Labels, Publishers and Streamers Lead Music Stocks’ Rebound After Tumultuous Prior Week

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Warner Music Group, Reservoir Media and Spotify were among the week's biggest gainers as stocks recovered from a tumultuous previous week.

The Billboard Global Music Index gained 3.2% to 1,800.75 to retake nearly two-thirds of the previous week’s losses. Last week, just three of the index’s 20 stocks were gainers. This week, 11 stocks finished in positive territory while nine lost value. The seven multi-sector companies — recorded music, publishing and agencies — had an average gain of 2.3%. Six streaming companies had an average gain of 2.6%.

While the U.S. is filled with arenas because of basketball’s popularity, soccer-dominant Europe and South America don’t have the same infrastructure, Rapino explained. Growing a presence in those areas means building the venues, which provides better profits than being a venue operator. And it can be done more affordably than the cost of many arenas in the U.S. “We’re not building a billion-dollar Chase Center ,” Rapino said.

before reaching a high of $29.05 on Wednesday. The company said the merger of SiriusXM and Liberty SiriusXM stocks was done to simplify the capital structure and support the company’s future growth. following the merger with Liberty SiriusXM tracking stock, SiriusXM provided updated free cash flow guidance of $1 billion for 2024, a $200 million drop from the guidance provided on Aug. 1.

 

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