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Music stocks had their worst week in three months, as most companies that reported earnings this week were penalized for not offering more to investors. Spotify, Live Nation, SM Entertainment and Reservoir Media all finished the week ended Nov. 7 in the red — though live entertainment companies Sphere Entertainment and MSG Entertainment bucked the trend by posting sizable gains after putting out their quarterly earnings reports.
The 19-company Billboard Global Music Index (BGMI) fell 5.0% to 2,703.11 as losers outnumbered winners 15 to 4. After soaring earlier in the year, the BGMI is now 13.3% below its all-time high of 3,117.20 (in the week ended June 30) and is now equal to its value in early May.
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iHeartMedia was a notable exception to the carnage. The radio company’s shares jumped 55.9% to $4.63 after a report at Bloomberg said the company is in talks to license its podcasts to Netflix. Netflix is known to be seeking video podcast content and has also reportedly approached SiriusXM about distributing its podcasts. The week’s high mark of $4.77, reached on Thursday (Nov. 6), was iHeartMedia’s highest mark since March 17, 2023.
Sphere Entertainment Co. rose 12.6% to $77.08 after the company’s earnings report on Tuesday (Nov. 4) showed an improvement in the Sphere segment’s operating loss. Led by the popularity of The Wizard of Oz, the number of film viewings, called The Sphere Experience, rose to 220 from 207 in the prior-year period. Sphere’s shares are now up 81.5% year to date.
MSG Entertainment (MSGE) shares gained 5.3% to $46.51 following the company’s earnings report on Thursday. MSGE’s revenue jumped 14% to $158.3 million while its operating loss deepened to $29.7 million from $18.5 million a year earlier. J.P. Morgan raised its price target to $47 from $41, citing management’s comments on pricing and higher expectations for the Christmas Spectacular at Radio City Music Hall.
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Companies such as Live Nation and Spotify reported solid results but suffered a large share price decline — part of a trend that extends well beyond music companies, Bernstein analysts wrote in an investor note on Thursday: “We’ve seen a brutal theme emerge across the consumer [technology, media and telecommunications] sector: stocks that deliver perfectly in-line or modestly better than expected results are still getting sold.” Growth is not good enough, they explained, and investors are “shooting first and asking questions later” when a company doesn’t have a “bulletproof guide” for the next year or two.
Live Nation shares ended the week down 6.0% to $140.51 after the company reported third-quarter earnings on Tuesday (Nov. 4). Despite showing continued revenue and adjusted operating income growth, Live Nation’s share price fell 10% the following day, though the price recovered some losses in each of the next two trading days. Bernstein maintained its $185 price target and called the sell-off a buying opportunity, but numerous other analysts lowered their Live Nation price targets, including Oppenheimer (from $180 to $175), Evercore (from $180 to $168), Morgan Stanley (from $180 to $170), J.P. Morgan (from $180 to $172) and Roth Capital (from $180 to $176).
Also releasing third-quarter earnings on Tuesday was Spotify, whose stock fell 5.9% to $616.91 in the aftermath. The company reported 12% revenue growth, but the title of Bernstein’s investor note on Tuesday perfectly captured Spotify’s need to constantly impress investors: “When you trade at 50x EPS, you’d better make sure everybody’s happy.” Meanwhile, J.P. Morgan called the company’s fourth-quarter outlook “slightly mixed”: The company’s guidance on monthly average users and gross margin were “above expectations,” it said, but guidance on subscribers, revenue and operating income were lighter than expected. Guggenheim lowered its price target to $800 from $850, noting that results met expectations but that “questions remain” on Spotify’s ability to improve margins through price increases.
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Elsewhere, Reservoir Media fell 3.0% to $7.37 following the release of its quarterly earnings on Tuesday, while Warner Music Group, which reports earnings on Nov. 20, fell 5.4% to $30.23. Universal Music Group, which reported earnings on Oct. 30, dropped 3.4% to 22.48 euros ($26.01).
