State Champ Radio earnings
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A flurry of earnings reports for the quarter ended Sept. 30 show a continued divide in the music landscape. Live music companies such as Live Nation and MSG Entertainment posted double-digit growth as concert demand surged, while HYBE and SM Entertainment also benefitted from strong concert revenues. Streaming also spiked once again, pushing Spotify and Universal Music Group (UMG) to double-digit revenue growth. Legacy media didn’t fare as well, however: iHeartMedia revenue slipped slightly, while SiriusXM leveraged cost-cutting to compensate for flat revenue.
Here’s a running list, in alphabetical order, of the music companies that released earnings results (as of Nov. 11) for the quarter ended Sept 30, 2025.
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Cumulus Media: The radio company’s revenue fell 11.5% to $180.3 million and net loss grew to $20.4 million from $10.3 million in the prior-year quarter. The advertising business remains “challenging for legacy media,” CEO Mary Berner said. Broadcast radio revenue sank 17.2% to $115.0 million. Digital revenue fell 2.6% to $39.0 million, though it was up 8.4% if the loss of The Daily Wire and Dan Bongino aren’t counted. Check out our full radio earnings roundup here.
Deezer: Revenue dropped 1% to $154 million as gains from self-paying users almost offset losses in business-to-business subscribers. Direct subscribers grew in number to 5.5 million, up nearly 10%, and direct subscription revenue increased 1.6% to $103 million. Revenue from partnerships fell 12.6% to $42 million and subscribers from these partnerships dropped 24.5% from the prior-year quarter. Go to the full article for more details.
HYBE: Tours by BTS member Jin and groups SEVENTEEN and TOMORROW X TOGETHER helped Q3 revenue rise 38% to $519 million, as strong concert revenue ($174 million) helped make up for recorded music’s 11.5% decline to $136 million. Operating loss was $30 million, a big turnaround from a $40 million operating profit a year earlier. More details in the full article.
iHeartMedia: CEO Bob Pittman was “pleased” with the performance and boasted of new partnerships with TikTok and Amazon Ads, which will expand the company’s podcast and advertising businesses, respectively. Revenue of $997 million was down 1.1% (up 2.8% excluding the prior-year period’s political advertising). Adjusted EBITDA was flat at $205 million. Podcast revenue jumped 22% to $140 million while the multi-platform group, which included broadcast radio, fell 5% to $591 million. Q4 guidance is a low-single-digit revenue decline. Find more details here.
Live Nation: As fans packed themselves into stadiums in record numbers, revenue rose 11% to $8.5 billion and adjusted operating income (AOI) grew 14% to $1.03 billion. Concerts revenue was up 11% to $7.3 billion. Ticketing revenue rose 15% to $798 million. Sponsorships revenue jumped 13% to $443 million. Importantly, increases in deferred revenue suggest Live Nation will experience additional growth into 2026. Read about the earnings here and check out Billboard’s follow-up article with additional details from the earnings call.
MSG Entertainment: Boosted by a record number of concerts at the Madison Square Garden arena, MSG Entertainment’s revenue jumped 14% to $158.3 million and adjusted operating income improved to $7.1 million from $1.9 million in the prior-year period. Revenue from concerts rose $8.3 million while sporting events revenue improved $6.8 million. Food and beverage revenue jumped 20%, or $3.9 million. Looking ahead, MSGE’s Christmas Spectacular, the company’s annual holiday production at Radio City Music Hall, is slated for 215 performances, up from 200 a year earlier.
Reservoir Media: Fiscal second quarter revenue of $45.4 million was up 7% organically, or 12% including acquisitions. Net income of $2.2 million was up from $0.2 million in the prior-year quarter. Music publishing revenue rose 8% to $30.9 million, while recorded music revenue jumped 21% to $13.0 million. The results prompted management to adjust upward its forecasts for full-year revenue and adjusted earnings before interest, taxes, depreciation and amortization.
