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SM Entertainment’s Strong Earnings Place It Atop Music Stocks In Down Week Overall

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With 15 of its 21 stocks in negative territory, the Billboard Global Music Index dropped 1.9%.

, gain 7.6% to 137,700 won this week. That made it the top performer of the 21 stocks in the Billboard Global Music Index this week.

The index fell 1.9% to 1,360.05 in a week in which stocks were broadly down around the world. In the United States, the S&P 500 and Nasdaq composite fell 2.3% and 2.8%, respectively, marking their . The FTSE 100 in the United Kingdom declined 1.7%. South Korea’s KOSPI composite index declined 0.2%.The return of the concert business helped SM Entertainment revenues grow 30% to 239.8 billion won , beating the 20.3% year-over-year improvement in the first quarter of 2023. SM artists had 60 concerts in the second quarter compared to six in the prior-year period. Merchandise revenue jumped 75% from sales increases from pop-up retail stores related to album releases.

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