BLACKPINK Contract Renewal, Spotify Layoffs Lift Music Stocks – Billboard

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If YG Leisure’s re-signing of all 4 BLACKPINK members is any indication, buyers can fear much less about Okay-pop firms’ means to retain their artists. 

YG Leisure gained 17.2% this week to 59,300 received ($45.00) as buyers reacted to information that the 4 members of BLACKPINK signed to new, unique contracts with the company. (The share value rose 29% the morning the announcement was made.) Uncertainty about contract renewals had brought on the corporate’s share value to decline 16% within the week ended Sept. 22, as information studies out of South Korea mentioned three BLACKPINK members would depart YG and spend simply six months out of the yr with the group. On the time, the corporate denied the information and insisted that the offers had been nonetheless being mentioned. 

The BLACKPINK renewal appeared to have a constructive affect on the shares of different Okay-pop firms. Shares of HYBE gained 12.3% to 237,500 received ($180.24), whereas SM Leisure shares rose 3.6% to 88,200 received ($66.94). These enhancements far exceeded the 0.5% achieve posted by South Korea’s KOSPI composite index.

The Billboard International Music Index gained 2.2% to a file 1,481.56, surpassing the earlier excessive of 1,426.49 set 4 weeks earlier. That introduced the index’s year-to-date achieve to 26.9%. Half of the index’s 20 shares completed the week in constructive territory. 

This week’s 2.2% achieve outpaced main indexes all over the world. In america, the Nasdaq improved 0.7% to 14,403.97 whereas the S&P 500 rose 0.2% to 4,604.37, reaching an all-time excessive of 4,609.23 on Friday (Dec. 8). In the UK, the FTSE 100 gained 0.3% to 7,554.47. 

Spotify was the largest contributor to the Billboard International Music Index’s achieve this week. The streaming firm — the biggest element of the 20-company, float-adjusted index — loved a double-digit enhance this week, gaining 9.6% to $198.05 after Monday’s information the corporate will lay off 17% of its workers. Following Thursday’s information that CFO Paul Vogel will leave the company in March 2024, Spotify shares rose 1.1% on Friday. 

One other inventory to react to monetary information was Sphere Leisure Co., which announced the sale of $225 million in convertible senior notes that mature in 2028. That despatched the corporate’s shares down 15.5%, however the inventory recovered most of its losses and completed the week down solely 5.3% to $32.66. Following the debt announcement, Sphere Leisure was upgraded by Seaport to a “purchase” with a $38 value goal, representing a 16.4% upside over Friday’s closing value. U2 live shows had been doing $500,000 extra per present than anticipated and the $99 common ticket value to the Darren Aronofsky movie Postcard From Earth was above analysts’ $84 estimate. 

The smallest inventory on the index, Abu Dhabi-based music streamer Anghami, dropped 41.3% to $1.35 with none regulatory filings or different information. The inventory was buying and selling under $1.00 per share as lately as Nov. 15 however jumped to $3.49 on Nov. 21 on buying and selling quantity of 57.7 million shares, or about 50 instances the day by day common. 



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