News

Angus Cloud’s Mother Says Her Late Son ‘Did Not Intend to End His Life’

Angus Cloud‘s mother, Lisa Cloud, has shared a tribute to her late son and says “his last day was a joyful one.”

She posted a note about the 25-year-old Euphoria actor who starred as Fez on her Facebook page Friday (Aug. 4), according to The Hollywood Reporter. The family had announced his death on Monday, noting in a statement, “Angus was open about his battle with mental health and we hope that his passing can be a reminder to others that they are not alone and should not fight this on their own in silence.”

On Friday, the actor’s mother shared another message, writing, “Friends, I want you all to know I appreciate your love for my family at this shattered time. I also want you to know that although my son was in deep grief about his father’s untimely death from mesothelioma, his last day was a joyful one.”

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

“He was reorganizing his room and placing items around the house with intent to stay a while in the home he loved,” she said of his last day. “He spoke of his intent to help provide for his sisters at college, and also help his mom emotionally and financially. He did not intend to end his life.”

“When we hugged goodnight we said how much we loved each other and he said he would see me in the morning. I don’t know if or what he may have put in his body after that. I only know that he put his head on the desk where he was working on art project’s, fell asleep and didn’t wake up,” Angus’ mother wrote.

“We may find out that he overdosed accidentally and tragically, but it’s abundantly clear that he did not intend to check out of this world,” she continued, addressing suicide speculation. “His struggles were real. He gave and received so much love and support to and from his tribe. His work in euphoria became a lightning rod for his generation and opened up a conversation about compassion, loyalty, acceptance and love. His head injury 10 years ago miraculously didn’t result in death as it almost always does. He was given 10 bonus years and filled them with creativity and love.”

She added: “Social media posts have suggested his death was intentional. I want you to know that is not the case. To honor his memory, please make random acts of kindness part of your daily life. Bless your hearts.”

Angus was walking down the street in Manhattan when he was discovered and eventually cast as drug dealer Fezco on Euphoria, HBO’s Emmy-winning drama from Sam Levinson. The role turned Cloud into a breakout star, and his storyline was expanded in the show’s second season.

Ne-Yo Questions Best Practice Care for Transgender Youth: ‘I Don’t Understand’

Ne-Yo shared his thoughts on how to parent transgender children and questioned minors’ rights to receive gender-affirming care in a new interview.

The singer, a dad of seven children, spoke for several minutes on the topic during a conversation with Gloria Velez for VladTV.

Ne-Yo prefaced what he was about to say with “I have no issue with LBG — I have no problem with nobody. You love who you love, you do what you do.”

“I just personally come from an era where a man was a man and a woman was a woman,” said Ne-Yo. “And there was two genders, and that’s just how I rocked. You could identify as a goldfish if you feel like, I don’t care. That ain’t my business. It becomes my business when you try to make me play the game with you. I’m not gonna call you a goldfish. But if you wanna be a goldfish, you go be a goldfish. We live in a weird time, man. We do.”

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

Later in the chat he added, “I feel like parents have almost forgotten what the role of a parent is. If your little boy comes to you and says, ‘Daddy, I want to be a girl.’ And you just let him rock with that? He’s 5 … If you let this 5-year-old boy decide to eat candy all day, he’s gonna do that. When did it become a good idea to let a 5-year-old, let a 6-year-old, let a 12-year-old make a life-changing decision for themself? When did that happen? I don’t understand.”

“He can’t drive a car yet, but he can decide his sex?” asked Ne-Yo, referring to a child who identifies that their gender is different from the sex they were assigned at birth. A misinformed Velez replied, “And he can cut off his pee pee.”

“I can’t take credit for it,” Ne-Yo said toward the end of the interview clip, “but I heard somebody say one time, if your son comes to you and says, ‘Daddy, I want to be a girl,’ ask your son, ‘Son, what is a girl?’ What is he gonna do? He might want to play with dolls. All right, you want to play with dolls. Play with dolls. But you’re a boy playing with dolls. ‘I want to wear pink.’ Cool, wear pink, but you’re a boy wearing pink.”

The American Medical Association, the American Academy of Pediatrics and the American Psychological Association, all agree that gender-affirming care is not dangerous for trans youth, and in most cases, it’s highly beneficial and life-saving.

When trans youth receive gender-affirming care, that does not typically include the kind of surgical intervention Velez implied in her conversation with Ne-Yo. Both the Endocrine Society and the World Professional Association for Transgender Health do not recommend surgical intervention before age 18, unless the patient, their doctor and a mental health professional all agree that intervention is necessary.