K-pop company SM Entertainment fell 14.1% to 102,600 KRW ($70.47), having dropped 9.6% in the two days following the release of third-quarter results on Thursday. Other K-pop companies also experienced large declines as HYBE dropped 10.4%, JYP Entertainment dipped 11.0% and YG Entertainment sank 21.3%, likely because of a report that BLACKPINK’s next album has been delayed until January 2026.
Most indexes had an off week. In the U.S., the Nasdaq composite fell 3.0% to 23,004.54, marking its worst week since April. The S&P 500 dropped 1.6% to 6,728.80. The U.K.’s FTSE 100 sank 0.4% to 9,682.57. South Korea’s KOSPI composite index plummeted 3.7% to 3,953.76. China’s Shanghai Composite Index rose 1.1% to 3,997.56.
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HYBE has disclosed the sale of its remaining 9.38% stake in rival SM Entertainment to Tencent Music Entertainment (TME), a subsidiary of Chinese tech giant Tencent. The deal, valued at approximately 243.35 billion South Korean won (approximately $177 million), involves the transfer of 2.21 million shares at 110,000 won per share and is set to close on May 30, according to a new regulatory filing.
This transaction marks HYBE’s complete exit from SM Entertainment, a powerhouse K-pop agency behind acts like EXO, aespa and NCT 127.
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HYBE initially entered SME in 2023, acquiring a 14.8% stake from founder Lee Soo Man and later raising its holding to 15.78% through a failed takeover bid, ultimately losing out to Kakao, which now holds a 40.28% stake. After reducing its stake to 9.38% in May 2024, HYBE has now sold its remaining shares.
Why get out of the SME business? HYBE said on Tuesday that it has “divested noncore assets as part of a choice and concentration strategy” and that “secured funds will be used to secure future growth engines.”
TME’s acquisition makes it the second-largest shareholder in SME, behind Kakao. It operates leading Chinese music platforms such as QQ Music and Kugou Music and has existing ties to K-pop through partnerships with HYBE and others. TME also holds minority stakes in YG Entertainment and Kakao Entertainment, signaling its broader strategy to expand influence in the global K-pop landscape.
For SME, the deal could strengthen its reach in the Chinese market and enhance its digital distribution, artist promotion and content collaborations through Tencent’s various platforms. SME is coming off a strong Q1, with revenue up 5.2% year-over-year, driven by strong growth in concerts and recorded music. Concert revenue surged 58% thanks to tours by NCT 127, aespa and others, and recorded music rose 23.1%, led by Hearts2Hearts’ debut.
The acquisition reflects TME’s ongoing investment in Korean assets and sets the stage for deeper cross-border collaboration in music and media. It also marks the latest shift in the balance of power within the K-pop industry, highlighting the growing influence of Chinese tech giants in South Korea’s entertainment sector.
Meanwhile, HYBE is repositioning itself for future expansion, using the proceeds from this sale to invest in new ventures. The company continues to grow globally with its roster of artists including BTS, NewJeans and SEVENTEEN, and remains focused on developing next-gen platforms and talent. In the first quarter, HYBE reported strong financial performance despite a 5.9% drop in recorded music revenue. Total revenue rose 38.7% year-over-year, driven by a 252% surge in concert revenue and a 75.2% increase in merch and licensing. HYBE also expanded into Latin America with festivals and a music competition show.
With stock markets slipping and tariff concerns rising, music stocks from South Korea and China were the best performers for the week ended May 23.
K-pop company SM Entertainment, home to aespa and RIIZE, led music stocks with a 10.6% gain. Two Chinese music streamers, Netease Cloud Music and Tencent Music Entertainment (TME), followed with gains of 7.0% and 5.4%, respectively. HYBE, home to BTS and its members’ solo projects, was close behind with a 4.0% gain.