SiriusXM: The satellite radio company’s stock price jumped 10% after it raised 2025 guidance for revenue, EBITDA and cash flow. Although it reported a 1% dip in revenue, the company rebounded from a loss to produce net income of $297 million; while subscriber revenue was down, cost-cutting and layoffs helped offset the decline. Adjusted EBITDA fell 2.5% to $676 million. CEO Jennifer Witz said she is “confident” that improvements will allow the company to reach its target of $1.5 billion of free cash flow by 2027. Check out Billboard’s coverage for more details.
SM Entertainment: Led by concerts and music releases from aespa and NCT WISH, revenue rose 33% to $237.3 million. Operating profit jumped 262% to $35.6 million. Recorded music rose 33% $71.4 million, while new album sales grew to 5.42 million from 3.61 million in the third quarter of 2024. And concert revenue rose 38% to $38.7 million despite the company having fewer concerts compared to the prior-year period. Go to the full article for more info.
Sony Music: Rising streaming income and the success of the anime series Demon Slayer: Kimetsu no Yaiba Infinity Castle helped Sony Music’s revenue jump 21% to $3.65 billion and operating income climb 28% to $776 million. Overall streaming revenues rose 12% in recorded music and 25% in the publishing division. Physical sales rose 6%. Looking ahead, Sony increased its full-year forecast for Sony Music’s sales by 6% to $13.3 billion. The full article has all the details.
Sphere Entertainment Co.: The Wizard of Oz and the Backstreet Boys boosted Sphere parent company’s revenue to $263 million and helped turn negative adjusted operating income (AOI) into $36 million of positive AOI. Oz has sold more than 1 million tickets to date, and showings of that title and other movies rose to 220 from 207 in the prior-year quarter. The Sphere segment itself posted an operating loss of $84 million — a $40 million improvement from a year ago. More details in the full article.
Spotify: The audio giant’s subscribers rose 12% to 281 million and gross margin improved by 56 basis points — 0.56 of a point — to 31.6%. Those improvements led revenue to increase 12% to $5 billion and gross profit to grow 9% to $1.84 billion. “We have the tools we need — pricing, product innovation, operational leverage, and eventually the ads turnaround — to deliver both revenue growth and profit expansion,” said CEO Daniel Ek. Check out our full story on the earnings release and our follow-up article with details from the earnings call.
Universal Music Group: In another strong quarter, UMG posted a 10.2% revenue gain (in constant currency) to $3.5 billion. EBITDA rose 11.6% (also in constant currency) to $694 million and EBITDA margin ticked up to 22.0% from 21.6%. Recorded music subscription revenue, a closely watched metric, rose 8.6% while other streaming revenue was flat at $394 million. Go to the full article for all the details and check out the follow-up article for more insights.
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Radio companies had mixed results in the third quarter in their efforts to build digital businesses, cut costs and manage a decline in broadcast advertising dollars as consumers shift to newer entertainment platforms.
iHeartMedia’s consolidated revenue of $997 million was down just 1.1%, well within the company’s guidance of a low single-digit decline. Excluding the impact of political advertising in the prior-year period, revenue was up 2.8%. CEO Bob Pittman said during the company’s earnings call on Monday (Nov. 10) that the advertising environment is “pretty good” and iHeartMedia is “not feeling anything” related to the U.S. government shutdown.
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An operating loss of $116 million stemmed from a $209 million impairment charge related to the value of iHeartMedia’s FCC licenses. Excluding the impact of the write-down and other extraordinary items, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a common measure of profitability from ongoing operations, was flat at $205 million.
The multi-platform division, which includes iHeartMedia’s broadcast and network businesses, had revenue of $591 million, down 4.6% due to lower political advertising and what the company called “uncertain market conditions.” Adjusted EBITDA of $119.2 million marked an 8.3% decrease from the prior-year period, despite lower employee compensation costs.
The digital audio group, which includes podcasts, had revenue of $342 million, up 14%, and adjusted EBITDA of $130.3 million, up 30.3%. Podcast revenue increased by 22% to $140 million.
