Tencent Music, Cloud Music Lead Music Stocks to New Record High

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Tencent Music, Cloud Music Lead Music Stocks to New Record High
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Tencent Music and Cloud Music, China's two largest music streaming companies, led the Billboard Global Music Index to a record 1,956.63.

Two Chinese music streaming companies, Cloud Music and Tencent Music Entertainment, led all music stocks in a second consecutive record-setting week.Cloud Music surged 31.5% to 121.50 HKD and Tencent Music Entertainment jumped 24.6% to $12.27, benefitted from a surge in Chinese stocks this week. Cloud Music set a new 52-week high of 123.40 HKD on Friday and brought its year-to-date gain to 35.4%.

Music stocks easily outperformed most major indexes. In the United States, the Nasdaq composite gained 1.0% to 18,119.59 and the S&P 500 rose 0.6% to 5,738.17. In the United Kingdom, the FTSE 100 was up 1.1% to 8,320.76. South Korea’s KOSPI composite index rose 2.2% to 2,649.78. K-pop stocks also had an outstanding week. The four leading South Korean music companies, which have all shed significant value in 2024, posted an average gain of 14.4%. YG Entertainment rose 18.3%, SM Entertainment jumped 16.9%, JYP Entertainment improved 14.2% and HYBE climbed 8.1%. Spotify, the BMGI’s most valuable component, rose 1.1% to $369.13. During the week, Spotify shares rose as high as $389.96—a new all-time high—but fell $20 by the end of Friday.

SiriusXM was one of the week’s few losers, dropping 2.2% to $24.39. Morgan Stanley on Tuesday told investors that SiriusXM faces the risk ofdue to a limited outlook for subscriber and revenue growth. In other words, if SiriusXM was valued at, say, 15 times earnings before interest, taxes, depreciation and amortization , its growth prospects might merit a lower multiple.

Music streaming company LiveOne had the week’s biggest decline of 23.2%. Radio broadcaster Cumulus Media fell 8.6% and French music streamer Deezer dropped 8.0%.

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