Driven by the gains in Asian stocks, the 20-company Billboard Global Music (BGMI) rose 0.2% to a record 2,800.92. The small gain marked the seventh consecutive weekly gain after a two-week loss centered around President Trump’s April 1 tariffs announcement. Proving that music performs well in times of economic uncertainty, the BGMI has gained 31.8% year to date, far exceeding both the Nasdaq (down 4.5%) and S&P 500 (down 2.4%).
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U.S.-listed stocks performed especially poorly this week. Only one music stock traded on a U.S. exchange, TME, posted a gain this week. (TME is dual listed and also trades on the Hong Kong Stock Exchange. Its American Depository Receipts trade on the New York Stock Exchange.) Of the 12 stocks on the BGMI that lost value this week, only German concert promoter CTS Eventim trades outside of the U.S.
U.S. stocks finished the week on a sour note after President Trump recommended a 50% tariff on the European Union after trade negotiations stalled. The S&P 500 dropped 2.6% and the Nasdaq fell 2.5% amidst a battery of warning signs for the U.S. economy: Moody’s downgrade of the U.S. debt rating, the resulting concerns about the U.S. debt and a drop in the Leading Economic Index, among other factors. The U.S. is experiencing “death by a thousand cuts” and suffering from “the drip, drip, drip of poor fiscal news,” Deutsche Bank’s Jim Reid wrote this week.
CTS Eventim, which fell 4.7% to 106.60 euros ($121.21), was the only music company to announce quarterly results this week. While the 2024 acquisition of See Tickets helped revenue jump 22%, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved just 8.9% and the company missed some analysts’ expectations. After Thursday’s announcement, the company’s share price fell as much as 14.7% before ending the day down 6.2% to 105.60 euros ($111.09).
Among multi-sector companies in the label and publishing business, Universal Music Group fared well, gaining 1.8% to 27.77 euros ($31.57). Warner Music Group fell 5.3% to $26.22 despite a lack of market-moving news or analyst comments. Reservoir Media, which reports earnings on May 28, dipped 1.2% to $7.23.
Streaming services were a mixed bag. Spotify fell 0.4% to $653.82. Deezer rose 0.8% to 1.31 euros ($1.49). Anghami sank 5.1% to $0.56. LiveOne was one of the week’s biggest losers after dropping 20.8% to $0.76. On Thursday (May 22), LiveOne announced it secured $27.8 million of convertible notes financing and drew down $16.8 million on May 19. The notes convert into shares of LiveOne common stock at $2.10 per share.
Live Nation fell 1.8% to $145.01. Macquarie increased its price target to $175 from $165 and maintained its “outperform” rating. On Tuesday, Live Nation named Richard Grenell, an appointee during President Trump’s first term, to its board of directors.
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Growth in music and concert revenue pushed K-pop company SM Entertainment’s consolidated revenue to 231.4 billion KRW ($159 million), up 5.2% from the prior-year period. Operating profit of 32.6 billion KRW ($22 million) was up 109.6% while operating margin improved to 32.6% from 15.5%. SM’s concert revenue grew 58.0% to 39 billion KRW ($27 million) […]
K-pop companies SM Entertainment and HYBE were among the best-performing music stocks of the week as most stocks were dragged down by continued uncertainty about U.S. tariff policy and new data on higher-than-expected inflation.
SM Entertainment, home to NCT Dream and RIIZE, was the week’s best performer after gaining 6.7% to 107,000 KRW ($72.91). That brought the company’s year-to-date gain to 47.4% — the best of any music stock.
HYBE, which counts BTS and its solo members’ projects among its vast roster, improved 3.7% to 240,500 KRW ($163.87). On Thursday (March 27), HYBE announced that BTS songs such as “Dynamite” and “Butter” will be featured on Lullaby Renditions of BTS, out April 4 on Rockabye Baby! Music. HYBE shares are up 19.7% year to date, the fifth-best among music stocks.
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K-pop fared well during a down week for most stocks and markets in general. YG Entertainment, home of BLACKPINK and BABYMONSTER, rose 3.3% to 63,500 KRW ($43.27) while JYP Entertainment was unchanged at 61,300 KRW ($41.77).
