Spotify and Live Nation Fuel Music Stocks Comeback in Wild Week

Led by Spotify and Live Nation, music stocks surged on Wednesday (April 9) after the U.S. Treasury placed a 90-day pause on most tariffs and recaptured some of the losses from the chaotic previous week. 

A week after losing $12 billion in market value, Spotify was one of the top-performing music stocks of the week, gaining 8.0% and offsetting most of the previous week’s 10.3% decline. A 9.8% gain on Wednesday helped improve the streaming company’s two-week loss to 3.1%. 

The 20-company Billboard Global Music Index (BGMI) gained 4.6% to 2,362.78 on Wednesday’s 90-day tariff pause. That welcome news recaptured only a fraction of the previous week’s losses, however, and music stocks were hurt by a weakened U.S. dollar and growing fears the U.S. could slip into a recession. After losing 8.2% in the previous week, the index’s two-week loss stands at 4.0%. 

U.S. markets rebounded after a miserable week. The Nasdaq rose 7.3% to 16,724.46, bringing its two-week loss to 3.5%. The S&P 500 rose 5.7% to 5,363.36, giving it a two-week decline of 3.9%. 

Many markets outside of the U.S. were down, however. In the U.K., the FTSE 100 dropped 1.1%, giving it a two-week loss of 8.0%. South Korea’s KOSPI composite index was down 1.3%, adding to the previous week’s 3.6% decline. China’s SSE Composite Index dipped 3.1% a week after falling 0.3%. 

Music streamer LiveOne was the week’s biggest gainer after jumping 18.0% to $0.72. The company’s preliminary results for fiscal 2025 released on Monday (April 7) showed the music streaming company had revenue of more than $112 million, while subscribers and ad-supported listeners surpassed 1.45 million. Even after the large increase, LiveOne shares have fallen 47.4% year to date. 

Live Nation, which jumped 7.2% to $129.52 this week, is the only music company to post a gain over the past two weeks. The concert promoter’s share price dropped 3.4% the previous week but, with the help of a 10.9% jump on Wednesday, recovered well enough for a two-week gain of 3.6%. 

Record labels and publishers finished the week in the middle of the pack. Warner Music Group fell 1.5% to $29.03, bringing its two-week decline to 8.0%. Universal Music Group was down 1.6%, giving it a two-week decline of 10.7%. Reservoir Media rose 0.7% to $7.10, giving it a two-week deficit of just 2.1%. 

Sphere Entertainment Co. is one of the worst-performing music stocks over the past two weeks with an 18.5% decline. The company’s shares finished the week up 1.3%, barely offsetting the previous week’s 19.5% decline. A spike on Wednesday was partially offset by declines of 4.3% and 7.7% on Tuesday (April 8) and Thursday (April 10), respectively. 

Most radio companies, which are heavily exposed to slowed advertising spending during recessions, had another down week. Cumulus Media dropped 22.5% to $0.31, bringing its two-week loss to 34.0%. iHeartMedia fell 4.2%, which took its two-week decline to 29.9%. Townsquare Media was down 4.9% this week and 13.6% over the past two weeks. Satellite broadcaster SiriusXM, which was upgraded by Seaport to buy from neutral, gained 2.6% this week, narrowing its two-week loss to 12.0%. 

The two Chinese music streaming companies on the BGMI fared poorly despite the recoveries by Spotify, LiveOne and Deezer, which gained 2.3%. Tencent Music Entertainment fell 5.5% to $12.24 but was likely helped by Nomura initiating coverage this week with a buy rating and a $17.20 price target. Cloud Music shares dropped 5.7% to 141.50 HKD ($18.24). 

K-pop companies, which bucked the downward trend the previous week, posted declines as well. SM Entertainment fell 8.2%, HYBE dropped 8.1%, JYP Entertainment sank 5.8% and YG Entertainment dipped 4.1%.