Gender-affirming care for minors may focus on gender expression, publicly changing pronouns and names, and using puberty blockers, which pause permanent physical change while the patient decides how they want to proceed with their transition. In later teenage years, well-established patients may begin gender-affirming hormone treatment.

Interestingly, in 2018, Ne-Yo voiced LGBTQ+ support. When Amanda Lepore was removed from Travis Scott’s Astroworld album art, TMZ asked Ne-Yo his thoughts on hip-hop embracing the community.

“If rap is not embracing them, that’s the only people that ain’t embracing them,” he replied at the time. “It doesn’t make any sense. I mean, they’re here, they’re not going anywhere. They’re people just like us, and I feel like they deserve the same respect.”   

Ne-Yo released his latest studio album, Self Explanatory, in July 2022.

Watch Ne-Yo’s interview with Velez below.



NYC High School Student Charged With Hate-Motivated Murder in Killing of Dancer O’Shae Sibley

Police have arrested a 17-year-old high school student on a hate-motivated murder charge in the fatal stabbing of a professional dancer during an altercation between two groups of friends at a New York City gas station last weekend.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

Police took the teenager into custody Friday (Aug. 4) in connection with the killing of the 28-year-old O’Shae Sibley, who was gay. Authorities declined to release the defendant’s name.

“Parents lost a child, a child, to something that was clearly a hate crime,” Mayor Eric Adams, a former police captain, said Saturday during a news conference outside the Brooklyn gas station where Sibley was killed July 29.

The stabbing occurred after the two groups got into a confrontation at one of the gas pumps, where Sibley was dancing with his friends to a Beyoncé song. Authorities said Sibley’s group was being taunted by the other group before the confrontation ended in violence.

Beyoncé would later pay tribute to Sibley on her website.

Security camera video showed the two groups arguing for a few minutes. Both sides had walked away when Sibley and a friend abruptly returned and again confronted one of the young men, who had stayed behind recording on his phone.

In the video, Sibley could be seen following the teen and then lunging at him before the two disappeared out of the camera’s view. A moment later, he walks backward into view, checking his side, and then collapses to the sidewalk.

Lee Soulja Simmons, the executive director for the NYC Center for Black Pride, also spoke at the news conference.

“We wrestle with people within our community constantly facing discrimination — not just because you’re Black but because you represent LGBT” communities, he said.

“The fact that he was doing nothing more but voguing and dancing here, he did not deserve to die in that way,” Simmons said.

One of Sibley’s friends who was there, Otis Pena, said in a Facebook video that Sibley was killed because he was gay, and “because he stood up for his friends.”

One witness, Summy Ullah, said in interviews that the men complained that their behavior offended them as Muslims.

Some leaders of the area’s Muslim community condemned the slaying.

“The weight of this loss is felt deeply, not just by the family and friends of O’Shae, but by all of us who value life, peace and justice,” Soniya Ali, the executive director of the Muslim Community Center, said Saturday.

“As Muslims, we are committed to stand up for justice, even if it means standing against our own selves,” she said. “We unequivocally condemn the unjust murder of O’Shae.”

Sibley performed with the dance company Philadanco in his native Philadelphia and in New York, where he took classes with the Alvin Ailey American Dance Theater’s Ailey Extension program.

Dirty Heads Back Atop Alternative Airplay Chart With ‘Rescue Me’

Dirty Heads return to No. 1 on Billboard’s Alternative Airplay chart for the first time since 2010, as “Rescue Me” jumps from No. 4 to the top of the tally dated Aug. 12.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

It’s the California band’s first ruler since “Lay Me Down,” featuring Rome, crowned the survey for 10 weeks in 2010. “Lay Me Down” also marked the six-piece’s first charted title.

In between “Lay Me Down” and “Rescue Me,” Dirty Heads appeared on Alternative Airplay with 13 entries, paced by a pair of No. 3 peaks via “My Sweet Summer” (2014) and “Life’s Been Good” (2022).

The band went 13 years and two weeks between No. 1s, the second-longest break in the Alternative Airplay chart’s 35-year history. The lengthiest was achieved by The Killers, who went just a bit longer: 13 years and six months between the commands of “When You Were Young” in October 2006 and “Caution” in April 2020.

Concurrently, “Rescue Me” ranks at No. 7 on the all-rock-format, audience-based Rock & Alternative Airplay chart with 3.1 million audience impressions, up 9%, July 28-Aug. 3, according to Luminate. It reached No. 6 on the Aug. 5 list.

