In per week with little information and few regulatory filings, music shares completed the final full week of 2024 by dropping for the third consecutive week. The 20-company Billboard World Music Index (BGMI) fell 0.6% to 2,155.51, reducing its year-to-date achieve to 40.5%. The index has fallen 5.5% over three weeks after rising 14.6% over six consecutive weekly features. Six shares completed the week in optimistic territory whereas 13 misplaced floor and one was unchanged.
Two of the three main music labels have been among the many week’s few winners. Common Music Group gained 1.4% to 24.70 euros ($25.75) whereas Warner Music Group improved 0.9% to $31.45. Elsewhere, iHeartMedia rose 1.1% to $1.91 following the corporate’s announcement on Monday (Dec. 23) that it accomplished a debt alternate that diminished its long-term debt load by $440 million and prolonged maturity dates.
The impartial music firms all posted declines. Reservoir Media dropped 4.3% to $8.86 and Imagine fell 4.0% to 13.78 euros ($14.37). All 4 South Korean firms misplaced floor, too: YG Leisure dropped 2.6%, HYBE fell 2.5%, JYP Leisure misplaced 2.0% and SM Leisure slipped 1.6%.
Spotify, the BGMI’s most precious music firm, dropped 0.8% to $456.48, the third consecutive week the inventory has fallen. Whereas the inventory has dropped 9.9% since reaching its all-time excessive of $506.47 on Dec. 4, Spotify is by far the best-performing music inventory of 2024. It has seen a 143% improve this yr with two buying and selling days remaining.
In different inventory information, Chinese language music streamer Tencent Music Leisure (TME) fell 1.8% to $11.72. On Friday, 86Research elevated TME to a “purchase” score with a $14 worth goal. Shares of TME are up 30.1% yr so far.
The week’s greatest loser, SiriusXM, fell 8.6% to $21.13. SiriusXM’s 61.4% decline in 2024 is the second worst amongst BGMI shares after Cumulus Media’s 86.5% drop.
Music shares underperformed markets around the globe. In the USA, the Nasdaq composite rose 0.8% and the S&P 500 gained 0.7%. In the UK, the FTSE 100 improved 0.8%. China’s Shanghai Composite Index rose 1%. South Korea’s KOSPI composite index was unchanged after declining in three of the earlier 4 weeks.
