The Billboard Global Music Index — a various assortment of 20 publicly traded music firms — completed 2023 up 31.3% as Spotify’s share value alone climbed 138% due to cost-cutting and concentrate on margins. Spotify is the single-largest part of the float-adjusted index and has one of many largest market capitalizations of any music firm.
The music index was outperformed by the tech-heavy Nasdaq composite, which gained 43.4% with the assistance of triple-digit good points from chipmaker Nvidia Corp (+239%) and Meta Platforms (+194%). But the Billboard Global Music Index exceeded another main indexes: the S&P 500 gained 24.2%, South Korea’s KOSPI composite index grew 18.7% and the FTSE 100 improved 3.8%.
Other than Spotify, a handful of main firms had double-digit good points in 2023 that drove the index’s enchancment. Universal Music Group completed the yr up 14.7%. Concert promoter Live Nation rode a string of record-setting quarters to a 34.2% achieve. HYBE, the more and more diversified Okay-pop firm, rose 34.6%. SM Entertainment, during which HYBE acquired a minority stake in March, gained 20.1%.
A handful of smaller firms additionally completed the yr with huge good points. LiveOne gained 117.4%. Reservoir Media improved 19.4%. Chinese music streamer Cloud Music improved 15.8%.
The greatest loser on the Billboard Global Music Index in 2023 was radio broadcaster iHeartMedia, which fell 56.4%. Abu Dhabi-based music streamer Anghami completed 2023 down 34.8%. After a collection of huge fluctuations in latest months, Anghami ended the yr 69% beneath its excessive mark for 2023. Hipgnosis Songs Fund, presently present process a strategic overview after shareholders voted in opposition to continuation in October, completed the yr down 16.6%.
Sphere Entertainment Co., which cut up from MSG Entertainment’s dwell leisure enterprise again in April, ended 2023 down 24.4%. Most of that decline got here earlier than the corporate opened its flagship venue, Sphere, in Las Vegas on September 29, nevertheless. Since U2 opened the venue to widespread acclaim and earned Sphere international media protection, the inventory dropped solely 8.5%.
For the week, the index rose 1.1% to 1,534.07. Fourteen of the index’s 20 shares posted good points this week, 4 dropped in value and one was unchanged.
LiveOne shares rose 15.7% to $1.40 after the corporate introduced on Friday (Dec. 29) it added 63,000 new paid memberships in December and surpassed 3.5 million whole memberships, a rise of 29% yr over yr. iHeartMedia shares climbed 14.6% to $2.67. Anghami continued its ping-pong trajectory by ending the week up 16.9%.
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