Outside of South Korea, music stocks reflected the challenging economic conditions and uncertainties that have hurt stocks in recent weeks. The 20-company Billboard Global Music Index (BGMI) declined 2.9% to 2,459.98, marking its fourth decline in the last six weeks. With just eight of its 20 stocks finishing the week in the black, the BGMI fell into correction territory as its value has declined 10.7% since the week ended Feb. 14. The first six weeks of 2025 were good enough to overcome the recent slump, however, and the BGMI is up 15.8% year to date and has gained 40.4% over the last 52 weeks.
Stocks took another hit on Friday (March 28) after the core personal consumption expenditures price index, a measure closely watched by the U.S. Federal Reserve, increased 0.4% in February. That put the 12-month inflation rate at 2.8%. Both figures were above experts’ expectations. The tech-heavy Nasdaq composite finished the week down 2.6%, increasing its year-to-date decline to 11.7%, while the S&P 500 fell 1.5%. In the U.K., the FTSE 100 increased 0.1%. South Korea’s KOSPI composite index fell 3.2%. China’s SSE Composite Index dropped 0.4%.
The BGMI was pulled down by Spotify’s 6.5% decline and a 4.2% drop by German concert promoter CTS Eventim. Warner Music Group, one of the index’s largest companies, dropped 2.7% to $31.56.
Tencent Music Entertainment (TME) gained 2.7% to $14.38 after Deutsche Bank upgraded its rating on TME shares to buy from hold. Universal Music Group rose 2.0% to 25.99 euros ($28.12) after Wells Fargo upped the rating on the company’s shares to overweight from equal weight and increased the price target to 33 euros ($35.70) from 28 euros ($30.29).
Music streaming company LiveOne had the week’s biggest decline at 14.1%. The company announced on Wednesday (March 26) that subscribers and ad-supported users surpassed 1.4 million.
Radio company iHeartMedia fell 6.8%, putting its year-to-date loss at 23.0%. Satellite broadcaster SiriusXM dropped 3.1% to $22.75, though it’s still up 1.7% in 2025.
K-pop company SM Entertainment used a healthy concert business to compensate for a slow new release schedule in posting revenue of 273.8 billion won ($189 million) in the fourth quarter of 2024, up 9% year over year, according to the company’s latest earnings report. Operating profit nearly tripled to 33.9 billion won ($23 million) and net loss was more than halved to 24.1 billion won ($17 million).
Recorded music revenue dropped 5.1% to 86.0 billion won ($59 million) due to a decrease in new album sales, which came in at 3.78 million units versus 5.51 million units in the prior-year period. NCT Dream sold 1.56 million units while Aespa had 1.1 million album sales in the quarter. Elsewhere, WayV sold 400,000 units and Irene sold 360,000 units.
Concert revenue grew 11.9% to 22.5 billion won ($15.5 million) thanks to an expanded tour schedule during the quarter. Exo’s Chanyeol performed 14 solo shows across Southeast Asia, Japan and China. NCT Wish performed 12 in Asia. NCT Dream, which began its world tour in the second quarter, played nine concerts in the fourth quarter. The higher number of concerts, as well as an increase in special events such as pop-up stores, helped merchandise and licensing revenue jump 33.7% to 51.2 billion won ($35.3 million).
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In the first quarter, music releases include SMTOWN’s 30th anniversary album, SMTOWN, THE CULTURE, THE FUTURE, on Friday (Feb. 14). Red Velvet’s Seulgi and WayV’s Ten are also both due to release EPs, and a new girl group, Hearts2Hearts, will debut on Feb. 24 with the single “The Chase.”
