. Expecting an aggressive move from the U.S. Federal Reserve Bank, investors sent the Dow Jones Industrial Average down 3.9%, its worst day since June 2020, and the Nasdaq down 5.2%.
Stocks that were trending up have been shaken. Shares of Universal Music Group and Warner Music Group, the world’s largest and third-largest music companies, dropped 8.7% and 10.4%, respectively, since Sept. 12. Satellite radio company SiriusXM, which also owns music streaming service Pandora and podcast platform Stitcher, dropped a modest 4.2%. IHeartMedia, the largest U.S. radio broadcaster, fell 7.1%. Spotify, the world’s largest music streaming company, dropped 12.6%.
SM Entertainment is an exception, however. The company’s shares are up 13.9% since Sept. 12, when a U.S. consumer price index report sent stocks reeling. Year to date, the company’s shares have risen 3.1%. On Friday , SM Entertainment shares jumped 19% after the company it would terminate a production contract with Like Planning, a company owned by SM Entertainment’s founder,, and admitted that “some shareholders” had demanded that Lee step down from his role. Share prices have held steady since.
South Korean music stocks generally have fared well over the week and have outperformed their Western peers in 2022. From Sept. 12 to Tuesday, HYBE (
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