{"id":87833,"date":"2024-06-14T21:06:05","date_gmt":"2024-06-15T01:06:05","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/06\/14\/warner-music-group-posts-biggest-stock-gain-in-week-led-by-streaming-companies\/"},"modified":"2024-06-14T21:06:05","modified_gmt":"2024-06-15T01:06:05","slug":"warner-music-group-posts-biggest-stock-gain-in-week-led-by-streaming-companies","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/06\/14\/warner-music-group-posts-biggest-stock-gain-in-week-led-by-streaming-companies\/","title":{"rendered":"Warner Music Group Posts Biggest Stock Gain in Week Led by Streaming\u00a0Companies"},"content":{"rendered":"

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\n\tWarner Music Group shares rose 6.6% to $31.47 this week, narrowing the stock\u2019s year-to-date loss to 12.1%. Other gainers in the record label and music publisher space were HYBE, up 1.8% to 200,500 won ($144.95), and Universal Music Group, up 1.4% to 28.63 euros ($30.67).\u00a0<\/p>\n

\n\tStreaming companies had the best week, however. Led by LiveOne\u2019s 6.4% gain, music streaming stocks had an average gain of 0.3% \u2014 versus an average 0.3% decline for record labels and publishers. Elsewhere, Tencent Music Entertainment gained 5.2% to $14.80 and Spotify added 1.6% to $313.02. The three companies also boast three of the top four year-to-date performances: Live One is up 30.0%, Tencent Music is up 64.3% and Spotify is up 66.6%. The fourth company in that equation is Hipgnosis Songs Fund, which is up 41.4% due to its upcoming acquisition by Blackstone<\/a>.\u00a0<\/p>\n

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\t\t\t\t\t\t\"Michael<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\t\t\t\t\tWarner Music Group Hires Top Goldman Sachs Music Banker to Lead Distro Shopping\u00a0Expedition\t\t<\/p>\n<\/h3><\/div>\n

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\n\tDespite overall strength among streaming companies, three of them posted losses. Cloud Music fell 2.4% to 103.00 HKD ($13.19), lowering its year-to-date gain to 14.8%. Anghami lost 2.8% to $1.03, putting the stock\u2019s year-to-date loss at 1.0%. And Deezer stumbled 6.1% to 1.86 euros ($1.99), bringing its year-to-date loss to 12.7%.\u00a0<\/p>\n

\n\tThe 20-company Billboard Global Music Index<\/strong> rose 1.1% to 1,820.01, bringing its year-to-date gain to 18.7% and its 52-week improvement to 36.5%. Although the index mustered a small gain, 11 of its 20 stocks lost value compared to seven gainers and two that were unchanged.<\/p>\n

\n\tWhile overall music stocks managed only a small increase, the Nasdaq composite rose 3.2% to 17,688.88 and enjoyed its fifth-straight closing record on Friday (June 14). Th eS&P 500 improved 1.6% to 5,431.60. South Korea\u2019s KOSPI composite index gained 1.3% to 2,758.42. On the losing side, China\u2019s Shanghai Composite Index dropped 0.6% to 3,032.63 and the United Kingdom\u2019s FTSE 100 fell 1.2% to 8,146.86.\u00a0<\/p>\n

\n\tThe Billboard Global Music Index is outperforming these major indexes in 2024, however. Through June 14, the Nasdaq is up 17.8% and the S&P 500 is up 13.9%. Indexes in other countries have managed smaller gains. The FTSE is up 5.3%, the KOSPI composite index is up 3.9% and the Shanghai Composite Index is up 1.9%. <\/p>\n

\n\tLiveOne shares improved 6.4% to $1.82 after the company announced<\/a> it had surpassed 3.8 million total members, a 25% year-over-year increase, while Tesla memberships rose to 1.8 million, up 32% year-over-year (nearly all new Tesla vehicles sold in the United States come with a paid membership to LiveOne\u2019s Slacker Radio). \u201cOur goal is to forge meaningful alliances with companies that share our passion for innovation, bespoke programming, and delivering exceptional customer value,\u201d Brad Konkol<\/strong>, head of Slacker Radio, said in a statement.\u00a0<\/p>\n

\n\tLive Nation shares fell 2.0% to $88.75 as the company continued to lose ground in the wake of the Department of Justice\u2019s lawsuit<\/a> seeking to break up the company\u2019s concert promotion and ticketing businesses. CFRA Research lowered its Live Nation price target to $98 from $105 on Wednesday (June 12). Although its earnings-per-share estimates were unchanged, CFRA opted for a more conservative valuation multiple to reflect \u201cbusiness risk from the DOJ and live entertainment moving to the slower part of the year starting in October,\u201d analyst Kenneth Leon<\/strong> wrote.\u00a0<\/p>\n

\n\tThe Billboard Global Music Index\u2019s biggest loss of the week came from Cumulus Media, which fell 18.1% to $1.94. The Atlanta-based radio company\u2019s shares are down 63.5% year to date. Fellow radio company iHeartMedia dropped 3.2% to $1.21 this week, bringing its year-to-date loss to 54.7%.\u00a0<\/p>\n