on Wednesday showed that the Las Vegas venue brought in $151 million in the quarter and $489 million in its first three full quarters of operation. Total revenue of $273 million — a figure that includes MSG Networks — wassaid the company is learning how to get the most out of the $2.3 billion venue with not just concerts but corporate and sporting events and Sphere’s current cash cow, motion pictures.
The 20-company Billboard Global Music Index fell 0.7% to 1,780.54 despite most of the stocks gaining and the market enjoying one of its best weeks of 2024 thanks to a host of positive news. Driven by stronger-than-expected retail sales data on Thursday and encouraging inflation news earlier in the week, the tech-heavy Nasdaq rose 5.3% to 17,631.72 and the S&P 500 finished its best week of the year, gaining 3.9% to 5,524.25.
The BGMI’s largest companies fell in the middle of the pack. Live Nation shares were up 3.2% to $95.18 and Universal Music Group rose 0.9% to 22.35 euros . Among the losers were Warner Music Group, down 0.4% to $28.22, and Spotify, down 0.7% to $337.38. Stock gains were seen globally. In the United Kingdom, the FTSE 100 rose 1.8% to 8,311.41. South Korea’s KOSPI composite index jumped 4.2% to 2,697.20. China’s Shanghai Composite Index edged up 0.6% to 2,879.43. on Tuesday . TME revenues were 1.7% lower as gains in music were overshadowed by losses in social entertainment. Despite the sharp decline, TME shares are still up 16.9% year-to-date.
TME’s latest quarterly results weren’t unlike those that preceded it, with strong music subscription growth at music apps QQ Music, Kugou Music and Kuwo Music helping offset a decline at its karaoke business. While music average revenue per user grew 10% and TME finished the quarter with 117 million music subscribers, the company’smarked the second-worst performance for BGMI stocks. The K-pop company’s revenue dropped 37% due to an 82% decline in album sales.
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