Based on trends for the top advertisers and advertising agencies, Pittman said he has “confidence” that the multi-platform division will return to revenue growth. “We’re feeling similar momentum to what other ad-supported companies have discussed right now: Spending is holding up, and discussions with advertisers are positive,” he noted on the company’s earnings call. Although iHeartMedia has not felt any impact from the government shutdown, Pittman conceded it “does add a level of uncertainty.”
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iHeartMedia said it remains on track to create $150 million in annual cost savings in 2025. In addition, the company took steps in the third quarter to save an additional $50 million in 2026, which COO/CFO Rich Bressler said will come mainly from the multi-platform division.
Looking ahead, iHeartMedia expects fourth quarter revenue to be down in the low single digits. Adjusted EBITDA is expected to be $200 million to $240 million, down from $246 million in the prior-year quarter because of political advertising in the 2024 election year. The multi-platform division is expected to be down in the low single digits. Digital revenue is expected to grow in the high single digits, and podcast revenue specifically is expected to grow in the mid-teens.
Cumulus Media, the country’s third-largest radio broadcaster by revenue, reported that third-quarter revenue fell 11.5% to $180.3 million. CEO Mary Berner cited a “challenging” advertising environment and touted Cumulus’s efforts to cut costs and employ AI to improve efficiency. Broadcast revenue plummeted 17.2% to $115.0 million. Digital revenue fell 2.6% to $39.0 million but would have grown 8.4% without the losses of The Daily Wire and conservative commentator Dan Bongino, who left podcasting to become the deputy director of the FBI. Consolidated adjusted EBITDA fell to $16.7 million from $24.1 million a year earlier.
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Townsquare Media faced “numerous headwinds,” CEO Bill Wilson said in a statement, but the company met its previous guidance on revenue and adjusted EBITDA. Revenue dropped 7.4% to $106.8 million and would have dropped 4.5% if political advertising were excluded. Adjusted EBITDA fell 13.5% to $3.4 million.
iHeartMedia shares fell 6.0% to $4.29 on Tuesday (Nov. 11) following the earnings announcement on Monday afternoon. The stock had jumped 55.9% in the week ended Nov. 7 following a report that the company was in talks with Netflix to distribute its podcast content.
Cumulus Media shares soared 31% to $0.135 the day after the company released earnings on Oct. 30. The stock has since lost all of those gains and more, however, and closed at $0.10 on Tuesday (Nov. 11).
Townsquare Media shares fell 11.3% to $5.42 on Monday following the quarterly earnings report. The stock rose 0.6% to $5.45 on Tuesday.
Trending on Billboard Sony Music reported record-high quarterly earnings on Tuesday and its Tokyo-based parent company raised its overall annual earnings forecast, as rising streaming income and the success of the anime series Demon Slayer: Kimetsu no Yaiba Infinity Castle made the music segment a standout success for the Japanese conglomerate. Overall sales for Sony […]
Trending on Billboard K-pop music giant HYBE said on Monday that concerts by BTS member Jin, SEVENTEEN and TOMORROW X TOGETHER helped drive its third quarter revenues up 38%, but lagging album sales contributed to an overall unprofitable quarter. Operating profit, which measures a company’s total core business earnings after interest and tax are taken out, […]
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Led by concerts and music releases from aespa and NCT WISH, SM Entertainment revenue rose to 321.6 billion KRW ($237.3 million), up 32.8% from the prior year period, in the third quarter of 2025, the company announced Thursday. Operating profit jumped 262% to 48.2 billion KRW ($35.6 million) and net income soared 1,100% to 44.7 billion KRW ($33 million).
“In this quarter…our leading artists have continued to prove their solid capabilities while new IPs are growing rapidly and adding fresh energy to the company,” CEO Cheol-hyuk Jang said during Thursday’s earnings call. “This generational synergy further reinforces the foundation of our IP portfolio, exemplifying the virtuous cycle of a sustainable IP ecosystem that SM Entertainment aims to build.”
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Recorded music rose 32.7% to 96.7 billion KRW ($71.4 million). New album sales grew to 5.42 million from 3.61 million in the third quarter of 2024. NCT WISH’S COLOR – The 3rd Mini Album, sold 1.48 million units while aespa’s 6th mini album, Rich Man, sold 1.13 million units. SM Entertainment does not break out streaming performance.