“Rescue Me” is on the deluxe edition, released July 14, of Midnight Control, Dirty Heads’ eighth studio album. Released in August 2022, the LP has earned 57,000 equivalent album units to date.

Kendrick Lamar Closes Out Day 2 of Lollapalooza 2023 With Hits-Stacked Setlist

Kendrick Lamar performed in Chicago a year for ago for his Big Steppers Tour. But the last time he performed at Lollapalooza was in 2013. Then, still fresh off his sophomore set, good kid, m.A.A.d. city (2012), a brilliant album that cemented the Compton native as a cultural force with thought-provoking lyrics. Friday (Aug. 4), Lamar — now one of the greatest and influential rappers of his generation — returned to Chicago’s Grant Park to close out day two of the festival.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

As expected, a massive sea of high-energy fans gathered at the T-Mobile stage early on to secure a spot to see the Pulitzer Prize-winning rapper up close. As his set time at 8:45 p.m. neared, the area got densely packed with hardly any empty spots around you. Lamar was 15 minutes late but his fans were forgiving. And he made up for lost time kicking off with the big hits (plus he went over 10 minutes over his allotted time). At exactly 9 p.m., “The Heart Part 5” started blasting and seconds later, the man of the hour appeared dressed in blue from head to toe, and a Dodgers-inspired blue cap repping pgLAng, the entertainment company he launched with Dave Free in 2020. He then went on to perform “N95” and “Element,” before officially saying hello to the crowd.

“Is anybody alive right now?” Lamar asked. In return, festivalgoers roared letting him know that they were alive and eager to sing bar for bar with Lamar. “Chitown how are you feeling tonight? Make some noise. It’s a special night in a special city,” the rapper said.

The Grammy-winning artist went on to perform a mesmerizing set — with a group of interpretive dancers in aprons and a live band in tow — which spanned his greatest hits of the past decade-plus, including tunes from his rich body of work such as Mr. Morale & The Big Steppers, DAMN., To Pimp A Butterfly and good kid, m.A.A.d. city.

“It’s always special when we come out here. It’s always love. I want to make sure you have a good time from start to finish,” the hip-hop icon told fans. Showcasing his lyrical prowess and vast catalogue, Lamar wound through songs such as “King Kunta,” “Backseat Freestyle,” “Swimming Pools (Drank),” “m.A.A.d. City,” “LOYALTY,” “DNA.,” and “HUMBLE.” and “Count Me Out,” to name a few. He closed with the 2015 anthem “Alright,” and said “Until next time Chicago, I will be back.”

Day two of Lollapalooza also included performances by Sabrina Carpenter, Jessie Reyez, Fred Again.., Thirty Seconds to Mars, Tems, Sudan Archives, and Sueco, among others. The 1975 was also a headliner and in charge of closing out the Bud Light stage.

The 1975’s Matty Healy Appears to Make Fun of Malaysian ‘Ban’ During Lollapalooza Set: ‘You Want My Travel Tip?’

Surely you didn’t think The 1975 singer Matty Healy wouldn’t address the band’s recent controversial set in Malaysia during their first gig back since that international incident? After all, it was Healy’s broadside against the country’s anti-LGBTQ laws — not to mention an onstage same-sex kiss with bassist Ross MacDonald — that got the band’s set cut short and led to the cancelation of the Good Vibes festival and Healy’s claim that his group is now banned from Kuala Lumpur.

Well, Healy took the matter head-on, kind of, during a typically raucous, unpredictable headlining slot at Lollapalooza in Chicago on Friday night (Aug. 4). Playing on the Bud Light Stage at the same time as Kendrick Lamar top-lined at the other end of the park, the band lit into the intro to “It’s Not Living If It’s Not With You,” during which Healy said, “You want my travel tip? Don’t go to…”

But he never got to finish his thought, because as the band often does during this wind-up, they cut Healy off before he could say something else that would get them into hot water.

At another point in the set that included runs through “Chocolate,” “Oh Caroline,” “Somebody Else” and “Love It If We Made It,” Healy again seemed to allude to his headline-making talents, joking, “What would we do without a little bit of drama, right?” before swigging from his ever-present flask.

The set had some other predictably unpredictable moments as well, as when during “Robbers,” Healy stole a moment to hop down off the stage to go hug one of his musical heroes after spotting him in the photo pit. Appearing gobsmacked by the sight, Healy scrambled down to give a surprised-looking Blink-182 singer-guitarist Tom DeLonge a giant hug. Even as he continued to sing the song — cradling both his mic and a cigarette in his right hand — Healy paused for a moment to tell Tom, “I love you so much, I love you so so much.”

