Radio stocks struggled this week as companies’ second-quarter earnings revealed additional revenue losses. on Thursday showed a loss of 173,000 satellite radio subscribers and 41,000 Pandora subscribers. Revenue fell 3% to $2.18 billion, although net profit improved 2% to $316 million. In theSiriusXM is trying to thread the needle as it expands its product line and gives consumers more options. The new $9.
Shares of radio broadcaster Cumulus Media fell 21% to $1.62 and dropped as far as $1.29 on Friday — a 52-week low — after the company’s second-quarter earnings showed that revenue fell 2.5% and net loss increased to $27.7 million from $1.1 million a year earlier. iHeartMedia, which doesn’t report earnings until Thursday , appeared to be a casualty of Cumulus Media’s results as its shares fell 12.9% to $1.49.
Music stocks have had a case of the summer doldrums after soaring in the winter and spring. The BGMI has fallen for four consecutive weeks and stands 5.9% below its all-time high of 1,847.64 set on May 17. On Friday, the index reached its lowest point since April 19. Music companies’ losses were compounded by sharp declines in U.S. stock markets on Friday after news that the unemployment rate rose in July stoked fears the economy could enter a recession. The tech-heavy Nasdaq fell 3.
The week’s greatest gainer was K-pop company JYP Entertainment, which rose 6% to 56,400 won . JYP was added to the BGMI this week after Hipgnosis Songs Fund was removed from the London Stock Exchange once its acquisition by Blackstone. Three other K-pop companies were among the week’s few gainers: HYBE improved 5.3%, YG Entertainment rose 2.1% and and SM Entertainment increased 1.0%.
Reservoir Media dropped 14.4% to $7.37 after releasing its quarterly earnings on Wednesday . Tencent Music Entertainment, which will report earnings on Aug. 13, fell 10.5% to $12.62. Warner Music Group fell 5.3% to $28.26. In the wake of UMG’s, which showed a slowdown in subscription revenue, J.P. Morgan dropped its price target on shares of WMG — which will report earnings on Aug. 7 — to $41.00 from $42.00.
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