In a miserable week for stock markets worldwide, Spotify continued to fall from its all-time high, K-pop stocks sank and one of the smallest companies on the Billboard Global Music Index posted a double-digit gain.
Stocks’ bad week extended beyond music companies. In the United States, the Nasdaq composite dropped 1.8% to 19,572.60 and the S&P 500 declined 2.0% to 5,930.85. In the United Kingdom, the FTSE 100 was down 2.6% to 8,084.61. South Korea’s KOSPI composite index fell 3.6% to 2,404.15. China’s Shanghai Composite Index dipped 0.7% to 3,368.07.
Spotify, the index’s most valuable company, fell for the second consecutive week. After closing above $500 on December 4, Spotify shares dropped 8.3% and closed at $460.88 on Friday, down 4.8% for the week. Overall, streaming had more losers than winners this week. Cloud Music fell 7.9% to 116.60 HKD , marking the second-largest decline of the week. SPDB International began coverage of Cloud Music this week at a 145 HKD price target and “buy” rating. Elsewhere, Anghami fell 3.7% to $0.79.
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