Chinese music streaming companies had another big week after authorities unveiled stimulus plans to encourage buying of Chinese stocks, with Cloud Music up 10.7% to HK$134.50 ($17.32) and Tencent Music Entertainment up 9.9% to 13.48 Dollar. Last week, Cloud Music and Tencent Music rose 31.5% and 24.6% respectively.
The Billboard Global Music Index (BGMI) rose 0.4% to 1,964.44, marking its fourth consecutive week of gains and the third consecutive week of new highs for the index. BMGI boosted its year-to-date gain to 28.1% as winners and losers were evenly divided among the index’s 20 stocks.
Outside China, the Shanghai Composite Index rose 8.1% to 3,336.50, with stocks broadly subdued this week as investors are unsure how the expanding war in the Middle East will affect the global economy. Oil prices have risen 10% this week, in part because President Joe Biden said the United States was discussing a possible Israeli attack on Iranian oil production sites. However, prices remain well below the levels reached in February 2022 following Russia’s invasion of Ukraine.
In the United States, the Nasdaq rose 0.1% and the S&P 500 gained 0.2%. Britain’s FTSE 100 fell 0.5% to 8,280.63 points. South Korea’s KOSPI composite index fell 3.0% to 2,569.71.
iHeartMedia was BGMI’s biggest gainer this week, rising 15.2% to $1.97; the broadcaster’s shares have fallen 3.9% year to date, but are up 142% since hitting a 52-week low of $0.813 on May 28. Live Nation rose 2.0% to $110.87. Spotify rose 0.6% to $371.45. HYBE rose 0.3% to 173,500 won ($128.82). Universal Music Group fell 2.0% to 23.37 euros ($25.66).
Wolfe Research upgraded Sphere Entertainment Co.’s rating to “outperform” on Wednesday (October 2), with the company’s shares rising 4.4% to $45.26. The company’s flagship venue, the Sphere in Las Vegas, is adding more shows to its existing venue. The Eagles will perform four more shows in February, bringing the residency to 24 shows. Additionally, Anyma has added dates for January 10th and 11th – the Italian producer’s seventh and eighth shows at the venue, as he breaks away from a string of traditional rock bands to become the first EDM artist performing at the Sphere.
Guggenheim reiterated a “buy” rating on Warner Music Group (WMG) and slightly lowered its forecast for ad-supported streaming revenue ahead of the company’s fourth-quarter earnings. BofA Securities on Friday downgraded WMG to “underperform” from “neutral” and lowered its target price to $30 from $33. WMG shares closed the week at $31.14, down 0.2%.
LiveOne shares fell 35.8% after the company revised its partnership with Tesla and the automaker will no longer subsidize some customers’ in-car streaming platform powered by LiveOne’s Slacker Radio, lowering its 2025 fiscal year forecast. year guidance. Shares of the Los Angeles-based company are down 51.4% year to date.
K-pop stocks, which have fallen sharply in 2024, had a lackluster week. HYBE, YG Entertainment, SM Entertainment and JYP Entertainment fell an average of 0.1%, which brought their year-to-date average losses to 32.0%.
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