State Champ Radio Sphere Entertainment Co.
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Sphere Entertainment Co. shares jumped 11.2% to $76.04 in the week ended Nov. 28. Despite frequent news reports that tourism in down in Las Vegas, the Sphere venue’s growth has propelled shares of its parent, Sphere Entertainment Co., to a 99.2% gain in 2025.
While no market-moving news was released this week, a steady stream of news has painted a positive picture for the venue. The company announced in October that its remake of The Wizard of Oz surpassed $130 million in sales and more than 1 million tickets. Earlier this month, Sphere announced additional shows in The Eagles residency, bringing the band’s run to a venue record of 56 shows. Earlier this week, Sphere Entertainment Co. announced that Christopher Winters was appointed senior vice president, controller and principal accounting officer.
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Music stocks had a rare positive week as the 19-company Billboard Global Music Index (BGMI) gained 1.0% to 2,597.30. With 14 of the index’s companies in positive territory, the slight improvement marked the BGMI’s first gain in 11 weeks. Year-to-date, the index is up 20.5% but is 16.7% below its all-time high of 3,117.20 set during the week ended June 30.
Markets around the globe outpaced music stocks this week. In the U.S., the Nasdaq composite gained 4.9% to 23,365.69 and the S&P 500 rose 3.7% to 6,849.09. The U.K.’s FTSE 100 climbed 1.9% to 9,720.51. South Korea’s KOSPI composite index improved 1.9%, bringing its year-to-date gain to 60.8%. China’s Shanghai Composite Index was up 1.4% to 3,888.60.
The biggest gain of the week came from French music streamer Deezer, which rose 13.5% to 1.09 euros ($1.26). The hefty gain narrowed Deezer’s year-to-date loss to 16.8%. On Tuesday (Nov. 25), Deezer unveiled a new personalization feature that allows users to change to look and layout of the mobile app.
K-pop company SM Entertainment rose 6.0% to 102,000 KRW ($69.50). Reservoir Media increased 4.4% to $7.30. SiriusXM and MSG Entertainment each climbed 3.6%. Spotify, the BGMI’s largest component, gained 2.6% to $583.62.
Three of the BGMI’s largest companies — Warner Music Group, Universal Music Group (UMG) and CTS Eventim — lost ground this week. CTS Eventim fell 0.4% to 84.65 euros ($98.18). On Monday (Nov. 24), Bernstein lowered its CTS Eventim price target to 99.00 euros ($114.83) from 100.00 euros ($115.98) and maintained its “outperform” rating. Universal Music Group fell 2.3% to 22.61 euros ($26.22), increasing its year-to-date loss to 7.7%.
Warner Music Group (WMG) shares fell 8.0% to $30.69. The decline didn’t come from news that WMG settled its lawsuit with generative AI music platform Suno — WMG shares had already fallen 7.6% by the time news of the settlement and corresponding licensing agreement was announced on Tuesday afternoon. Rather, the drop is part of a larger trend in recent months amongst multi-sector companies. In the last nine weeks, WMG has fallen 16.6% and UMG is down 11.6%.
Some K-pop companies have fared even worse. Over nine weeks, SM Entertainment has dropped 14.9%, JYP Entertainment has plummeted 33.6% and YG Entertainment has plummeted 7.5%. HYBE, on the other hand, has gained 12% over nine weeks due to a Korean court ruling that NewJeans must honor its exclusive contract with HYBE imprint ADOR.
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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.
Now that all the major music companies have reported earnings for the quarter ended March 31, it’s a good time to reflect on the notable performances in the bunch. Most companies posted good results and showed that music is a reliable business during times of uncertainty, with nearly all trending in the right direction (though companies not mentioned here didn’t necessarily have something to crow about). But because companies naturally experience ebbs and flows — a slow new release schedule or heavy sales of low-margin vinyl records can wreak havoc on market perceptions — the results for any one quarter won’t tell the entire story.
