Spotify Stock Up After Earnings, K-Pop Shares Bumpy On Arrest News

People walk by the New York Stock Exchange on the morning that the music streaming service Spotify begins trading shares at the NYSE on April 3, 2018 in New York City.helped give investors confidence about the company’s path and sent its shares up 10.3% to $170.63 on Tuesday before closing at $159.35 on Friday — up 6.3% for the week.

That third-quarter growth will help the NYSE-listed, Swedish company exceed its expectations for subscriber gains this year.

Led by Anghami’s 11.5% improvement to $1.07, six music streaming companies had an average gain of 4.3% this week. China’s Tencent Music Entertainment, which will report third-quarter results on Nov. 14, gained 7.2% to $7.13, while another Chinese music streamer, Cloud Music, gained 3.3% to 85.50 HKD . Meanwhile, U.S.-based LiveOne gained 1% to $1.00.

Overall, the 21-stock Billboard Global Music Index dropped 0.7% to 1,304.74 this week, marking its third consecutive weekly loss and tenth down week in the second half of 2023. The slight decline dropped the index’s year-to-date gain to 11.7%. Of its 21 stocks, 13 finished the week in negative territory, seven posted gains and one, Round Hill Music Royalty Fund, was unchanged. price target.

News of Lee’s arrest sparked days of frenetic media coverage in South Korea, hurting other K-pop stocks and eliciting statements from K-pop agencies to quash any speculation their artists might be involved. Shares of HYBE fell 10.7% to 204,000 won on Thursday. The company issued a statement to the local press saying “. HYBE shares recovered some of Thursday’s losses with a 3.9% gain on Friday and finished the week down 5.6% to 212,000 won .

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