JYP Entertainment shares spiked on the Stray Kids tour announcement this week, while music stocks gained overall, including at Spotify & Live Nation.
, is on a roll, with its stock closing Friday at 66,100 won — up 11.3% for the week and marking its highest closing price since May 10. This week, the company seemingly got a nudge from the Monday announcement of Stray Kids’ 20-date,in 2025 that will cover North America, Latin America and Europe. But the momentum has been building for a while; over the last three weeks, JYP shares have gained 35.6%.. Elsewhere, HYBE improved 4.4% and SM Entertainment increased 4.3%.
In other music stocks news, Spotify continued its hot streak by gaining 3.7% to $475.27, marking its second-highest closing price ever. A week earlier, Spotify sharesafter the company’s third-quarter earnings showed the company achieved a record operating profit. The streaming company’s stock has gained 153% in 2024 and is up 23.6% in the last three weeks alone.
The 20-company Billboard Global Music Index rose 2.1% to a record 2,208.32 as 14 stocks finished the week with gains, putting it in line with stocks around the globe. In the United States, both the Nasdaq composite and S&P 500 increased 1.7%. In the United Kingdom, the FTSE was up 2.5%. South Korea’s KOSPI composite index gained 3.5%. Only China’s Shanghai Composite Index was an exception, dropping 1.9%.
Just six of the index’s 20 stocks finished the week in negative territory. The sharpest drop came from German concert promoter CTS Eventim, which fell 9.7% this week after the company’sshowed an increase in revenue but a drop in adjusted earnings before interest, taxes, depreciation and amortization margin for both the promotion and ticketing segments. on Thursday .
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