Below, I run down a few notable and/or interesting highlights from the latest earnings releases. For a full recap of earnings reports, refer to Billboard’s 2025 Q1 earnings roundup, which provides quick summaries of music companies’ earnings reports issued from April 29 to May 28. Best top-line revenue growth: 22% by CTS Eventim
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German concert promoter and ticketing company CTS Eventim’s top-line revenue got a boost from its 2024 acquisitions of See Tickets and France Billet, as consolidated revenue jumped 22.0% to 499 million euros ($525 million). Growth of the existing business was “slightly higher” than a strong prior-year period, CFO Holger Hohrein said on the May 22 earnings call. Ticketing revenue improved 16.9% to 214 million euros, a record for the first quarter. Retail tickets sold improved 42.1% to 40.5 million. Live entertainment revenue increased 24% to 292 million euros ($316 million), also a first-quarter record. Best streaming growth, record label: 9.5% by Universal Music Group (UMG)
Subscriptions helped offset a lackluster 2.9% increase in other streaming revenue, including ad-supported streaming, resulting in overall streaming growth of 9.5%. UMG executives have told investors they can achieve long-term recorded music subscription growth of 8% to 10% through 2028. While the figure bounces from quarter to quarter — and has fallen well below the target range — UMG landed above the high end of the target by achieving recorded music subscription revenue growth of 11.5% in the first quarter. The subscription growth was “driven primarily by growth in the number of subscribers, and to a much lesser extent, helped by certain price increases,” COO Boyd Muir said during the April 29 earnings call. Best subscription growth, streaming platform: 16.6% by Tencent Music Entertainment (TME)
TME’s subscription growth dominated the quarter for two reasons. First, average revenue per user improved 7.5% to $1.57, in part from the popularity of the Super VIP tier that costs five times as much as a normal subscription. Second, the number of subscribers grew 8.3% to 122.9 million. With more people paying a higher monthly fee, subscription growth rose to 17%. The ripple effects could be seen elsewhere: gross profit margin rose to 44.1% from 40.9% in the year-ago period, and the percentage of paying subscribers versus all music users improved to 22.1% from 19.6% a year earlier. Most surprising new business segment: Tencent Music Entertainment’s physical music sales.
In the first quarter, TME had a 10-day “head-start presale” of the Teens in Times album Beyond Utopia. TME also sold physical albums for One Hundred Thousand Volts by Silence Wang. For the K-pop artist G-Dragon, TME conducted a presale of light sticks and other products and offered limited-edition merchandise to buyers of his digital albums. Most impactful executive quotes: Sphere Entertainment Co. Executive chairman/CEO James Dolan and Vivid Seats CEO Stan Chia
Two vastly different companies provided contrasting takes on the state of live music demand. Amidst reports of falling international tourism to the U.S., Sphere Entertainment Co. CEO James Dolan downplayed concerns about visits to Las Vegas and attendance at the Sphere venue. Even if tourism took a hit, Dolan explained that “demand exceeds capacity, so we have room to absorb any issues from that.”
On the other hand, Stan Chia, CEO of secondary tickets marketplace Vivid Seats, described a more challenging landscape. The quarter “fell short of our expectations,” he said during the May 6 earnings call. Chia blamed the shortfall on “robust competitive intensity” and “softening industry trends amidst consumer uncertainty.” What’s more, he added, “economic and political volatility has impacted consumer sentiment, and this uncertainty can also impact how and when artists and rights holders go to market.” A 14% decline in revenue, combined with Chia’s comments and the company’s suspension of full-year guidance, caused a 38% one-day decline in Vivid Seats’ share price.
With tourism to the U.S. on shaky ground and consumer sentiment waning, Sphere Entertainment Co. CEO James Dolan says the Sphere venue in Las Vegas is on sound footing.
“There’s a little bit of Chicken Little going on in our economy,” Dolan said during the earnings call on Thursday (May 8), referring to the children’s fable about unfounded warnings that the sky is falling. “Maybe later we’ll see a more substantive reaction from the marketplace, but right now we’re not really seeing it.”
