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Las Vegas Sphere Developer Leads Music Stocks This Week Amid Hype – Billboard

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Seeing is believing for some investors in Sphere Entertainment Co., developer of The Sphere, Las Vegas’ new state-of-the-art venue.

Shares of Sphere Entertainment soared this week after the world saw the first video of the dazzling displays created by the 580,000-square-foot programmable LED “puck” on the Exosphere, the exterior of the 366-foot-tall spherical arena. 22.7%.this fascinating light show Received extensive media coverage – CNN, NPR, usa today, protector and daily mailetc., and share widely on social media. The rush has helped Sphere Entertainment’s market value grow to $919 million, an increase of more than $170 million.

U2 Launching The Sphere on September 29th with a 25-show residency running through December 16th. As of Friday, the Sept. 29 show is sold out, and the only available tickets for the next two shows are priced at $501 each. Other programming for Sphere is postcards from earthan immersive experience created by filmmaker Darren Aronofsky to showcase the venue’s technological capabilities.

Sphere Entertainment was one of eight stocks that rose this week on the Billboard World Music Index. The index rose 1%, outpacing the S&P 500 (down 1.2%), the Nasdaq Composite (-0.9%), the UK’s FTSE 100 (down 1.5%) and South Korea’s KOSPI Composite (down 3.6%).Stocks fell on Friday (July 7) as investors worried about the Labor Department’s June jobs report – which showed Wages are stronger than expected – could increase the chances that the Fed will resume raising interest rates to cool the economy and fend off inflation.

Two radio stocks were also big winners this week. Shares of iHeartMedia and Cumulus Media rose 9.3 percent and 8.5 percent, respectively. While both stocks are down sharply in 2023 — iHeartMedia is down 35.1% and Cumulus is down 28.3% — both stocks have had a string of successful weeks. Shares of iHeartMedia have risen 66.5% over the past six weeks. Shares of Cumulus Media have risen 37.8% during that time.

Warner Music Group was the only stock on the index to post a single-digit gain for the week, rising 7.4 percent to $28.01. This reduced WMG’s year-to-date loss to 20%.



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