Shares of SM Entertainment are up 15.3% for the week, making the K-pop company the biggest gainer among the 21 music stocks on the Billboard Global Music Index. The company rose to 117,600 won ($92.07), bringing its year-to-date gain to 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. Since Sphere was spun off from MSG Entertainment’s concert promotion business on April 20, its shares have risen more than 14 percent. On September 29th, U2 will launch MSG Sphere at The Venetian, and the residency period will last until 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 , which fell the most this week at 18.2 percent, was the only music stock in the index with a double-digit decline.as billboard The German company’s shares fell sharply in the two days following a key segment of the German public television program, it was reported Wednesday. ZDF royal magazine.
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