International guests account for 10% of guests to Sphere’s concerts and “a little over” 20% of visitors to Sphere Experience, the viewings of Sphere’s original content, according to Dolan. Even if Las Vegas experiences a decline in tourism, Dolan believes Sphere will be insulated by strong demand for its state-of-the-art performances. “When it comes to concerts,” he said, “demand exceeds capacity, so we have room to absorb any issues.”
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International relations and tariff concerns couldn’t be blamed for the decline in Sphere revenue in the company’s fiscal quarter ended March 31. Instead, it was an issue of fewer events that caused a 12.8% decline in revenue, to $157.5 million, the company’s parent, Sphere Entertainment Co., announced Thursday.
Sphere did show greater operational efficiency in the quarter. Selling, general and administrative expenses fell 12%, and adjusted operating income (AOI) was flat at $13.1 million despite the decline in revenue.
Investors reacted positively, sending shares of Sphere Entertainment Co. as high as $31.43, up 5.5%, on Thursday morning. The share price was up 5.2% to $31.33 in early afternoon trading.
With residencies by The Eagles, Dead & Company and Anyma, Sphere hosted 10 more concerts than the year-ago period. But the Sphere Experience had fewer showings of original content — Postcard From Earth and V-U2 An Immersive Concert Film — compared to the prior-year period. The quarter also had a difficult comparable because Las Vegas hosted the 2024 Super Bowl, which resulted in a record-setting week for Sphere’s advertising, CFO Robert Longer said. Those decreases were partially offset by increases in event-related revenues and the impact of Delta Air Lines’ corporate takeover of Sphere during CES in January.
Total Sphere Entertainment Co. revenue, which includes MSG Networks, fell 13% to $280.6 million. Consolidated AOI fell 25.6% to $36 million. MSG Networks revenue was $123.0 million, down 19% from the prior-year period, which reflects a nearly two-month absence of programming from Altice while the two parties renegotiated a multi-year renewal.
Dolan said he’s confident the company can drive growth this calendar year through “an array of concerts and third-party events,” sponsorships, and driving operational and cost efficiency. While he didn’t provide details on unannounced future residencies, Dolan said Sphere is having discussions with “multiple artists” and has more demand than availability of shows. “The pipeline is very full,” he assured.
The owner of Las Vegas’ Sphere has hit Beyoncé with a cease and desist letter over fan-shot concert footage that shows the superstar picking up a computer-generated version of the iconic Las Vegas venue and briefly juggling it between her hands, Billboard has confirmed.
“Beyoncé — many orders of magnitude larger than the Sphere venue — leans over, picks up the venue, and looms over it,” the letter reads, according to the New York Post, which first reported the news, leading to “significant speculation that Beyoncé will end her tour with a Sphere residency.” (Billboard has not independently obtained the letter.)
The filmed sequence, which plays during an interlude at Beyoncé’s newly launched Cowboy Carter tour, irked Sphere Entertainment Co. executive chairman/CEO James Dolan because Sphere unsuccessfully lobbied the “Texas Hold ‘Em” singer to perform at the venue in the past, sources with knowledge of the negotiations tell Billboard.
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Attorneys for Dolan, who is also the chairman/CEO of Madison Square Garden Entertainment Group, want Beyoncé to cut the brief sequence from her three-hour concert, which she performed for a second time at SoFi Stadium in Los Angeles on Thursday (May 1).
The letter is addressed to Beyoncé’s production company, Parkwood Entertainment, on behalf of Sphere Entertainment Group and authored by Kathleen McCarthy of the law firm King & Spalding. In the letter, Spaulding accuses Parkwood of using imagery of the Sphere’s likeness “without permission” and accuses the singer of misleading her fans.
“It has recently come to SEG’s attention that a Cowboy Carter tour interlude video contains the unauthorized use of SEG’s intellectual property,” the letter reads. “SEG is sure that multiple aspects of the interlude video, including other brands, clips and music, were duly cleared by the tour with rights permissions from the rights holders whose works were used in the video, as is common practice. SEG, however, was never asked and the prominent appearance and manipulation of SEG’s Sphere™ venue in the video is unauthorized.”