Concert revenue rose 37.5% to 52.5 billion KRW ($38.7 million) despite SM Entertainment having fewer concerts compared to the prior-year period. RIIZE’s RIIZING LOUD tour had 20 shows during the quarter in Seoul, Japan, and Hong Kong. NCT DREAM performed 8 concerts in Seoul and Thailand. Super Junior had 6 shows in Seoul, Hong Kong and Indonesia.
Merchandise and licensing revenue rose 32.8% to 50.3 billion KRW ($37.1 million) on the strength of concert merchandise and pop-up retail stores. The company cited aespa’s concert merchandise and light stick sales and pop-up stores from aespa, NCT WISH and Super Junior.
Looking ahead, Jang provided details of SMTR25, an “artist incubation project” intended to help SM Entertainment expand globally. SMTR25 has 15 trainees who are taking part in a new reality TV series, Reply High School, that will be released in the first half of 2026. SMTR25 also released an original content series, W.O.W! (Way Outta Walls) a travel series produced with support from the Korean Tourism Organization.
Jang also highlighted the early success of a young SM Entertainment group, Hearts2Hearts. “Within a short period of time, Hearts2Hearts has proven its capabilities across all fronts — musical success, fandom growth, and brand influence — solidifying its position as SM Entertainment’s next-generation global IP,” he said.
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Live Nation reported an 11% increase in total revenue in the third quarter on Tuesday (Nov. 4), the result of continued fan demand for live music and a shift to stadiums from amphitheaters and arenas.
On a call with analysts and investors, CEO Michael Rapino and COO Joe Berchtold discussed the finer points of the results. Although it’s only November, all signs point to more growth in revenue, ticket sales, attendance and sponsorships in 2026. Fan demand isn’t falling back to earth any time soon, and Live Nation has made investments — renovations, new venues and acquisitions — to capture as much of that demand as possible.
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Here are some of the highlights from the earnings call and Tuesday’s earnings release.
Stadiums Dominated 2025 and Will Be Big Again in 2026
In the concert business, the venue matters. Live Nation’s owned and operated amphitheaters historically generate better margins than other venues, but in 2025, there have been more stadium shows. “A lot of artists decided not to play arenas and amphitheaters and go for stadiums,” said Rapino. In fact, in the third quarter, Live Nation had 250 fewer amphitheater shows and 120 more stadium shows, according to Berchtold. But because Live Nation operates some of those stadiums — such as Rogers Stadium in Toronto and Estadio GNP in Mexico City — those shows boosted the quarter’s per-fan profitability, Berchtold said.
With the FIFA World Cup taking place in the U.S., Canada and Mexico in the summer of 2026, there have been some concerns that soccer matches would limit stadiums’ availability and put a damper on North America tours. But those fears “haven’t seemed to come to life,” Rapino said, adding that stadiums should have “a very strong year [in 2026].”
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Fans Keep Spending
People may be suffering through nagging inflation and feeling economic jitters, but music fans are proving to be a resilient bunch, as per-fan spending at Live Nation’s owned and operated venues rose 8% through October. Part of the growth comes down to offering the right products. Non-alcoholic drink sales were up by 20%, and ready-to-drink options were up, too. The growth can also be attributed to renovations at amphitheaters that created VIP areas with premium food and beverage options.
Amidst the growing importance of VIP options to Live Nation’s business, the company said it’s not seeing any pullback from lower income brackets. “No, we have not seen any of that,” Rapino said when asked by Citi analyst Jason Bazinet if there was evidence of “bimodal” consumer behavior. Many shows for 2026 are already on sale, Rapino noted, and the company saw “no pull-back anywhere.”
