Music Stocks Have Biggest One-Week Loss in Nine Months

Music stocks suffered their biggest one-week decline in nearly a year as inflation fears gripped the markets. In the U.S., the annualized inflation ratethe U.S. Federal Reserve would alter its plan to cut interest rates in June. Combined with rising oil prices and weaker-than-expected earnings from banking giants JPMorganChase and Wells Fargo, there wasn’t much good news for investors. Fourteen of the 20 companies in the Billboard Global Music Index lost value this week. The index fell 3.

Among music stocks, iHeartMedia was the biggest winner of the week after rising 6.3% to $2.18. The improvement came despite a lack of market-moving news or regulatory filing from the radio giant. In fact, the main reason iHeartMedia has been in the news lately has been less than flattering. In March,that iHeartMedia not place its ads on podcasts that funnel ad revenue to PACs.

Hipgnosis Songs Fund, the London-listed company that invests in music rights, improved 5.7% to 74 pence . HSF has gained 7.2% since the company’s board of directorsa damning due diligence report on March 28. Conducted by Shot Tower Capital, the report claimed the fund’s investment manager, Hipgnosis Song Management, overstated revenue and misled investors about the control it had over investments in its portfolio.

The index’s most valuable companies had relatively mild declines. Universal Music Group fell 2.0% to 27.04 euros and Spotify dropped 3.2% to $300.53. Live Nation lost 2.4% to $100.99. CTS Eventim fell 3.8% to 82.00 euros . HYBE declined 4.9% to 213,000 won . After deciding not to pursue Believe, Warner Music Group bucked the trend by rising 0.3% to $33.44.

Quarterly earnings reports will give stocks a chance to rebound in the coming weeks. Of the release dates announced thus far, Spotify is first out of the gate on April 23 followed by Believe on April 24, Deezer on April 29, SiriusXM on April 30, Universal Music Group on May 2 and Warner Music Group on May 9.

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