“SEG demands that the tour cease and desist from using the Sphere™ venue in the video immediately,” the letter continues, demanding that Parkwood “refrain from using this imagery on any merchandise, promotional or marketing materials, or in tour movies, etc. Should you fail to do so, SEG reserves all rights to take further action as SEG deems appropriate without notice to you.”
Beyoncé has never played Sphere in Las Vegas, although her representatives reportedly held talks with officials at Sphere Entertainment about a possible residency at the venue several years ago. Those discussions never materialized into bookings and Beyoncé has instead opted to play Allegiant Stadium when her Cowboy Carter tour stops in Las Vegas on July 25 and 26.
Billboard reached out to representatives for Beyoncé and tour promoter Live Nation for comment, but did not receive a response by press time.
MSG Networks, a subsidiary of Sphere Entertainment Co. and part of the business empire run by James Dolan, has another week to repay more than $800 million of debt without facing consequences from its lenders, the company announced Thursday (March 27) in an SEC filing. The company first announced in October 2024 that it was […]
Sphere Entertainment reported quarterly revenue of $308.3 million, slightly lower than the year-ago period, owing to half-a-dozen fewer shows, the Las Vegas venue company reported on Monday (March 3).
Sphere — which chairman/CEO James Dolan reminded analysts on a call is still basically a brand-new company — reported an operating loss of $142.9 million, a $16.7 million improvement compared to the same quarter a year ago. Meanwhile, adjusted operating income of $32.9 million was down $18.6 million from the prior-year quarter and events-related revenue of $54.4 million was $800,000 less than the year ago period. The quarter included shows by the Eagles and Anyma as well as the Las Vegas Grand Prix, which returned to Sphere in November as part of a multi-year deal.
With additional shows from the Eagles and Anyma and upcoming residencies by country star Kenny Chesney and Backstreet Boys, Dolan said 2025 will be marked by continued demand and improved operating efficiency.
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“This year, the biggest opportunities are the nuts and bolts of how well we operate the business. That is going to provide a boost,” Dolan said on a call with analysts. “Longer term, the expansion of more Spheres is what is going to deliver the most [return].”
Sphere grossed $169 million, while MSG Networks generated $139.3 million, for the quarter ending Dec. 31. Sphere’s operating loss of $107.9 million on an adjusted basis was $800,000, while MSG Networks reported an operating loss of $35 million. On an adjusted basis, MSG reported an adjusted operating income of $33.7 million.
Advertising on the outside of Sphere, which the company calls Exosphere, plus suite license fees generated $20.3 million, a $2.7 million improvement from the prior-year quarter.
Here’s what else you need to know from the earnings call.
In addition to Sphere Abu Dhabi, the company is working on mini-Spheres.
Last fall, Sphere Entertainment announced plans for a second Sphere venue in Abu Dhabi, the capital city of the United Arab Emirates (UAE), that would be entirely funded by the UAE’s Department of Culture and Tourism. The new venue will be operated as a franchise, with Sphere Entertainment receiving a franchise initiation fee that grants Abu Dhabi the right to use the company’s intellectual property and content from The Sphere Experience, like Postcard from Earth and V-U2: An Immersive Concert Film.
As plans for Sphere in Abu Dhabi move forward, the company is exploring smaller versions of Sphere that could seat around 5,000, compared to the Las Vegas venue’s 20,000-seat design, Dolan said.
“We’re currently working on the architecture of our smaller Sphere” and identifying mid-sized cities that could present opportunities, Dolan said. “We’re looking to take advantage of the content we’ve created already and the business we’ve created already and bringing it out to other markets. Right now, we’re in the planning and design phase.”
While the cost of playing Sphere is “high” for artists, demand is higher.
Dolan acknowledged that playing Sphere, a first-of-its-kind venue, comes with a slew of costs that can set performing artists back. But acts like Chesney, who will kick off a 15-show residency in May, and Backstreet Boys, who start an 18-show residency this summer, save on the cost of touring multiple cities, Dolan said.
“We know that the content costs are high for a band, but they are offset by the fact that it’s a residency,” he said. “So a touring band has to go to 50 cities, move place to place. The bottom line for bands is they do better.”