DeLonge had also been in the same area a few hours earlier during 30 Seconds to Mars’ high-energy, death-defying set, during which singer and rock climber Jared Leto did a tethered free-fall from the top of the stage to gasps from the crowd.

After the song was over, Healy shared with the huge crowd how excited he was to meet one of his rock icons. “The person who inspired me to talk about my d–k as much as I do and I thank him for that forever,” he joked about DeLonge in a nod to Blink’s proud history of juvenile lyricism.

Lollapalooza soldiers on Saturday night (Aug. 5) with sets from Morgan Wade, Alex G, Pusha T, Odesza and Tomorrow X Together. The massive four-day fest winds down on Sunday night (Aug. 6) with music from Joey Bada$$, Alvvays, Lil Yachty, Red Hot Chili Peppers and Lana Del Rey.

Maria Becerra Is Engaged to Artist Rei & More Uplifting Moments in Latin Music 

From career milestones and new music releases to major announcements and those little, important moments, Billboard editors highlight uplifting moments in Latin music. Here’s what happened in the Latin music world this week.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

Maria Becerra is Engaged!

This week, Argentine artist Maria Becerra announced her engagement with Argentine artist Rei. “I love you so much, my love. My heart explodes with happiness. I can’t stop crying. I’m so lucky to have found you,” she posted in a since-deleted Instagram story, where she posted a video of the silver-band ring with a tiny red heart. On TikTok, the lovebirds shared a detailed video of their special night, revealing that it was Becerra who proposed to Rei during a getaway in Santorini.

Carlos Rivera is a Dad!

Carlos Rivera and his partner Cynthia Rodriguez have welcomed their baby boy this week, whom they named León Rivera Rodriguez. “Our beloved León just waited for dad and decided to be born last night 08/03/23. He is a beautiful baby, very healthy, very big and very strong. Mom is perfect and beautiful,” expressed the Mexican crooner in a joint Instagram post. “Happiness today has a new meaning in our life.” See the sweet photo below.

Mau & Ricky’s Emotional Visit Home

A video posted by Mau y Ricky has gone viral after the sibling duo paid a visit to indigenous children in their native country, Venezuela—it was the first time they returned back home in 15 years. In the clip, Ricky is playing the guitar as Mau gets emotional and begins to cry listening to the kids sing their song “Amen.” “Since we started making songs, we dreamed that our music would be heard everywhere. Starting with our country… a place that for many years we were afraid to return to, we felt far away and thought that no one was listening[…] This trip has been a healer on another level…we are as Venezuelan as ever but much MORE than ever,” they captioned the post.

Karol G’s Stadium Tour Opening Acts

Following her history-making Lollapalooza performance—as the first female Latin act to headline the festival in more than 30 years—Karol G unveiled the opening acts for her Mañana Será Bonito tour. In her Instagram stories, the “Bichota” singer shared that special guests Young Miko, Bad Gyal, and DJ Agudelo888 will be opening her shows. While Agudelo will pump up the crowd during all 15 dates, Young Miko and Bad Gyal will join the Colombian artist on different occasions. Check out all the info below:

A Museum and Salsa Legends

The International Salsa Museum (ISM) announced a first-ever exhibition celebrating Afro-Cuban artist La Lupe, also known as the Queen of Latin Soul. Held during the 2023 New York International Salsa Congress (NYISC), the three-day pop-up and fan experience will also commemorate the centennial of the King of Mambo, Tito Puente. 

“ISM is honored that the estates of these seminal artists of early Latin music believe in our mission,” said Willy Rodriguez, co-founder and executive director of ISM, in a statement. “It’s important to educate the public on their legacies while humanizing the persons behind the curtains.” 