More Gains into the Fourth Quarter and 2026
The fourth quarter and 2026 are expected to continue the trends seen in the first three quarters of 2025. Deferred revenue — money collected but not yet recognized as revenue for accounting purposes — is an important metric for assessing demand for upcoming events. Live Nation’s deferred revenue is up big from a year earlier: Event-related deferred revenue of $3.5 billion was up 37% from the prior-year period, and Ticketmaster’s deferred revenue of $231 million was up 30%. In addition, Live Nation says its large venue show pipeline for 2026 is up by double-digits, and ticket sales for concerts in 2026 have already reached 26 million. Sponsorship commitments for 2026 are up double-digits, too, according to the company.
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An International Tipping Point is Coming
Fans at international concerts are on track to surpass U.S. fans, the company revealed on Tuesday. In fact, international business is driving Live Nation’s growth. Whereas total fee-bearing gross transaction value (GTV) was up 7%, it rose 16% in international markets. And of the 26.5 million net new tickets from Ticketmaster enterprise clients, 70% came from outside the U.S. Additionally, more than half of the 5 million fans expected to attend concerts at Live Nation’s large (over 3,000 capacity) venues in 2026 will come from international markets.
Confidence in the Federal Antitrust Lawsuit
The U.S. Department of Justice’s lawsuit against Live Nation and Ticketmaster is set to go to trial on March 6. While the company’s latest quarterly SEC filing admits the case “could involve significant monetary costs or penalties,” its executives are publicly confident the lawsuit won’t lead to a nuclear option: namely, breaking up Live Nation and Ticketmaster. Berchtold pointed to the remedies decision in September in the Department of Justice’s case against Google, which aimed to restore competition in the internet search and search advertising markets. The court placed certain remedies on Google — a ban on exclusive distribution of Google Search and Chrome, for example — but didn’t break up the company. To Live Nation, the decision “very much validated our view that the claims in our case can’t lead to a breakup of Live Nation and Ticketmaster even if the DOJ prevails on one claim or another,” said Berchtold.
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Sphere Entertainment Co. reported on Tuesday (Nov. 4) that the success of The Wizard of Oz and the Backstreet Boys residency at its state-of-the-art Las Vegas venue boosted revenue and operating income — though those gains couldn’t offset a nearly $130 million operating loss in the third quarter.
Sphere Entertainment generated revenue of $262.5 million, up 15% or $34.6 million, for the quarter ending Sept. 30, compared to the same period last year. Adjusted operating income, an indicator of how much of a company’s revenue will eventually become profit, rose to $36.4 million from negative $10.2 million a year ago. The company also reported an operating loss of $129.7 million, up $12.1 million from a year ago.
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Since opening in 2023, Sphere has become a destination for artist residencies, hosting acts including U2, Phish, the Eagles, electronic act Anyma and now the Backstreet Boys, who recently extended their Into the Millennium residency into February 2026. Upcoming acts include the DJ/producer Illenium, who’s slated for a residency in March and April, and No Doubt, which will play the venue beginning in May.
When Sphere isn’t occupied by a concert, the mega-venue also shows movies, including the U2 immersive concert film recording of its U2:UV Achtung Baby Live residency and The Wizard of Oz at Sphere. The company’s executive chairman and CEO, James Dolan, has said that recording, licensing and adapting these films costs significantly less than live performances and presents meaningful upside revenue.
The Wizard of Oz at Sphere — an immersive adaptation of the classic 1939 movie — has sold more than 1 million tickets and generated more than $130 million in sales since its Aug. 28 premiere, the company reported late last month.
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In a statement, Dolan called The Wizard of Oz “the best example to-date of experiential storytelling in this new medium.”
He added that the film “has been met with strong consumer demand. Looking ahead, we believe our Company is well positioned for long-term growth as we continue to execute on our global vision for Sphere.”
Quarterly revenue generated by the company’s Sphere segment rose 37% overall to $174.1 million in revenue over the same period last year, boosted by $28.3 million more in revenue coming from the venue’s film screenings, collectively known as The Sphere Experience.
