Shares of SM Entertainment are up 15.3% for the week, making the K-pop label the biggest gainer among the 21 music stocks on the Billboard Global Music Index. The company rose to 117,600 won ($92.07), a year-to-date gain of 53.3%, despite the absence of any major news that typically affects stock prices (earnings, investments or partnerships).
It’s not just SM Entertainment, though. Hallyu is booming in 2023. Shares of HYBE, another South Korean music company in the index, rose 6.1% for the week and 71.5% for 2023. Outside the index, JYP Entertainment and YG Entertainment are up 100.6% and 88.4%, respectively, YTD.
Sixteen of 21 stocks rose for the week, with the Billboard World Music Index rising 5 percent to 1,334.28, its best weekly performance since November. The largest contributor to the index’s value posted strong single-digit gains. Spotify rose 6.3 percent to $159.99, Universal Music Group rose 3.8 percent to 20.16 euros ($22.11) and Warner Music Group rose 9.3 percent to $27.16. Meanwhile, Live Nation rose 7.2 percent to $90.18, having closed above $90 on Thursday (June 15) for the first time since Sept. 15.
Two other stocks posted double-digit gains for the week. Streaming company LiveOne rose 13.3 percent to $1.53, bringing its year-to-date gain to 137.6 percent, while Sphere Entertainment Co. rose 10.9 percent to $29.29.due to sphere separate Judging from MSG Entertainment’s concert promotion business on April 20, its share price has risen by more than 14%. September 29, U2 The MSG Sphere will be launched at the Venetian Hotel on December 16th, and the residency period is December 16th.
While stocks were broadly higher this week, music stocks outperformed the major indexes. The S&P 500 rose 2.6% to 4,409.59, its best week since March. The Nasdaq Composite rose 3.2% to 13,689.57, also its best week since March. Outside the US, South Korea’s Kospi fell 0.6% to 2,625.79, while Britain’s FTSE 100 rose 1.1% to 7,642.72.
German promotions and ticketing company CTS Eventim fell the most this week, falling 18.2 percent, making it the only music stock in the index to fall by double digits.as billboard Report Shares in the German company fell sharply on Wednesday in the two days after a key segment of the German public television program aired ZDF royal magazine.