As part of the tribute, Puente’s son, Tito Puente Jr. will form part of a panel discussion about the past, present, and future of salsa with ISM and former Billboard Latin Artist on the Rise, Luis Figueroa. He will also perform with his orchestra. The exhibition and pop-up, fan experience will open Sept. 1 at the New York Marriott Marquis in Times Square. For ticketing information, and more, click here

Metallica ‘Kick A– and Celebrate Life’ at Surprisingly Feel-Good U.S. Tour Opener

AC/DC’s “It’s a Long Way to the Top” felt an appropriate choice of lights-down intro music for Metallica‘s concert at MetLife Stadium in New Jersey on Friday night (August 4) — the first show of the U.S. leg of the band’s M72 World Tour, and the first of two shows they’d play at the venue that weekend.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

After all, it’s now been 40 years since their debut album Kill ‘Em All first made them metal sensations. Though they’ve spent most of those four decades as gigantic rock stars, not many years in between have been particularly easy for the band, as they’ve dealt at length with death, alcoholism, in-band turmoil, repeat fan backlash and extremely public humiliation. But here they were, unquestionably at the top — as drummer Lars Ulrich later pointed out, performing in the round at the 80,000-cap MetLife marked the biggest venue they’d ever played in the New York area, and they’d be back doing so again on Sunday night — and their gratitude at being there (and being anywhere at all, really) was infectious throughout the night.

The band was likely feeling extra thankful to have an audience so willing to go along with their fascinating gambit for this particular tour: a risky “No Repeat Weekend” strategy that sees them play two nights at the same venue with two completely different setlists — meaning that each individual show is invariably lacking a handful of the usual musts. Fans with the time, willingness and (most importantly) money to make it out to East Rutherford for both of this weekend’s shows could afford to be zen about such things, but those in town for one night only could understandably be anxious about some of the big misses from Friday’s show. After all, can you really call it a Metallica concert if there’s no “For Whom the Bell Tolls,” no “One,” and — in Yankees country, no less — no “Enter Sandman”?

The answer, of course is “yes,” as became fairly clear early in the set. Many bands throughout history, even great ones, are too defined by their hits to stray from them in an average concert; Metallica can start off with three deep cuts (“Creeping Death” from Ride the Lightning, “Harvester of Sorrow” from …And Justice for All and “Holier Than Thou” from Metallica) and not feel like they’re reaching. Besides, even with over two hours to work with, the band’s songs are epic enough that there was only room for 16 of them; Metallica couldn’t hit all the big ones with that setlist length even if they tried. So it was pretty easy to let go of the idea of a la carte song ordering, and let Metallica’s omakase setlist do its thing.

And both the song selection and the performance was pretty impeccable throughout. It felt a privilege to get near 10 minutes each of both the spellbinding Master of Puppets instrumental chugger “Orion” and the underrated 21st century “Simple Man”-turned-“Free Bird” power ballad “The Day That Never Comes,” with the band — minus the occasional Lars aberration — in total lockstep, guitarist Kirk Hammett’s leads in particular sounding as explosive and radiant as ever. Even most of the material from the new 72 Seasons, which can feel a little flat on record, came alive in this setting — sounding more credible than ever as forgotten b-sides or second-side cuts from the band’s classic period. (“If Darkness Was a Son,” though, will likely always be a tough hang.)

But just as important than the specific songs and performances was the band’s good vibes throughout. You wouldn’t necessarily expect to be able to describe a Metallica concert — particularly one that starts with “Creeping Death” — as “life-affirming,” but that’s how it felt watching these guys cheesing up a storm, raving about their own picks (“I like that song!”) dodging gigantic beach balls onstage (dropped on the crowd during “Seek and Destroy”), even throwing an entire red Solo cup’s worth of picks into the crowd after the show. “We are so grateful to be up there kicking ass and celebrating life with you,” frontman James Hetfield raved. Bassist Robert Trujillo, who’s now been with the band a full two decades (and is basically the same age as the other members), still bounds with a sort of new-guy energy to him; he’s a great argument for why all veteran rock bands should add a brand new member — preferably one who’s been a longtime fan — halfway through their lifespan, to keep things from ever getting too stale.

The show closed with “Master of Puppets” — a signature song which, after three and a half decades of fan worship, also become the band’s unlikely first Hot 100 top 40 hit in nearly 15 years last summer. The most indelible image of the evening — in our section at least — was a series of four pre-teens in matching Metallica shirts losing their minds (and eventually their shirts) to “Master”; all members-in-training of the Hellfire Club, no doubt. One of the adults supervising them was also wearing a shirt with a Napster logo — seemingly as neither an ironic nor confrontational gesture, but rather just as a winking acknowledgment of how much water under the bridge band and audience share after 40 years.

The most emotional moment of the night, however, came earlier, as Hetfield acknowledged thanked the crowd for “remembering my birthday” — the frontman having turned 60 just on Thursday. “My seventh decade on the planet… I can’t believe it,” he rhapsodized from on stage. “Younger me would be saying, ‘You made it. You effing made it.’” Then, before launching into “Fade to Black” — from the band’s second album, and still one of the most vivid, heartbreaking, and still strangely empowering songs ever written about suicidal ideation — he reflected, “I’m glad I didn’t listen to my head when I was young.” It’s a long way to the top, but Hetfield and Metallica made a very good case on Friday for why getting there is worth the trip.