This year, SM Entertainment is celebrating its 30th anniversary with a new slogan (“The Culture, The Future”), new films, new broadcast programs and SMTOWN LIVE 2025 World Tour concerts around the globe. “’THE CULTURE’ represents the legacy and cultural heritage that SM has built over the past three decades,” CEO Jang Cheol-hyuk said during the earnings call. “‘THE FUTURE’ embodies our ambition to drive innovation in the global music industry and lead the next era of K-pop. At SM, music is at the heart of everything we do. Through our music and cultural influence, we strive to remain a meaningful part of people’s daily lives. This slogan underscores our commitment to pioneering the future of K-pop while honoring the foundation we’ve built.”
In addition to announcing fourth-quarter results, SM Entertainment revealed that its board of directors approved the retirement of the remaining treasury shares, which are shares the company has repurchased from shareholders and holds on its books. The remaining treasury shares equal 2% of outstanding shares and are valued at 40.3 billion won ($27.8 million). Last February and August, the company retired more than 35 billion won ($24.1 million) worth of treasury shares.
SM Entertainment shares rose 2.9% to 95,000 won ($65.42) on Tuesday (Feb. 11) following the earnings release and announcement of the share retirement. Year-to-date, SM Entertainment stock has risen 25.7%.
Led by SM Entertainment and JYP Entertainment, K-pop stocks soared above other music stocks in a strong week for markets in general. SM, home to such artists as Red Velvet and aespa, rose 13.8% to 78,400 won ($53.76) after news broke on Wednesday (Jan. 15) that the company will introduce a new girl group on Feb. 24. Meanwhile, JYP gained 6.7% to 76,400 won ($52.39), while YG Entertainment and HYBE rose 5.6% and 3.7%, respectively.
The gains made by K-pop companies in recent weeks have outpaced the overall Korean stock market. In the week ended Jan. 17, the four South Korean music companies had an average gain of 7.5%, beating the 0.3% gain of the KOSPI composite index, a measure of all stocks traded on South Korea’s exchange. South Korean stocks have rebounded from their low points since a declaration of martial law by South Korea’s prime minister on Dec. 3 that caused political turmoil and instability in the country’s market. The four K-pop companies are up an average of 20.6% from each company’s post-Dece. 3 low point, while KOSPI has gained 6.9% since hitting a low point on Dec. 9.
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The 20-company Billboard Global Music Index rose 4.7% to 2,226.11, its second-highest mark since reaching 2,280.51 on Dec. 6 and the third-highest one-week gain in the last year. Only four of the index’s 20 stocks posted losses while the remainder finished the week in positive territory. Radio companies led the way with an average gain of 13.3%. Multi-sector companies (labels and publishers such as Universal Music Group and Warner Music Group) gained 4.3%. Live music companies followed with a 3.6% gain. Streaming companies had an average loss of 1.1%.
Stocks were helped by news that the consumer price index, a widely used measure of inflation faced by consumers, rose a lower-than-expected 3.2% in December. The producer price index, a measure of wholesale prices, also beat expectations by rising just 0.2% last month. In the United States, the Nasdaq composite rose 2.4% to 19,630.20 and the S&P 500 had its best week since the presidential election, gaining 2.9% to 5,996.66. In the United Kingdom, the FTSE 100 rose 3.1% to 8,505.22. China’s Shanghai Composite Index climbed 2.3% to 3,241.82.
iHeartMedia was the top music performer of the week, rising 23.9% to $2.33 in the absence of major news. The only significant public development was Barclays’s announcement through a regulatory filing on Friday that it increased its stake in the radio giant by 513% in the third quarter. Cumulus Media rose 9.1% to $0.84. The other radio company, satellite broadcaster SiriusXM, gained 6.9% to $22.27.
Spotify shares rose 5.7% to $485.53 on Friday after surpassing $500 per share on Thursday (Jan. 16) — marking only the second time Spotify shares have hit the $500 mark in intraday trading. Investors reacted positively to UBS increasing its Spotify price target on Wednesday (Jan. 15) to $540 from $485. Then on Friday, Wolfe Research downgraded Spotify to “peer perform” from “outperform,” helping Spotify shares fall 1%.