In response to a question about the biggest opportunities ahead, Dolan said the demand from fans, artists and corporate sponsors is overwhelming. The Las Vegas venue has 55 shows planned for the first half of 2025, up from 37 in the first half of 2024.
“We have a desire to do those concerts, and artists have a desire to play the Sphere,” Dolan said. “If there is anything that is going to limit concerts, it’s probably going to be [demand].”
Expect more concert videos like the one made of U2’s Sphere show.
Dolan declined to share details about the newest The Sphere Experience, but he said it’s likely the company will do more concert films like V-U2 in the future owing to the success of that show and the low cost of creating content like it.
These films, which are akin to “attending the concert without having the band there,” cost less than $500,000 to record and create, Dolan said, adding that they have more performance recordings in the wings.
“The cost of that product is quite low, and I expect that we will continue to build up the library and that you’ll be seeing those kinds of experiences for years to come,” Dolan said.
The year-old Sphere venue quickly became a must-see attraction in Las Vegas, but some analysts don’t believe the eye-grabbing, multi-purpose venue has a viable business model. Benchmark downgraded Sphere Entertainment Co. to a “sell” rating on Tuesday (Sept. 3) with a $40 price target, sending the stock down 4.4% to $44.55. Benchmark downgraded the stock […]
After hosting residencies by Dead & Company and Phish, Sphere Entertainment Co. closed out its fiscal year ended June 30 with revenue of $273.4 million and a net loss of $46.6 million in the fourth quarter.
For full-year revenue, the company posted a $201-million net loss on revenue of $1.03 billion. That’s nearly double the $573.8 million revenue number in the prior year, when the Sphere venue in Las Vegas had revenue of just $2.6 million after launching late in 2023.
Following the earnings release, shares of Sphere Entertainment jumped 9.3% to $44.55 on Wednesday (Aug. 14).
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The MSG Networks division had quarterly revenue of $122.2 million, down 6.2% from the prior-year period, and annual revenue of $529.7 million, a 7% decline. MSG Networks operates two TV sports networks, MSG Network and MSG Sportsnet, and the MSG+ streaming platform.
The eye-grabbing $2.3-billion Sphere venue in Las Vegas reported revenue of $151.2 million in the latest quarter. Events such as concerts and corporate events accounted for revenue of $58.4 million. The Sphere Experience, an interactive experience combined with a showing of the film Postcard from Earth, had revenue of $74.5 million from 208 performances.
Sphere generated revenue of $489.4 million in its first three full quarters of operation. Though U2 opened its 40-date run at the end of the first fiscal quarter, the bulk of the concerts occurred in the second and third quarters. Four dates by Phish in April were followed by Dead & Co.’s 30-date residency that concluded Aug. 10.
With state-of-the-art visuals and audio, as well as the capacity to host multiple types of events, Sphere “has the potential to change the entertainment landscape for artists, guests and partners,” CEO James Dolan said during Wednesday’s earnings call. “Fully realizing that vision will take time, but we are learning every day how to optimize Sphere’s operating model.”
While its concerts have generated worldwide media attention and exposure on social media, Sphere’s financial potential depends on maximizing its utilization beyond that of a traditional venue. To that end, Dolan said the company is “making progress” toward its goal of hosting multiple events in a single day. The Sphere Experience, which includes the 50-minute film Postcard from Earth, ran on the same days as Dead & Company’s shows in July and August.
Sphere is also branching out into different types of events that take advantage of its Las Vegas location and an ability to offer dazzling visual displays on its 160,000-square-foot video screen. In June, the venue hosted its first corporate keynote event with Hewlett Packard Enterprise as well as the NHL Draft.
The content category, which includes Postcard from Earth, is another aspect of maximizing Sphere’s usage. Content generated more than $1 million in average daily ticket sales in the latest quarter, according to Dolan, and has earned more than $300 million in “high margin” revenue since debuting in October 2023.
“We are actively developing new cinematic experiences and expect to launch our next attraction in the coming weeks,” said Dolan. “We believe this expanding content library will benefit our Las Vegas business and strengthen our value proposition to new markets.”
