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Only 4 out of 20 stocks billboardThe global music index was in positive territory this week: Spotify rose 4.5% to $127.09, Tencent Music Entertainment rose 4.4% to $7.85, Warner Music Group rose 1.5% to $30.21 and Reservoir Media rose 0.2% to $6.15.
Problems in the banking sector have rattled stocks again this week. Signature Bank and First Republic faltered this week following a run on Silicon Valley Bank last week. Credit Suisse on Wednesday asked the Swiss National Bank for support after its largest shareholder rejected a capital injection to provide much-needed stability. The Dow Jones Industrial Average fell 0.1% for the week, following a 1.2% drop on Friday (March 17). Despite falling 1.1% on Friday, the S&P 500 was up 1.4% for the week.
While most stocks fell into negative territory, the Global Music Index fell just 0.4% to 1,188.02. Spotify and Warner Music Group are the two most valuable companies in the index. Other big names were down slightly: Universal Music Group fell 1.7 percent to 21.38 euros, SiriusXM fell 0.8 percent to $3.64 and Live Nation fell 0.4 percent to $66.36.
The week’s biggest loser was K-pop company SM Entertainment, which fell 23.5 percent to 113,000 won afterward. HYBE cancels bid to control the company. Last week, SM Entertainment was the biggest winner on the Global Music Index, 14.4% increase To 147,800 won, after Kakao Announcement of tender offer Acquire up to 35% of shares from minority shareholders at KRW 150,000 per share.
The advert market continues to be a problem for broadcaster stocks. iHeartMedia fell 12% to $4.31 and Audacy fell 12.5% ​​to $0.14. Analysts at Morgan Stanley lowered their price target on iHeartMedia from $8 to $5 due to “concerns about the radio station’s long-term growth potential,” according to a March 16 investor note. Year-to-date, iHeartMedia is down 29.7%, Cumulus Media is down 35.9% and Audacy is down 39.1%.
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