Spotify, Warner Music, Live Nation Lead Music Stocks to New High

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The Billboard Global Music Index rose 4.1% to a record 1,873.87 this week, bringing its year-to-date gain to 22.2% thanks to Spotify, Warner Music and Live Nation.

Shares of Spotify rose 8.0% to $365.00 this week to lead all music stocks in a week the Billboard Global Music Index reached a new high and many of its largest components posted mid- to high-single digit gains. from $460 and reiterated its “buy” rating. Spotify’s intraday high of $368.29 on Thursday set a new 52-week high for the stock and was its best mark since Feb. 21, 2021.Spotify led the 20-company Billboard Global Music Index to a record high 1,873.87, up 4.

Live Nation shares also gained 4.9% to $103.65 and brought its year-to-date improvement to 10.7%. Thursday’s intraday high of $105.42 was its highest mark since April 1 and less than $2 below its 52-week high of $107.24. The concert promoter scored a win in Portland, Ore., this week after the city councilan August decision to allow the development of a 3,500-capacity music venue that will be operated by Live Nation.

Two other promoters also posted gains this week. MSG Entertainment, rose 4.6% to $42.16, while CTS Eventim improved 1.2% to 87.90 euros . Another live entertainment company, Sphere Entertainment Co., dropped 2.7% to $41.09. K-pop companies’ modest decline was an improvement from their consistently steep drops in recent weeks. The four South Korean companies had an average loss of 1.2% this week. HYBE fell 2.4%, JYP Entertainment dipped 1.2%, YG Entertainment slipped 0.

Universal Music Group fell 3.6% to 22.75 euros following its Capital Markets Day on Tuesday. Analysts generally felt UMGand presented a believable roadmap about its strategy for the next four years. The Amsterdam-listed company laid out a strategy to achieve 8% to 10% cumulative annual growth rate for its subscription revenue and above 7% CAGR for total revenue.

Music streamer LiveOne had the biggest decline of the week, dropping 6.1% to $1.38. That put shares of LiveOne into the red for 2024 with a 1.4% year-to-date loss.

 

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