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Music Stocks Suffer as Global Markets Roiled by Recession Fears; K-Pop Hit Particularly Hard

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Music stocks dropped as recession fears hit global markets following a poor U.S. jobs report, with K-pop stocks plunging.

K-pop stocks were the hardest hit music stocks on Monday as global markets continued Friday’s decline in the U.S. with major selloffs.

Four K-pop companies — HYBE, SM Entertainment, JYP Entertainment and YG Entertainment — fell an average of 8.8% on Monday, while a major South Korean stock index, the KOSPI composite index, had itsby also falling 8.8%. HYBE declined 5.9% while the others fell between 9.6% and 9.8%. South Korean stocks were effectively catching up to the rest of the world on Monday: trading in Seoul had closed by the time a disappointing U.S.

The BGMI’s most valuable companies fared better. Universal Music Group was flat at 21.44 euros . Spotify declined 2.1% to $324.03. Warner Music Group, which releases earnings on Wednesday , dropped 2.4% to $27.59. German concert promoter CTS Eventim slid 1.3% to 75.50 euros .

 

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