Concert promoter Live Nation rose 5.5% to $135.61. The stock peaked at $136.21 on Friday, its highest point since Dec. 17 and just 3.5% below its 52-week high of $141.18. Live Nation will co-produce the FireAid benefit concerts to benefit victims of the wildfires in Los Angeles. The Azoff family and AEG are also producers of the concerts, which will be held on Jan. 30 at the Kia Forum and Intuit Dome.
Abu Dhabi-based music streaming company Anghami was the week’s worst performer after dropping 10.3% to $0.70, while French music streamer Deezer fell 5.3% to 1.24 euros ($1.28) and LiveOne shares fell 1.7% to $1.18. LiveOne announced on Thursday that it has reached 500,000 Tesla users and projects to reach 550,000 Tesla owners — including 150,000 new ad-supported subscribers — by Feb. 1.
Gamma., Kakao Entertainment and SM Entertainment have formed a strategic global alliance to launch British boy band dearALICE, the companies jointly announced on Tuesday (Nov. 26). The pact will include global distribution in the U.S., U.K. and Korea/APAC, along with label services across A&R, production, marketing, promotion, brand sponsorships and global business development.
dearALICE’s formation was documented in the six-part BBC One series Made in Korea: The K-Pop Experience, which was produced by Kakao, SM and British production company Moon&Back Media (The X Factor, Britain’s Got Talent). The show followed the group’s five U.K. members — Blaise Noon, Dexter Greenwood, James Sharp, Oliver (Olly) Quinn and Reese Carter — as they embarked on a 100-day K-pop-style training regimen at SM. An original soundtrack album from the show was also released.
The parties came together in L.A. to finalize the agreement. Those in attendance included Larry Jackson, co-founder/CEO at gamma.; Joseph Chang, co-CEO at Kakao Entertainment and CEO at SM & Kakao Entertainment America; Jung Min Choi, chief growth officer at SM Entertainment; Kevin Nishimura, COO at SM & Kakao Entertainment; Ben Cook, president of UK & Europe at gamma.; Russ Lindsay, co-founder at Moon&Back Media; and all five dearALICE members.
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dearALICE is slated to release its official debut single by the end of this year.
“I have found that it is a superpower in life to embrace the truth of ‘I know what I don’t know.’ I have always been intrigued by the music and culture coming out of South Korea, and to now partner with Kakao Entertainment and SM Entertainment on dearALICE affords gamma. an opportunity to learn from THE BEST in that culture,” said Jackson in a statement. “We are already finding a special creative kinship with Joseph, Kevin and their teams. Our ideations are very much aligned albeit informed by different life experiences, from disparate corners of the globe.”
Jackson continued, “The cleverness of creating this show, it premiering on the BBC in the U.K., and bringing this extremely talented group to the world by way of it, was their idea, and we are thrilled to be a part of it. Kakao Entertainment and SM have always been purveyors of true, patient artist development in Korea, and I have deeply respected their approach from afar. Expect to hear a lot from dearALICE in 2025.”
“Our partnership with gamma. represents an exciting step in our ongoing strategy for the successful launch of dearALICE,” said Chang. “Collaborating with a label of gamma.’s stature, known for its deep industry expertise and innovative approach, allows us to accelerate our efforts in bringing forward dearALICE to audiences worldwide. dearALICE stands out as a truly distinctive project for our company, blending British roots with the global reach and creative influences of Kakao Entertainment and SM Entertainment. We believe this collaboration will unlock new opportunities for the group to thrive internationally, while also showcasing their groundbreaking artistry to music fans across the globe.”
Added Lindsay, “What an amazing twelve months it’s been for the boys! From being cast in December last year, to experiencing a unique and unforgettable 100 days of K-pop training with SM Entertainment in Korea, then premiering a 6-part Saturday night BBC One TV series in the summer, followed by the Made in Korea: The K-Pop Experience Original TV Soundtrack EP release and a superb live performance on the UK’s highest-rated entertainment show, BBC One’s Strictly Come Dancing! It’s a testament to their incredible hard work and passion that sees them sign a major global recording and distribution deal with gamma., joining a stable with some of the world’s most talented artists and music executives.”
