Tencent Music, Spotify & Other Streamers Lead Music Stocks as Legacy Broadcasters Fall Short

  • 📰 billboard
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Spotify, Tencent and other streamers lead music stocks this week, while legacy broadcast companies finish at the bottom of the heap.

Music stocks’ performance this week was a microcosm of the entertainment industry this decade, with streaming companies making up the top four performers while legacy broadcasting stocks finished at the bottom of the heap.on Tuesday . Although total revenue declined 2.1%, the online music part of the business is booming. Subscription revenue from QQ Music, Kuwo Music and Kugou Music increased 39.1% to $1.7 billion while the number of subscribers grew by 18.2 million to 106.7 million.

Streaming companies’ gains helped the Billboard Global Music Index rise 1.3% to a record 1,719.66 this week, breaking a two-week skid and topping the previous record of 1,715.81 set the week ended Mar. 1. The 20-company index had an even number of winners and losers. the central bank still expected three interest rate cuts in 2024 despite a recent increase in inflation. In the United States, the Nasdaq composite rose 2.9% to 16,428.

Broadcasters were at the opposite end of the spectrum. The index’s biggest decliner was iHeartMedia, which fell 7.7% to $1.91. After a sluggish year for national advertising, iHeartMedia executives have predicted 2024 will be “and first-quarter revenue decline will be less severe than previous quarters. Maybe so, but investors have dropped its stock 28.5% year to date.

Two other radio companies were among the bottom four stocks. Cumulus Media shares fell 6.6% to $3.41 and are down 35.9% in the first 12 weeks of the year. Cumulus’ revenue was down 11.4% in 2023, and CEOSiriusXM, which is optimistic about its redesigned streaming app, dropped 4.2% to $3.88 and has fallen 29.1% this year. Liberty Media, which owns 84% of SiriusXM’s outstanding shares,

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 112. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tencent Music Profits Surged in 2023 on Paid Subscription Growth Despite Hit to Social BusinessTencent Music's earnings in 2023 saw profits rise on paid subscription growth for the Chinese company despite its social media business taking a hit.
Source: billboard - 🏆 112. / 63 Read more »