The Sphere Experience posted higher per-show revenue from its 220 showings (up from 207 last year) of three movies: Postcard from Earth, the immersive U2 concert film and The Wizard of Oz at Sphere. An additional 16 concert residency shows compared to the prior year quarter also helped boost event-related revenue by $15 million, though that was offset by “lower average per-concert revenue due to the mix of concerts” and the absence of big sporting and corporate events in the quarter. Sponsorship and advertising on the outside of Sphere, along with suite licensing fees, rose $2.7 million from a year ago.
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But more movies and shows mean more expenses, and those associated with The Sphere Experience rose by about $10 million. Meanwhile, event expenses primarily from residency shows rose by nearly $4 million, contributing to an overall 26% increase in the Sphere segment’s operating expenses, which totaled $78.7 million for the third quarter.
Overall, the Sphere segment posted an operating loss of $84.4 million — a $40.6 million improvement from last year — and adjusted operating income of $17.1 million.
Elsewhere, MSG Networks revenue fell 12% to $88.4 million on a more than 13% decline in subscribers and a $12.7 million decrease in distribution revenue.
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Live Nation’s revenue grew 11% year over year to a third-quarter record of $8.5 billion, the company announced Tuesday (Nov. 4).
The world’s largest concert promoter and ticketing company continued to benefit from vigorous consumer demand for live music since the touring business came back from the COVID-19 pandemic. Adjusted operating income (AOI) of $1.03 billion was a 14% increase from the prior-year period. Importantly, event-related deferred revenue and Ticketmaster deferred revenue were up 37% and 30%, respectively, suggesting Live Nation is well situated for upcoming quarters.
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“Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally,” CEO Michael Rapino said in a statement. “With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows.”
Foreign exchange had a small impact on reported results. In constant currency, revenue was up 9% (compared to 11% as reported) and AOI was up 12% (compared to 14% as reported).
Within the concerts division, record-high stadium show attendance drove revenue up 11% to $7.3 billion and AOI up 8% to $514 million. Live Nation hosted 51 million fans, and attendance was up by double-digits in all major markets. International markets were led by Europe and Mexico, where attendance growth reached double-digits.
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Fan demand has undergone explosive growth since the COVID-19 pandemic. Live Nation’s third-quarter revenue of $8.5 billion was 38% greater than the $6.15 billion it generated in the same quarter of 2022. That improvement is dwarfed by the 125% revenue growth the company has experienced since the third quarter of 2019, a time before Live Nation acquired a majority stake in Mexican promoter OCESA in 2021.
Within the Venue Nation segment, Live Nation’s division that owns and operates venues worldwide, fan spending through October rose 8% at amphitheaters and 6% at major global festivals. Investments in renovations have helped some venues improve fan spending. For example, onsite fan spending at Jones Beach in New York was up 35% through October, while onsite spending at Estadio GNP in Mexico City tripled in the first ten months of the year.
At Ticketmaster, Live Nation’s ticketing division, revenue climbed 15% to $798 million while its AOI jumped 21% to $286 million. The improvement came from a combination of more ticket sales and higher average ticket prices: In the quarter, fee-bearing tickets rose 4% to 89 million, while fee-bearing gross transaction value (GTV) rose 12%.
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Through the first nine months of 2025, Ticketmaster’s total fee-bearing GTV rose 7% due to a 16% increase in international markets. Primary fee-bearing GTV improved 8% while secondary GTV declined 1% on lower sports activity.
Live Nation’s sponsorships division had record revenue of $443 million, up 13% from the prior-year quarter. With a gross margin percentage of 71%, the highest of the company’s three divisions, sponsorship’s AOI of $313 million, up 14% year over year, bested Ticketmaster on 44% less revenue.
The number of the sponsorships division’s strategic partners rose 14%. New agreements include consumer brands Hollister, Kraft Heinz and Patrón. The division added a multi-year deal with Trips.com in Asia and expanded its partnership with Mastercard to additional markets, including Hong Kong, South Africa and the Middle East.
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Live Nation is on pace for a record-setting 2025. Through the first nine months of the year, revenue is up 8% to $18.89 billion and AOI is up 9% to $2.17 billion. The record-setting third quarter is expected to flow into a strong fourth quarter. Arena, theater and club shows will bring the company to full-year attendance of approximately 160 million, which would be a 6% increase from the 151 million fans it saw in 2024. Live Nation expects to deliver double-digit AOI growth for the full year.
