Streaming Companies Lead Music Stocks’ Gain as U.S. Markets Fall

Music stocks bounced back — and performed better than major U.S. indexes— for a second week after President Trump’s tariff policy sent markets into a tailspin. 

The 20-company Billboard Global Music Index (BGMI) rose 3.6% to 2,446.90, its second consecutive gain after falling 8.2% the week ended April 4. Fourteen of the 20 stocks were winners and five had gains exceeding 5%. The largest companies were among the week’s winners, which had an outsized impact on the index’s value, while the four worst performers are the index’s least valuable companies. 

The BGMI outperformed the Nasdaq and S&P 500, which lost 2.6% and 1.5%, respectively, but fell short of the FTSE 100’s 3.9% improvement. South Korea’s KOSPI composite index gained 2.1% and China’s SSE Composite Index rose 1.2%. 

Streaming companies, which analysts believe are well-suited to survive the impacts of the U.S. tariff policy, were among the week’s best performers. Cloud Music was the week’s biggest gainer, rising 10.5% to 156.40 HKD ($20.15). Deezer was the third-best performer with a 6.7% gain. 

Spotify, the most valuable music company, rose 5.6% to $574.25. UBS lowered its Spotify price target on Tuesday to $680 from $690 but maintained its buy rating. Tencent Music Entertainment improved just 0.4%, giving it a 10.2% gain in 2025. 

Multi-sector companies, particularly those from South Korea, also performed well. YG Entertainment rose 10.0% to 66,800 KRW ($47.10). SM Entertainment rose 9.3% to 116,300 KRW ($81.99) and JYP Entertainment improved 6.2% to 63,300 KRW ($44.63). HYBE rose 2.0% to 230,500 KRW ($162.51). 

Universal Music Group rose 3.2% to 23.96 euros ($27.25), turning a deficit into a year-to-date gain of 0.2%. Warner Music Group rose 0.3%, bringing its loss in 2025 to 6.1%. 

Live entertainment companies had mixed results. German promoter CTS Eventim gained 4.2% to 97.20 euros ($110.54) and MSG Entertainment rose 1.2% to $30.69. Live Nation fell 1.8% to $127.22. Sphere Entertainment Co. dropped 6.3% to $25.38. The company, which owns the Sphere venue in Las Vegas, has fallen 40.2% year to date.

Radio companies continued their decline. iHeartMedia dropped 14.8%, bringing its year-to-date loss to 54%. Cumulus Media’s 19.4% fall took its year-to-date deficit to 67.5%. 

Tariffs continued to be a dominant theme in the financial world this week. Apple and other tech companies that import phones, computers and chips from China and other Asian countries gained a reprieve from the most burdensome tariffs. The announcement, which came on April 11, sent Apple’s stock up 2% on Monday (April 14) and pushed its market capitalization back past $3 trillion. On Thursday, the Trump administration announced new fees on Chinese-made ships entering U.S. ports. Some of those fees were quickly walked back, however, by exempting ships that travel between U.S. ports of call, and from domestic ports to Caribbean islands or U.S. territories.