Music News

Chinese Music Streamers Again Lead Music Stocks in Mixed Week for Markets

Chinese music streaming companies had another big week after authorities unveiled an economic stimulus plan that will encourage the purchase of Chinese equities, with Cloud Music gaining 10.7% to 134.50 HKD ($17.32) and Tencent Music Entertainment rising 9.9% to $13.48. Last week, Cloud Music and Tencent Music gained 31.5% and 24.6%, respectively. 

The Billboard Global Music Index (BGMI) increased 0.4% to 1,964.44, a fourth-consecutive weekly gain and the third straight week the index set a new record high. With winners and losers evenly split amongst the index’s 20 stocks, the BMGI improved its year-to-date gain to 28.1%. 

Outside of China, where the Shanghai Composite Index rose 8.1% to 3,336.50, stocks were generally muted this week as investors were uncertain about how the widening war in the Middle East would affect the global economy. Oil prices increased 10% this week in part due to President Joe Biden’s comment that the U.S. was discussing possible strikes by Israel on Iranian oil production sites. Prices remained well below levels reached following Russia’s invasion of Ukraine in February 2022, however.

In the U.S., the Nasdaq composite rose 0.1% and the S&P 500 gained 0.2%. In the U.K., the FTSE 100 fell 0.5% to 8,280.63. South Korea’s KOSPI composite index dropped 3.0% to 2,569.71. 

iHeartMedia was the BGMI’s biggest gainer of the week, rising 15.2% to $1.97; the radio company’s shares have fallen 3.9% year to date but have risen 142% since hitting a 52-week low of $0.813 on May 28. Elsewhere, the index’s most valuable companies had either modest gains or losses. Live Nation gained 2.0% to $110.87. Spotify rose 0.6% to $371.45. HYBE increased 0.3% to 173,500 KRW ($128.82). Universal Music Group fell 2.0% to 23.37 euros ($25.66). 

Sphere Entertainment Co. shares rose 4.4% to $45.26 as Wolfe Research upgraded the company on Wednesday (Oct. 2) to “outperform.” The company’s flagship venue, Sphere in Las Vegas, has added more shows to existing residencies. The Eagles will perform four additional shows in February, bringing its residency to 24 dates. In addition, Anyma added dates on Jan. 10 and 11 — the seventh and eighth shows at the venue for the Italian producer, who will break a string of legacy rock bands to become the first EDM artist to perform at Sphere.

Guggenheim reiterated its “buy” rating on Warner Music Group (WMG) and slightly lowered its estimate for ad-supported streaming revenue ahead of the company’s fiscal fourth-quarter earnings. BofA Securities downgraded WMG to “underperform” from “neutral” on Friday and lowered its price target to $30 from $33. WMG shares finished the week at $31.14, down 0.2%. 

LiveOne shares fell 35.8% after the company lowered its fiscal 2025 guidance following a revised partnership with Tesla in which the auto manufacturer will no longer subsidize some customers’ in-auto streaming platform powered by LiveOne’s Slacker Radio. The Los Angeles-based company’s stock has fallen 51.4% year to date. 

K-pop stocks, which have fallen sharply in 2024, were muted this week. HYBE, YG Entertainment, SM Entertainment and JYP Entertainment fell by an average of 0.1%, which nudged their average year-to-date loss down to 32.0%.

Billboard

Last week

Billboard

This Week's % Change

Billboard

Checkout latest world news below links :
World News || Latest News || U.S. News

Source link

Back to top button