Live Music Stocks Suffer Down Week While iHeartMedia Shares Make Biggest Gain

📆 26/08/2023 05:59:00
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The 21-stock Billboard Global Music Index was unchanged at 1,298.80, marking the fifth straight week without an increase.

iHeartMedia shares rose 6.6% for the week to close at $3.56 on Friday , making the radio giant the week’s greatest gainer on the Billboard Global Music Index. However, radio companies’ struggle with weak national advertising has hurt their share prices overall in 2023. Year to date through Friday, iHeartMedia was down 41.9% and Cumulus Media had lost 41.9%.

Year-to-date, the index has increased 11.2%, even as it’s now on its fifth straight week without a gain.

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