Shares of Spotify rose 8.0% to $365.00 this week to guide all music shares in every week the Billboard Global Music Index reached a brand new excessive and lots of of its largest parts posted mid- to high-single digit positive factors. 

The Swedish music streaming big was boosted by a report by Pivotal Research Group that elevated its worth goal to $510 from $460 and reiterated its “buy” score. Spotify’s intraday excessive of $368.29 on Thursday set a brand new 52-week excessive for the inventory and was its finest mark since Feb. 21, 2021.

Spotify led the 20-company Billboard Global Music Index (BGMI) to a document excessive 1,873.87, up 4.1% for the week, as ten of the shares posted positive factors this week, 9 misplaced worth and one was unchanged. After a 4.8% drop the week ending Sept. 6 and stagnating since March, the BGMI has gained 7.4% within the final two weeks and raised its year-to-date acquire to 22.2%—greater than two proportion factors above the positive factors of the Nasdaq composite (up 19.6%) and the S&P 500 (additionally up 19.6%). 

Stocks usually had week after the U.S. Federal Reserve introduced on Wednesday a price minimize of half a proportion level, the primary time the central financial institution lowered the in a single day borrowing price for the reason that early days of the COVID-19 pandemic. Investors had anticipated the Fed’s transfer, although, and had priced the impact of a price minimize into inventory costs. Still, the Nasdaq composite climbed 1.5% to 17,948.32 and the S&P 500 rose 1.4% to five,702.55. South Korea’s KOSPI composite index improved 0.7% to 2,736.81 and China’s Shanghai Composite Index rose 1.2% to 2,736.81. In the United Kingdom, the FTSE 100 fell 0.5% to eight,229.99.

Warner Music Group gained 4.9% to $30.44. WMG’s Atlantic Music Group laid off about 150 folks Thursday as a part of a restructuring plan that started in February. The week’s intraday excessive of $30.88 was WMG’s highest worth since reaching $32.34 on July 24. The firm additionally introduced in an SEC submitting this week it secured a $1.3 billion time period mortgage that will probably be used to repay an current mortgage and pay related charges and bills.

Live Nation shares additionally gained 4.9% to $103.65 and introduced its year-to-date enchancment to 10.7%. Thursday’s intraday excessive of $105.42 was its highest mark since April 1 and fewer than $2 beneath its 52-week excessive of $107.24. The live performance promoter scored a win in Portland, Ore., this week after the town council upheld an August choice to permit the event of a 3,500-capacity music venue that will probably be operated by Live Nation. 

Two different promoters additionally posted positive factors this week. MSG Entertainment, rose 4.6% to $42.16, whereas CTS Eventim improved 1.2% to 87.90 euros ($98.23). Another reside leisure firm, Sphere Entertainment Co., dropped 2.7% to $41.09. 

Okay-pop firms’ modest decline was an enchancment from their persistently steep drops in current weeks. The 4 South Korean firms had a median lack of 1.2% this week. HYBE fell 2.4%, JYP Entertainment dipped 1.2%, YG Entertainment slipped 0.9% and SM Entertainment misplaced 0.2%. After surging in earlier years, the quartet has a median year-to-date lack of 40.4%. 

Universal Music Group fell 3.6% to 22.75 euros ($25.42) following its Capital Markets Day on Tuesday. Analysts usually felt UMG set reachable monetary targets and offered a plausible roadmap about its technique for the following 4 years. The Amsterdam-listed firm laid out a technique to realize 8% to 10% cumulative annual development price (CAGR) for its subscription income and above 7% CAGR for complete income.

Music streamer LiveOne had the most important decline of the week, dropping 6.1% to $1.38. That put shares of LiveOne into the pink for 2024 with a 1.4% year-to-date loss.