ROSÉ and Bruno Mars’ “APT” continues to be popular, and YG Entertainment’s stock price rose 4.3% this week. YG shares rose 6.1% after the song became an instant hit on the streaming service, and a week later the song topped both the Billboard Global 200 and Billboard Global Excl charts. US rankings. YG recording artist BLACKPINK member ROSÉ collaborates with THEBLACKLABEL (YG sub-label co-founded by BLACKPINK producer in 2015) to release “APT” through Atlantic Records Teddy Park. While YG continues to manage BLACKPINK, ROSÉ signed with THEBLACKLABEL to manage her solo career.
Universal Music Group (UMG) shares fell 0.7% this week, but rose 1.6% to 23.45 euros ($25.52) on Friday (November 1) after the company reported third-quarter earnings. Morgan Stanley raised its target price to 35 euros ($38) from 33 euros ($35.90). “Our confidence in Universal Music Group has never been higher,” Morgan Stanley analysts wrote in an investor note. Guggenheim called UMG’s third-quarter results “encouraging” and maintained its 25.50 euro ($27.74) ) price target and a “neutral” rating on UMG stock.
SiriusXM’s third-quarter financial report released on Thursday (October 31) showed that it added a net of 14,000 self-pay subscribers in the quarter, and the company’s stock price rose 4.7% to $27.65. The company said that despite the increase, average revenue per user declined due to “a higher share of subscribers on self-funded promotions and streaming-only plans.”
Deezer’s third-quarter financial report showed that revenue increased by 11% and the number of subscribers increased by 9%. The company’s stock price rose 2.1% to 1.43 euros ($1.56). new CEO Alexis Lanternier He’s optimistic about the partnership with MeLi+ and Mercado Libre, with free trial conversion rates “higher than we expected,” in his words. Still, Deezer shares are down 32.9% year to date.
Reservoir Media’s stock price fell 3.5% to $8.25 after releasing its earnings report on Wednesday (October 30), with revenue growing solidly by 6%. Reservoir’s slightly higher full-year guidance and B. Riley’s price target increase from $11.50 to $12.50 did little to boost the stock.
The 20-company Billboard Global Music Index (BGMI) was essentially flat for the week, rising 0.3% to 1,995.67, although only seven stocks advanced while 13 fell. The slight gain brought the index’s year-to-date gain to 30.1% and reversed the BGMI into the winning category after falling 0.6% the previous week, breaking a streak of six consecutive weeks of gains.
Even the modest gains outperformed many major indexes. The U.S. Nasdaq index fell 1.5% to 18,329.92 points, and the S&P 500 index fell 1.4% to 5,728.80 points. However, both indexes rose on Friday as investors paid little attention to the weak jobs report and both Amazon and Intel posted gains after reporting quarterly earnings. On Thursday (October 31), the stock prices of Meta and Microsoft both fell after the release of their respective financial reports, with Meta falling 3% and Microsoft falling more than 5%.
Music streamer LiveOne rose 32.8% to $0.77, making it the week’s biggest gainer. The company announced Thursday that it has hired MZ Group to increase PodcastOne’s visibility in the investment community. LiveOne will spin off PodcastOne in 2023 and retain an 81% stake. Investors may have noticed MZ Group’s Chris DonovanThe statement said PodcastOne “owns intellectual property rights that can be sold for a substantial return on investment.”
Except for YG Entertainment, four other K-pop stocks fell. HYBE fell 3.1%, extending its year-to-date losses to 20.0%. JYP Entertainment fell 4.2%. SM Entertainment fell 0.7%. By 2024, the share prices of the four K-pop companies will fall by a combined 28.6%.
iHeartMedia gained 16.1% on the week to $2.09 ahead of its third-quarter earnings release on Thursday (Nov. 7). Shares of Cumulus Media, another broadcaster, fell 19.0% to $0.94 after releasing third-quarter earnings on Friday. The company’s revenue fell 1.8% to $204 million, with a net loss of $10.3 million, down from a net profit of $2.7 million in the same period last year. Cumulus CEO warns: “Looking ahead, the advertising environment remains uncertain.” Mary Bernard.
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