Shares of Spotify rose 8.0% to $365.00 this week to lead all music stocks in a week the Billboard Global Music Index reached a new high and many of its largest components posted mid- to high-single digit gains.
The Swedish music streaming giant was boosted by a report by Pivotal Research Group that increased its price target to $510 from $460 and reiterated its “buy” rating. Spotify’s intraday high of $368.29 on Thursday set a new 52-week high for the stock and was its best mark since Feb. 21, 2021.
Spotify led the 20-company Billboard Global Music Index (BGMI) to a record high 1,873.87, up 4.1% for the week, as ten of the stocks posted gains this week, nine lost value and one was unchanged. After a 4.8% drop the week ending Sept. 6 and stagnating since March, the BGMI has gained 7.4% in the last two weeks and raised its year-to-date gain to 22.2%—more than two percentage points above the gains of the Nasdaq composite (up 19.6%) and the S&P 500 (also up 19.6%).
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Stocks generally had a good week after the U.S. Federal Reserve announced on Wednesday a rate cut of half a percentage point, the first time the central bank lowered the overnight borrowing rate since the early days of the COVID-19 pandemic. Investors had expected the Fed’s move, though, and had priced the effect of a rate cut into stock prices. Still, the Nasdaq composite climbed 1.5% to 17,948.32 and the S&P 500 rose 1.4% to 5,702.55. South Korea’s KOSPI composite index improved 0.7% to 2,736.81 and China’s Shanghai Composite Index rose 1.2% to 2,736.81. In the United Kingdom, the FTSE 100 fell 0.5% to 8,229.99.
Warner Music Group gained 4.9% to $30.44. WMG’s Atlantic Music Group laid off about 150 people Thursday as part of a restructuring plan that began in February. The week’s intraday high of $30.88 was WMG’s highest price since reaching $32.34 on July 24. The company also announced in an SEC filing this week it secured a $1.3 billion term loan that will be used to repay an existing loan and pay associated fees and expenses.
Live Nation shares also gained 4.9% to $103.65 and brought its year-to-date improvement to 10.7%. Thursday’s intraday high of $105.42 was its highest mark since April 1 and less than $2 below its 52-week high of $107.24. The concert promoter scored a win in Portland, Ore., this week after the city council upheld an August decision to allow the development of a 3,500-capacity music venue that will be operated by Live Nation.
Two other promoters also posted gains this week. MSG Entertainment, rose 4.6% to $42.16, while CTS Eventim improved 1.2% to 87.90 euros ($98.23). Another live entertainment company, Sphere Entertainment Co., dropped 2.7% to $41.09.
K-pop companies’ modest decline was an improvement from their consistently steep drops in recent weeks. The four South Korean companies had an average loss of 1.2% this week. HYBE fell 2.4%, JYP Entertainment dipped 1.2%, YG Entertainment slipped 0.9% and SM Entertainment lost 0.2%. After surging in previous years, the quartet has an average year-to-date loss of 40.4%.
Universal Music Group fell 3.6% to 22.75 euros ($25.42) following its Capital Markets Day on Tuesday. Analysts generally felt UMG set reachable financial targets and presented a believable roadmap about its strategy for the next four years. The Amsterdam-listed company laid out a strategy to achieve 8% to 10% cumulative annual growth rate (CAGR) for its subscription revenue and above 7% CAGR for total revenue.
Music streamer LiveOne had the biggest decline of the week, dropping 6.1% to $1.38. That put shares of LiveOne into the red for 2024 with a 1.4% year-to-date loss.
Just days after a company established to release solo music by band members of K-pop group EXO declared “war” against the stars’ longtime label and management agency SM Entertainment over a contract dispute, the K-pop giant has filed a lawsuit against the trio. As reported by the Korea JoongAng Daily, SM filed a civil suit […]
