For the first half of 2024, the stock market was a microcosm of the shifts in the music industry’s balance of power. Streaming stocks soared as investors rewarded companies that grew their paid-subscriber bases; radio stocks plummeted as companies struggled through a soft advertising market.Spotify was the best-performing stock in the 20-company Billboard Global Music Index for the measurement period, Jan. 2-June 28, 2024.
Only companies in takeover acquisitions came close to the streaming leaders’ performances. Listed on the London Stock Exchange, investment trust Hipgnosis Songs Fund rose 42.2% to 1.024 pounds as a result of Blackstone’s offer — which was backed by HSF’s board andon July 8 — to buy the company’s shares at 1.05 pounds apiece, a 49.2% premium over the pre-offer price. Likewise, Believe climbed 40.0% to 14.
At the other end of the spectrum, radio companies — iHeartMedia, Cumulus Media and SiriusXM — lost an average of 56.4%. Cumulus dropped 61.7% as first-quarter revenue fell nearly 3%. iHeartMedia dropped 59.2% andon May 10 alone after the company’s forecast for second-quarter revenue was below analysts’ expectations. SiriusXM slipped 48.3% after itlaunched in November.
All four live music-ticketing companies posted gains at the midyear mark and had an average gain of 8.8%. Live Nation probably would have done better than its 0.2% increase had the U.S. Department of Justice not filedon May 23 that seeks to break up the company’s promotion and ticketing businesses. Germany’s CTS Eventim, whichVivendi’s festival and ticketing businesses in June, climbed 24.4% thanks to a 22% jump in 2023 revenue and expectations for “a moderate rise” in 2024.
Record labels and music publishers dropped an average of 4.4% if HSF and Believe are excluded . Reservoir Media gained 10.8%, Universal Music Group rose 7.6%, and K-pop companies SM Entertainment and HYBE fell 12.7% and 13.3%, respectively. Warner Music Group lost 14.4%.How Shaboozey Took an ‘Old-Timey’ Yet ‘Modern’ Hit to No. 1: A Sonic Analysis of ‘A Bar Song ’
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