JYP Leisure, the Ok-pop firm behind such artists as TWICE and Stray Youngsters, is on a roll, with its inventory closing Friday (Nov. 22) at 66,100 gained ($47.06) — up 11.3% for the week and marking its highest closing worth since Might 10. This week, the corporate seemingly received a nudge from the Monday (Nov. 18) announcement of Stray Youngsters’ 20-date, Reside Nation-produced stadium tour in 2025 that can cowl North America, Latin America and Europe. However the momentum has been constructing for some time; during the last three weeks, JYP shares have gained 35.6%.
Different Ok-pop shares additionally posted positive aspects this week: YG Leisure rose 7.7% as “APT” by ROSÉ and Bruno Mars spent a fourth week atop the Billboard world charts and reached No. 1 in Japan. Elsewhere, HYBE improved 4.4% and SM Leisure elevated 4.3%. Collectively, the 4 Ok-pop firms have gained a mean of 20.7% within the final three weeks and narrowed their common year-to-date deficit to fifteen%.
One other high-flying music inventory was Reside Nation, which jumped 8.7% to an all-time excessive of $140.26 on Friday after extra analysts elevated their worth targets. Citigroup elevated its goal on the live performance promoter to $163 from $130, whereas Deutsche Financial institution upped its goal to $150 from $130. As of Friday’s closing worth, Reside Nation shares have gained 49.8% in 2024 and 19.8% in simply the final three weeks. The corporate’s third-quarter earnings on Nov. 11 can take credit score for a number of the latest positive aspects, although Donald Trump’s victory within the U.S. presidential election performed a component, too, as buyers imagine Reside Nation’s ongoing lawsuit introduced by the Division of Justice will see a extra favorable decision with the incoming administration.
In different music shares information, Spotify continued its scorching streak by gaining 3.7% to $475.27, marking its second-highest closing worth ever. Per week earlier, Spotify shares gained 14.5% after the corporate’s third-quarter earnings confirmed the corporate achieved a file working revenue. The streaming firm’s inventory has gained 153% in 2024 and is up 23.6% within the final three weeks alone.
The 20-company Billboard International Music Index rose 2.1% to a file 2,208.32 as 14 shares completed the week with positive aspects, placing it in keeping with shares across the globe. In america, each the Nasdaq composite and S&P 500 elevated 1.7%. In the UK, the FTSE was up 2.5%. South Korea’s KOSPI composite index gained 3.5%. Solely China’s Shanghai Composite Index was an exception, dropping 1.9%.
Elsewhere, music streamer LiveOne gained 12.8% to $0.88, whereas iHeartMedia improved 8.6% to $2.40 after the radio big introduced phrases for a debt change that can ease the corporate’s monetary burden and prolong many of the maturity dates for its money owed. As of Nov. 14, word holders representing roughly 85% of excellent debt have agreed to change notes underneath the brand new phrases.
Simply six of the index’s 20 shares completed the week in adverse territory. The sharpest drop got here from German live performance promoter CTS Eventim, which fell 9.7% this week after the corporate’s third-quarter earnings confirmed a rise in income however a drop in adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) margin for each the promotion and ticketing segments.
Lastly, label big Warner Music Group (WMG) dropped 3.3% to $31.85 following the discharge of its newest quarterly earnings on Thursday (Nov. 21). JP Morgan dropped its worth goal to $40 from $41 after decreasing its estimate for fiscal 2025 adjusted working earnings earlier than depreciation and amortization (OIBDA) to $1.49 billion from $1.527 billion. In the meantime, Deutsche Financial institution reduce its WMG worth goal to $34 from $36.
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