K-pop stocks rebounded this week from a downturn caused by political unrest in the country. HYBE was also dragged down by news that its chairman was under investigation, Bang Shi HyukSouth Korean music companies collectively rose 8.7% to 205,500 won ($143.16) in the company’s 2020 initial public offering, bringing shares back to levels last seen a month ago. Elsewhere, YG Entertainment rose 7.2% to 48,250 won ($33.61), recouping losses from the previous three weeks, while SM Entertainment and JYP Entertainment posted smaller gains of 3.3% and 2.6% respectively.
The 20-company Billboard Global Music Index (BGMI) fell 1.6% to 2,243.59, its first weekly loss in seven weeks. The index has hit record highs in each of the past five weeks, but 13 of the index’s 20 stocks have fallen. The BGMI has performed worse than many major indexes. In the United States, the Nasdaq rose 0.3% and the S&P 500 fell 0.6%. Britain’s FTSE 100 fell 0.1%. South Korea’s KOSPI composite index rose 2.7%, while China’s Shanghai Composite Index fell 0.4%.
The biggest gainer this week was Abu Dhabi music streaming company Anghami. In the absence of any market-moving news or regulatory filings, the company’s stock price soared 17.4% on Tuesday (December 10) on a surge in trading volume. An average of 80,000 shares of Anghami stock trade every day. But nearly 3.5 million shares, or 5% of the company’s outstanding shares, were traded on Tuesday, and another 616,000 shares changed hands over the next two days.
Apart from Anghami and K-pop stocks, only two companies rose this week. Universal Music Group, the index’s second-largest company, rose 4.6% to 24.46 euros ($25.69), its best closing price since falling 24% after reporting second-quarter earnings on July 25. Warner Music Group rose 0.3% to $32.52.
Spotify, the hottest music stock of 2024, posted a weekly loss for the first time since September. The streaming company’s shares fell 3.1% to $483.31, ending the week down 4.6% from its all-time high of $506.47 set on Dec. 4. , investors have rekindled their confidence in Spotify. $100 billion.
Live Nation shares fell 0.6% to $135.95, even as more analysts raised their price targets for the concert organizer this week. Wolfe Research raised its price target to $160 from $152. JPMorgan raised its price target to $150 from $137. Roth MKM raised Live Nation from $132 to $152. Live Nation’s stock is up 45.2% year to date and is one of the best performers on the BGMI.
SiriusXM fell 14.8% to $24.11, its biggest drop of the week. On Tuesday, the company announced 2025 revenue guidance, which represents a 2% decrease from full-year 2024 revenue guidance. The company also revealed it was doubling down on in-car listening and refocusing on satellite radio, a year after its streaming app saw disappointing results. Following the news, Seaport Global downgraded SiriusXM stock to “neutral” from “buy.”
In other stock action, German concert organizer CTS Eventim fell 4.9% to 34.37 euros ($36.10). The company announced this week that it has acquired a 17% stake in French ticketing company France Billet. Finally, New York-based live events company Madison Square Garden Entertainment fell 8.5% to $34.37, and broadcast giant iHeartMedia fell 12.3% to $2.29.
