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CTS Eventim Shares Gain 5.3% on Earnings Guidance as Music Stocks Rally

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Music stocks rallied this week as iHeartMedia, HYBE and SiriusXM saw the biggest gains along with German concert promoter CTS Eventim.

CTS Eventim shares finished the week up 5.3% after the company sounded upbeat about the second half of 2024 in its Thursday

Based on its performance in the first half of the year, the German promoter and ticket seller expects adjusted earnings before interest, taxes, depreciation and amortization “to grow significantly” in the latter half of the year. Second-quarter adjusted EBITDA improved 23.3% to 110.0 million euros with the help of the JuneCTS Eventim is among the best-performing music stocks of 2024, having gained 34.5% year to date.

Chinese music streamer Cloud Music gained 1.4% to 91.60 HKD after the company posted revenue of 4.07 billion RMB , up 4.1%, in the first half of 2024, itThursday . Like the leading Chinese music streamer, Tencent Music Entertainment, Cloud Music has two segments that are headed in opposite directions. Music subscription revenue grew 26.6% to 2.56 billion RMB while social entertainment and other revenue fell 19.9% to 1.51 billion RMB .

An unusually large majority of music stocks posted gains this week. The Billboard Global Music Index gained 2.7% to 1,829.18, bringing its year-to-date increase to 19.2%. Of the 20 stocks on the index, 17 were gainers and just three lost ground. Three radio companies led the way with an average gain of 8.8%. Multi-sector companies rose an average of 3.4%. Live music companies had an average gain of 3.0%.

Streaming companies fell by an average of 0.2%. In fact, all three companies in the red this week were music streamers: Deezer , Tencent Music Entertainment and Anghami . Spotify, the index’s largest component, gained 1.5% to $337.38.suggested on Friday it would soon cut interest rates, both the S&P 500 and Nasdaq finished the week up 1.4%. In South Korea, where trading was closed by the time the Federal Reserve statement made news, the KOSPI composite index rose 0.2% to 2,701.69.

 

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