JYP Entertainment, the K-pop music company behind artists such as TWICE and Stray Kids, is going well, with its stock closing at 66,100 won ($47.06) on Friday (November 22), up 11.3% this week, hitting its highest closing price Prices have been increasing since May 10th. Latin America and Europe. But the momentum has been building for some time. JYP shares have risen 35.6% in the past three weeks.
Other K-pop stocks also rose this week: YG Entertainment rose 7.7%, and ROSÉ and Bruno Mars’ “APT” topped the list for a fourth consecutive week. advertising billboard Climbing global charts and reaching number one in Japan. Elsewhere, HYBE rose 4.4% and SM Entertainment rose 4.3%. Collectively, the four K-pop companies have gained an average of 20.7% over the past three weeks and narrowed their average year-to-date losses to 15%.
Another fast-rising music stock is Live Nation, which rose 8.7% to a record high of $140.26 on Friday after more analysts raised their price targets. Citigroup raised its target for the concert promoter to $163 from $130, while Deutsche Bank raised its target to $150 from $130. Live Nation shares were up 49.8% in 2024 as of Friday’s closing price and up 19.8% over the past three weeks. However, the company’s third-quarter earnings, released on November 11, can be attributed to some recent gains. Donald TrumpVictory in the US presidential election also played a role, as investors believed the Justice Department’s lawsuit against Live Nation would lead to a more favorable resolution for the incoming administration.
In other music stock news, Spotify continued its strong momentum, rising 3.7% to $475.27, notching its second-highest closing price ever. A week ago, Spotify’s shares rose 14.5% after its third-quarter earnings showed the company achieved record operating profits. Shares of the streaming company are up 153% in 2024, and are up 23.6% in the past three weeks alone.
The Billboard Global Music Index, which includes 20 companies, rose 2.1% to a record 2,208.32 points, with 14 stocks gaining for the week, in line with global stock market trends. The U.S. Nasdaq and S&P 500 both rose 1.7%. Britain’s FTSE rose 2.5%. South Korea’s KOSPI composite index rose 3.5%. The only exception was China’s Shanghai Composite Index, which fell 1.9%.
Elsewhere, music streamer LiveOne rose 12.8% to $0.88, while iHeartMedia rose 8.6% to $2.40 after the radio giant announced debt exchange terms that would ease the company’s financial burden and extend most of its Debt maturity date. As of Nov. 14, noteholders representing approximately 85% of the outstanding debt had agreed to exchange notes under the new terms.
Only six of the index’s 20 stocks ended the week in the red. The biggest decliner was CTS Eventim, a German concert organizer. The company’s third-quarter earnings showed revenue growth, but its adjusted EBITDA margin fell. The company’s stock price fell 9.7% this week. and ticketing section.
Finally, record giant Warner Music Group (WMG) saw its shares fall 3.3% to $31.85 after releasing its latest quarterly earnings report on Thursday (November 21). JPMorgan lowered its forecast for fiscal 2025 adjusted operating income before depreciation and amortization (OIBDA) to $1.49 billion from $1.527 billion, and lowered its target price to $40 from $41. Meanwhile, Deutsche Bank lowered its price target for WMG to $34 from $36.
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