Looking ahead to 2026, the company expects continued growth. In addition to growth in deferred revenue — money received for future events — Live Nation expects a double-digit increase in large venue shows in 2026. Average grosses for 2026 concerts are up double-digits on strong sell-through levels.
Trending on Billboard Spotify said on Tuesday its third quarter revenue and profit margin improved thanks to double-digit growth in subscribers and monthly active users. The leading music and podcast streaming platform said its pool of paying subscribers rose by 12% to 218 million, and its monthly average users rose 11% to 713 million from […]
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HYBE shares soared 18.4% in the week ended Oct. 31 after a South Korean court ruled that K-pop group NewJeans may not leave HYBE imprint ADOR and make music under a different name. The five members of the girl group had attempted to break away from HYBE after the K-pop giant dismissed NewJeans’ mentor, ADOR CEO Min Hee-jin, in April 2024.
Rather than lose NewJeans — which would have created additional headaches for HYBE and other K-pop companies — ADOR will retain the group through the end of its exclusive contract in 2029. The fact that Min is no longer at ADOR didn’t sway the court. “Merely the fact that NewJeans personally places high trust in Min Hee-jin does not make guaranteeing her the position of ADOR’s CEO a significant obligation under the exclusive contract,” according to a report. The ruling added approximately $1.5 billion to HYBE’s market value, suggesting that investors were fearful a court loss would spill over to other acts currently under contract with HYBE.
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Despite HYBE’s considerable gain, the 19-company Billboard Global Music Index was unchanged at 2,845.53. Music stocks were almost evenly mixed between winners and losers, and only two companies had either a gain or a loss in excess of 10%.
Music stocks lagged behind major indexes’ gains. In the U.S., the Nasdaq composite index rose 2.2% to 23,724.96 and the S&P 500 improved 0.7% to 6,840.20. The U.K.’s FTSE 100 rose 0.7% to 9,717.25. South Korea’s KOSPI composite index jumped 4.2% to 4,107.50 on AI optimism after Samsung announced it would build a semiconductor factory in partnership with American company Nvidia. China’s Shanghai Composite Index ticked upward 0.1% to 3,954.79.
SiriusXM shares finished the week up 1.4% to $21.69 after a see-saw end to the week. The stock gained 10.1% on Thursday (Oct. 30) after the company’s third-quarter results, but fell 6.5% on Friday (Oct. 31). The bump in share price came after SiriusXM increased its full-year forecasts for revenue, EBITDA and free cash flow. The Q3 results also showed that the satellite radio company, which also owns streaming platform Pandora, turned a net loss into a net profit.
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Universal Music Group shares fell 2.3% to 23.27 euros ($26.99) despite gaining 1% on Friday after the company reported solid Q3 earnings following the close of trading on Thursday. Following the results, J.P. Morgan reiterated its “overweight” rating and 39.00 euros ($45.23) price target while Guggenheim maintained its “neutral” rating and eliminated its price target, which was previously 27.00 euros ($31.32).
Spotify’s stock benefited from news that the company is raising prices in the U.K., finishing the week up 1.5% to $655.32. That modest gain helped Spotify reclaim some of the loss it suffered after the share price dropped 4.1% on Oct. 24. The Stockholm-based company will report Q3 earnings on Tuesday (Nov. 4).
Radio giant iHeartMedia was the week’s biggest loser after dropping 12.4% to $2.97. The company’s share price has been on a roll lately, though, gaining 39.4% in 2025. iHeartMedia will release Q3 earnings on Nov. 10.
Most live music stocks lost ground. Live Nation fell 2.2% to $149.53 ahead of its earnings results on Tuesday. German promoter CTS Eventim dropped 2.9% to 77.60 euros ($90.00). MSG Entertainment dipped 3.5% to $44.16. Sphere Entertainment Co. was an exception, rising 1.7% to $68.48.
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