Setlist:

“Creeping Death”
“Harvester of Sorrow”
“Holier Than Thou”
“King Nothing”
“72 Seasons”
“If Darkness Had a Son”
“Fade to Black”
“Shadows Follow”
“Orion”
“Nothing Else Matters”
“Sad But True”
“The Day That Never Comes”
“Battery”
“Fuel”
“Seek and Desteroy”
“Master of Puppets”

Ciara Wants to Help You ‘Level Up’ Your Skincare Routine: Here’s How to Shop OAM Skin

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.

Ciara wants to help you level up your skincare routine with OAM Skin. The “How We Roll” singer’s affordable skincare line is comprised of cleanser, moisturizer, eye cream and more priced from $28-$65.

Explore

Explore

See latest videos, charts and news

See latest videos, charts and news

“OAM stands for ‘on a mission,’” Ciara explained in an interview with Billboard‘s Tetris Kelly. “I’m on a mission to make clinical skincare simple for all, and to give you the one-two-step process to level up the radiance in your skin.”

OAM Skin’s line of products includes Vitamin C Hydrating Cleanser ($28), Vitamin C Radiance Moisturizer ($43), Vitamin C Eye Revitalizer ($35), 20% Vitamin C Brightening Serum ($62) and Vitamin C Brightening Pads.

“Vitamin C is a key component in every product,” Ciara added. “You don’t really see skincare lines where they have vitamin c in every product.”

One of the fan favorites from OAM Skin are the brightening pads, which are good for exfoliating the skin, treating hyperpigmentation, clearing your pores and evening out the skin tone.

Another one of OAM Skin’s star players? The 20% Vitamin C Brightening Serum or “liquid gold” as Ciara calls the bestselling product. “It’s allowing your skin to get that [radiant] glow up.”

Keeping the price affordable was another “key component” in creating the line. “I call it ‘affordable luxury’ for the skin. These products could be priced high because they’re all clinically based, but it was important to me that everyone had access to luxury skincare.”

Besides her skincare and music, Ciara is co-owner of Ten to One Rum and stars in a new campaign for Gap x LoveShackFancy.

OAM Skin is available at DermStore, QVC.com and OAMSkin.com. To make it easier for you to get your hands these must-haves, we teamed up with TalkShopLive, the first online platform for live streaming and home shopping.

Watch the video below to shop items from the skincare line and tune into the live stream on Monday (Aug. 7) at 7 p.m. ET to shop with Cici!

SM Entertainment’s Strong Earnings Place It Atop Music Stocks In Down Week Overall

SM Entertainment’s second quarter earnings, which were announced Wednesday (Aug. 2), helped shares of the K-pop music company, home to such acts as NCT Dream and Red Velvet, gain 7.6% to 137,700 won ($105.59) this week. That made it the top performer of the 21 stocks in the Billboard Global Music Index this week.

The index fell 1.9% to 1,360.05 in a week in which stocks were broadly down around the world. In the United States, the S&P 500 and Nasdaq composite fell 2.3% and 2.8%, respectively, marking their worst weeks since March. The FTSE 100 in the United Kingdom declined 1.7%. South Korea’s KOSPI composite index declined 0.2%.

The return of the concert business helped SM Entertainment revenues grow 30% to 239.8 billion won ($184 million), beating the 20.3% year-over-year improvement in the first quarter of 2023. SM artists had 60 concerts in the second quarter compared to six in the prior-year period. Merchandise revenue jumped 75% from sales increases from pop-up retail stores related to album releases. The day before SM announced earnings, the company’s shares got a 3.1% boost from Tuesday’s announcement that it had combined its North American operations with the U.S. operations of Kakao Entertainment, which acquired a 40% stake in SM in March.

Most of the companies that reported earnings this week saw their share prices decline week-over-week, though. Believe dropped 5.4%, SiriusXM fell 5.5% and Deezer lost 7.1%. Shares of Reservoir Media were unchanged.

Another K-pop company, HYBE, was one of just five of the index’s 21 stocks in positive territory this week. Shares of HYBE, which will report second-quarter earnings on Tuesday (Aug. 8), improved 5.2% to 272,000 won ($208.58). iHeartMedia, which also reports earnings on Tuesday, gained 6.9%.