Chinese music streaming companies had another big week after authorities unveiled an economic stimulus plan that will encourage the purchase of Chinese equities, with Cloud Music gaining 10.7% to 134.50 HKD and Tencent Music Entertainment rising 9.9% to $13.48.The Billboard Global Music Index increased 0.4% to 1,964.44, a fourth-consecutive weekly gain and the third straight week the index set a new record high.
iHeartMedia was the BGMI’s biggest gainer of the week, rising 15.2% to $1.97; the radio company’s shares have fallen 3.9% year to date but have risen 142% since hitting a 52-week low of $0.813 on May 28. Elsewhere, the index’s most valuable companies had either modest gains or losses. Live Nation gained 2.0% to $110.87. Spotify rose 0.6% to $371.45. HYBE increased 0.3% to 173,500 KRW . Universal Music Group fell 2.0% to 23.37 euros .
Sphere Entertainment Co. shares rose 4.4% to $45.26 as Wolfe Research upgraded the company on Wednesday to “outperform.” The company’s flagship venue, Sphere in Las Vegas, has added more shows to existing residencies. The— the seventh and eighth shows at the venue for the Italian producer, who will break a string of legacy rock bands to become the first EDM artist to perform at Sphere.
Guggenheim reiterated its “buy” rating on Warner Music Group and slightly lowered its estimate for ad-supported streaming revenue ahead of the company’s fiscal fourth-quarter earnings. BofA SecuritiesWMG to “underperform” from “neutral” on Friday and lowered its price target to $30 from $33. WMG shares finished the week at $31.14, down 0.2%.
K-pop stocks, which have fallen sharply in 2024, were muted this week. HYBE, YG Entertainment, SM Entertainment and JYP Entertainment fell by an average of 0.1%, which nudged their average year-to-date loss down to 32.0%.
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