The Eagles begin a 20-date residency at Sphere in September while Anyma will give the venue its first EDM shows in late December. Also in September, Sphere will host its first live sports event, UFC 306.
Tencent Music Entertainment (TME) stock rose 15.7% to $15.43 after the release of its first-quarter earnings on Monday (May 13), which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million.
Numerous analysts upped their price targets for TME this week following the company’s earnings release. Jefferies raised TME to $15.40 from $12.00. Mizuho raised its price target to $15.00 from $13.00. HSBC also raised TME to $15.00 from $13.00.
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Another Chinese music streaming company, Cloud Music, jumped 11.7% to 105.00 HKD this week after it announced a licensing deal with Kakao Entertainment for distribution in China. Kakao has over 50 “star” artists and 70,000 tracks, according to a press release announcing the pact. Cloud Music has not announced a date for its first-quarter earnings release.
Shares of TME have risen 97.6% over the last 52 weeks and gained 71.3% in 2024. The company (which trades on the NYSE and Hong Kong Stock Exchange) and Cloud Music (which trades on the Hong Kong Stock Exchange) are part of an upswing in Chinese stocks in 2024. After falling in January, the Shanghai Composite Index is up 15.5% since Feb. 2 — far better than the gains of the FTSE 100 (10.6%), S&P 500 (7.0%) and Nasdaq composite (6.8%) over that period.
TME has come a long way since being targeted by government regulators in 2021 for anticompetitive behavior. Its shares traded below $5 for much of 2022 and dropped as low as $3.14 in October of that year.
The 20-company Billboard Global Music Index rose 3.3% to a record 1,847.64, topping the previous high mark of 1,841.66 for the week ended April 5. While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. Most of the index’s most valuable companies posted gains this week: Spotify increased 2.8% to $302.84, Universal Music Group rose 2.6% to 28.74 euros ($31.31) and Warner Music Group gained 1.3% to $32.04.
Music stocks bested numerous indexes. In the United States, the Nasdaq composite rose 2.1% to 16,685.97 and the S&P 500 gained 1.5% to 5,303.27. In the United Kingdom, the FTSE 100 declined 0.2% to 8,420.26. South Korea’s KOSPI Composite Index dropped 0.1% to 2,724.62.
B. Riley resumed coverage of Reservoir Media on Thursday (May 16) with a “buy” rating and an $11 price target. Reservoir shares rose 0.2% to $8.40 this week. The company will release first-quarter earnings on May 30.
Elsewhere, iHeartMedia dropped 6.2% to $1.21 this week. Guggenheim lowered its price target to $3 from $5 following the radio company’s earnings release on May 9, which prompted the stock to fall 36% last week. While Guggenheim maintained its “buy” rating, it dropped its price target to account for “headwinds at the core broadcast business,” analysts wrote in a May 15 note to investors.
Sphere Entertainment Co. dropped 8.1% to $36.07, bringing its year-to-date gain to 6.1%. The company announced Monday that it bought out the remaining shares of Holoplot GmbH, the German company that provided the 3D audio technology for the Sphere in Las Vegas.
Outside of the Billboard Global Music Index, JYP Entertainment fell 13.4% to 60,000 won ($44.30) following the company’s release of first-quarter earnings after the markets closed on May 10. Revenue increased 15.6% to 136.5 billion won ($100.8 million) but operating profit declined 20% to 33.6 billion won ($24.8 million) and net profit fell 26.3% to 31.4 billion won ($23.2 million). Operating profit and net profit declined due to increases in artist fees, labor costs and commissions at JYP Three Sixty, the company’s businesses that produce merchandise and license artists’ intellectual property.
Another non-index stock, Sony Corp., rose 11.1% to $83.74 following its fiscal fourth-quarter earnings release Tuesday (May 14). Driven by subscription streaming growth and aided by foreign exchange, Sony Music’s yen-denominated revenues jumped 23.5% to $2.85 billion in the quarter and the music division was the parent company’s largest contributor of operating income.
