new case is the latest in a long line of major lawsuits aimed at forcing internet service providers to take more proactive steps to eliminate piracy on their networks. In one such case, the labels initially won a shocking $1 billion verdict against Cox Communications.
For years, internet service providers typically weren’t held liable for individual infringements by their millions of users, thanks to a “safe harbor” provided by the Digital Millennium Copyright Act. But starting in the mid-2010s, music companies began arguing that ISPs had forfeited that immunity by ignoring the DMCA’s requirement that they terminate “repeat infringers” from their network.
Beginning with a landmark case filed by BMG against Cox, those arguments have repeatedly proved successful. Major labels have filed similar cases against Cox, Charter, RCN and other ISPs in courts around the country, often winning huge judgments against them.
In the new lawsuit filed Friday, the labels turned those same arguments against Verizon. The company has allegedly received “hundreds of thousands” of notices of illegal file-sharing by specific subscribers, the lawsuit says, but “deliberately refused to take action” so that it could “continue to collect millions of dollars from them.”
“Verizon’s motivation for refusing to terminate or suspend the accounts of blatant infringing subscribers is simple: Verizon valued corporate profits over its legal responsibilities,” attorneys for the labels wrote.
Back in 2019, a federal jury in Virginia ordered Cox to pay $1 billion in a similar case, awarding the labels more than $99,000 for each of 10,017 separate songs. Though that verdict was later vacated on appeal, Cox could still face a similarly large fine when the total is recalculated in a future trial.
In technical terms, the lawsuit accuses Verizon of contributory infringement (meaning the company induced or authorized its customers to pirate the music) and vicarious infringement (meaning the ISP profited from illegal downloading it could have stopped).
A rep for Verizon did not return a request for comment on Monday.
Republic Records has named Miles Beard and David Wolter as co-heads of A&R, the company announced today (July 15). Beard, based on the West Coast, and Wolter, based on the East Coast, will report to label president and chief creative officer Wendy Goldstein.
The duo, who both joined Republic in 2022, had previously served as executive vice presidents of A&R for the label. Their new roles will see them jointly lead the A&R development and strategy for the company, as well as oversee partnerships, alongside executive vp Danielle Price, who oversees the R&B/hip-hop A&R team.
“When it comes to A&R, Miles and David are two of the industry’s most savvy and visionary executives,” Goldstein said in a statement. “They could not be more different in terms of preferences, approach and even location of the two coasts, however they’re the perfect match to run this department. They share a rare passion for music and they’re intensely committed to championing their artists. Their partnership is genuinely next-level and will be integral to our success going forward. Our focus is creating a dominant A&R team with them along with our hip-hop/R&B initiatives.”
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Beard has worked with the Jonas Brothers, with Republic’s K-pop partners on Stray Kids and TXT, and on Republic’s recent deal with Nigerian label Mavin for the singer Ayra Starr, among other projects. Wolter, meanwhile, has worked with artists like Conan Gray, Greta Van Fleet, Miranda Lambert and Zoe Kravitz for the label. Republic Records — also home to superstars like Taylor Swift, Ariana Grande, The Weeknd and more — is part of Republic Recording Company, alongside Island Records, Def Jam Recordings, Mercury Records, Casablanca Records, indie distributor Imperial and the Corps team, under Monte Lipman and Avery Lipman.
“It’s incredible to work with Wendy, Monte and Avery Lipman, and my new partner Miles,” Wolter said in a statement. “We have so much support. Wendy’s instincts are unrivaled. Monte and Avery don’t stop, and it’s inspiring. When it comes to our artists, I just want to be a vigilant fighter for their artistry. My main hope is for our team to have a massive impact on culture and challenge the status quo.”
Wolter spent a decade at Virgin Records from 1997 through 2007, signing The Gorillaz, before spending another 10 years at RCA Records, before returning to Virgin under the Capitol Music Group umbrella in 2017, and then shifting to Republic in 2022. Beard, a longtime DJ, spent 10 years at Mike Caren’s APG, signing Charlie Puth, before moving to Republic.
“Wendy, Monte and Avery make you feel like anything is possible,” Beard said in a statement. “The way they balance being good people and being extremely competitive is one-of-a-kind. David and I are opposites. He’s a purist, I just love what people love. He has no filter, I’m measured. He’s tall, I’m short. We complement each other in every way. As an A&R, I want to make our artists feel comfortable and motivated to think as big as possible.”
Although most music stocks gained value this week, Spotify dropped 4.6% to $302.27 despite the U.S. markets surging to record heights and two new analyst reports that indicated the company’s share price has much room for improvement.
On Wednesday (July 10), KeyBanc increased Spotify’s price target from $400 to $410 on the belief that the market is underestimating the company’s revenue, earnings and gross margin for 2025 and 2026. In addition, Wolfe Research initiated coverage of Spotify with a $390 price target. Given Spotify’s closing price of $302.27 on Friday, KeyBanc’s new price target implies 35.6% upside while Wolfe’s price target implies 29% upside.
There was one Spotify dissenter this week, however. Redburn Atlantic downgraded Spotify to “sell” with a $230 price target — 23.9% below Friday’s closing price. While Redburn’s analysts are impressed with Spotify’s operating momentum, they believe the market “is simply forecasting too much growth,” they wrote in an investor note. In April, Spotify — which will release its second-quarter earnings on July 23 —said it expects second-quarter revenue to be 3.8 billion euros ($4.1 billion), which would be a 19.6% increase over the prior-year period. It also said it anticipated 245 million subscribers, up 11.4% year-over-year.
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Spotify also bucked the trend among all stocks, which enjoyed a record-setting week. The Dow Jones Industrial Average and S&P 500 reached all-time highs on Friday (July 12) while the Nasdaq composite hit a new peak on Thursday (July 11). After gaining 0.2% this week, the tech-heavy Nasdaq is up 22.6% in 2024, while the S&P 500 added 0.9% and has gained 17.7% year to date.
Spotify’s fall was a major factor in the Billboard Global Music Index (BGMI) dropping 0.9% to 1,828.20 this week, though a couple of other valuable stocks also played a role even as only six of the 20 stocks lost ground this week. The index’s second-most-valuable component, Universal Music Group, declined 2.2% to 27.40 euros ($29.92) while its sixth-most-valuable component, HYBE, fell 3.9% to 189,700 won ($137.95). Despite this week’s decline, the BGMI is up 19.2% in 2024, just shy of the Nasdaq and ahead of the S&P 500.
Among stocks that saw gains this week was Warner Music Group (WMG), whose share price improved 2.0% to $30.93. On Thursday, Jefferies lowered WMG’s price target to $38 from $43, which implies 22.9% upside over Friday’s closing price. On Friday, Wolfe Research initiated coverage of WMG with a $37 price target, which implies 19.6% upside. Meanwhile, Redburn downgraded WMG from “neutral” to “sell” and has a price target of $23, 25.6% below Friday’s closing price.
Sphere Entertainment Co. led all music stocks by gaining 16.6% to $43.66, bringing its year-to-date gain to 28.4%. On Thursday, Morgan Stanley boosted its price target to $45 from $42, which implies 3.1% upside from Friday’s closing price. The company’s shares got a boost two weeks ago after hedge fund titan Steve Cohen’s Point72 Asset Management took a 5.5% stake. Sphere’s sister company, MSG Entertainment, gained 8.0% to $37.21.