WHAT'S HOT
SiriusXM Shares See Double-Digit Gain on Reverse Stock Split Amid Overall Down Week for Music Stocks

Published
8 months agoon

SiriusXM had its best week since December 2023 this week, leading all music stocks in a week when the losers outnumbered the winners two to one. Shares of the company jumped 12.3% to $2.93 following the company’s decision to conduct a 1-for-10 reverse stock split when it merges with the Liberty Media SiriusXM Group tracking stock later this year. SiriusXM gained 16.4% in the week ended Dec. 15, 2023.
The reverse split is meant to boost SiriusXM’s beleaguered share price. After years of steady growth in its satellite radio business, the company has suffered declines in both revenue and satellite subscribers as it attempts to build a competitive streaming service. The company lost 445,000 self-pay subscribers in 2023 — a 1% decline — and experienced a 1.4% drop in the first quarter of 2024. The revamped streaming app launched in December at $9.99 per month, about half the average revenue per user generated from satellite radio subscriptions in 2023.
Related
SiriusXM’s Reverse Stock Split Sends Share Price Up 4.5%
06/18/2024
SiriusXM was the only music stock to post a double-digit gain this week and one of only six stocks in the 20-company Billboard Global Music Index to see growth. With 13 stocks declining and one — French music company Believe — unchanged, the index fell 0.3% to 1,814.88. On average, live music stocks fared the best with an average gain of 0.6%. Other segments posted declines: streaming stocks fell 3.7%, radio stocks dropped 2.9%, and record labels and publishers dipped 1.3%.
Live Nation rose 4.7% to $92.96, its highest closing price since June 5. The company’s shares are down 8.3% since the Department of Justice brought an antitrust lawsuit that seeks to break up its concert promotion and ticketing operations, but it’s held steady since an initial post-lawsuit drop. Friday’s closing price was just 52 cents below the price the day after the lawsuit was announced on May 23.
Shares of Spotify rose 1.5% to $317.86 to mark their third successive weekly gain. Cost-cutting and price-hiking have helped Spotify’s stock gain 69.2% in 2024 and 101.8% in the last 52 weeks. There was more price-related news on Friday (June 21) as Spotify revealed a new “basic” plan in the United States, which costs $10.99 per month and offers users a plan that doesn’t include audiobooks. The “premium individual” plan includes both music and 15 hours of audiobook listening for $11.99 per month, while the “audiobook access” tier provides 15 hours of audiobook listening and the ad-supported music service for $9.99 per month.
iHeartMedia was the index’s worst performer after dropping 17.4% to $1.00. The radio giant’s stock is down 62.5% year to date amidst a weak radio advertising market and steady growth at competing streaming services. LiveOne fell 12.6% to $1.59, bringing its year-to-date gain to 13.6%.
Music was outperformed by broader indexes as stocks reached new highs this week. On Thursday (June 20), the S&P 500 set a new all-time high of 5,503.53 and the Nasdaq composite reached a new high of 17,936.79. For the week, the S&P 500 rose 0.6% to 5,464.62 and the Nasdaq composite was barely above breakeven at 17,689.36. In the United Kingdom, the FTSE 100 rose 1.1% to 8,237.72. South Korea’s KOSPI composite index gained 0.9% to 2,784.26. China’s Shanghai Composite Index fell 1.1% to 2,998.14.
!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[“datawrapper-height”][t]+”px”;e[r].style.height=i}}}))}();
!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[“datawrapper-height”][t]+”px”;e[r].style.height=i}}}))}();
!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[“datawrapper-height”][t]+”px”;e[r].style.height=i}}}))}();
Glenn Peoples

Blink-182’s Mark Hoppus Is Auctioning Off His Rare Banksy Artwork

Backstreet Boys Member Brian Littrell’s Son Will Make His Debut on ‘American Idol’ This Season

OneRepublic’s Ryan Tedder & Leading Punjabi Artist Karan Aujla on Their Historic Collaboration: ‘We Manifested This’

Farruko’s ‘Cables Cruzados’ Controls No. 1 on Latin Pop Airplay Chart

Kendrick Lamar’s ‘Not Like Us’ Blasts Back to No. 1 on Billboard Global 200 Chart

Exclusive interview with Corey Miceli SuperHumanSociety

Humble Hefe: From Trials to Triumph in the World of Hip-Hop

Celebrity HipHop’s Next Up: Exclusive Interview with C.J. Brown

Celebrity HipHop’s Next Up: Exclusive Interview with Truth

An Exclusive Interview With Jizzyjondabeat

Hotboii – Z What I Z (Official Video)

DDG – The Method (Official Music Video)

BigXthaPlug – Holy Ground (Official Lyric Video)

Skrilla – Doot Doot (6 7) (Official Audio)

Alabama Barker – Cry Bhabie (Official Video)
TRENDING


Blink-182’s Mark Hoppus Is Auctioning Off His Rare Banksy Artwork
Blink-182 co-founder Mark Hoppus is setting his sights on the art world, with the musician set to auction off his...


Backstreet Boys Member Brian Littrell’s Son Will Make His Debut on ‘American Idol’ This Season
The apple doesn’t fall far from the tree. Backstreet Boys superstar Brian Littrell revealed on the Today show that his...


OneRepublic’s Ryan Tedder & Leading Punjabi Artist Karan Aujla on Their Historic Collaboration: ‘We Manifested This’
Six months ago, Ryan Tedder experienced a fortuitous full-circle moment. His longtime friend, Grammy-nominated songwriter and producer Savan Kotecha, texted...


Farruko’s ‘Cables Cruzados’ Controls No. 1 on Latin Pop Airplay Chart
Farruko is back atop Billboard’s Latin Pop Airplay chart as “Cables Cruzados” lifts 2-1 to rule the Feb. 22-dated tally....


Kendrick Lamar’s ‘Not Like Us’ Blasts Back to No. 1 on Billboard Global 200 Chart
Kendrick Lamar’s “Not Like Us” resurges to No. 1, from No. 20, on the Billboard Global 200 chart (dated Feb....