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SiriusXM, Deezer Share Prices See Big Gains & More Music Stock News

rmtsa by rmtsa
July 6, 2024
in Music
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SiriusXM, Deezer Share Prices See Big Gains & More Music Stock News
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Leading all music stocks this week, SiriusXM shares rose as high as $4.14 on Friday (July 5), its highest point since March 13, and closed at $3.71, up 31.1%. The satellite radio company, which also owns music streaming service Pandora and has high hopes for its revamped SiriusXM streaming app, is likely benefitting from an upcoming 10-to-1 reverse stock split and merger with Liberty Media’s SiriusXM Group tracking stock. The merger eliminates any confusion amongst investors by creating only one way to invest in SiriusXM. And although the split doesn’t affect the company’s value, it will increase the share price by reducing the number of shares outstanding. That, in turn, could help SiriusXM’s image with investors and further help prop up the share price. 

French streaming company Deezer rose 20.3% to 2.07 euros ($2.25) after it completed a public offering that transferred shares from the professional to the general segment of the Euronext Paris. (The professional segment is dedicated to companies that did not have an initial public offering or sale of shares. Deezer gained entry to the Euronext Paris through a merger with I2PO, a special purpose acquisition company, in 2022.) With that improvement, Deezer’s year-to-date loss improved to 12.3% from 19.2% a week ago. The company will report first-half earnings results on July 30. 

The Billboard Global Music Index (BGMI) rose 1.6% to 1,844.87, nearly matching the all-time record of 1,847.64 set the week ended May 17, with the large gains enjoyed by SiriusXM and Deezer helping offset losses by 11 of the index’s 20 stocks. The index’s most valuable companies had small gains this week: Live Nation rose 1.7% to $95.34, Universal Music Group added 0.9% to 28.03 euros ($30.41) and Spotify gained 0.8% to finish at $316.85. 

Music stocks couldn’t match many major indexes this week. In the United States, the Nasdaq composite gained 3.5% to 18,352.76 and the S&P 500 rose 2.0% to 5,567.19 — both record closes. Stocks were aided by data released on Friday by the U.S. Labor Department that showed that the economy added more jobs than expected in June while the increase in hourly earnings met expectations. The rise in the unemployment rate rise from 4.0% to 4.1% was a surprise, however.

Internationally, the U.K.’s FTSE 100 improved 0.5% to 8,203.93. South Korea’s KOSPI composite index gained 2.3% to 2,862.23. China’s Shanghai Composite Index dropped 0.6% to 2,949.93. 

Sphere Entertainment Co. improved 6.8% to $37.43, bringing its year-to-date gain to 10.1%. On Wednesday (July 3), the company announced it had given executive chairman/CEO James Dolan a new three-year employment contract that runs through June 30, 2027. That ensures Dolan will continue to oversee the growth of Sphere in Las Vegas and additional locations the company will target. Looking ahead, Dead & Company’s 30-show residency at the venue concludes on Aug. 10 while the Eagles will begin a 16-date residency — eight weekends of Friday and Saturday concerts — on Sept. 20.

Music streaming company LiveOne fell 14.6% to $1.34, putting the stock down 4.3% year to date. On Monday (July 1), the company announced a partnership with Seekr to build an AI-powered search engine for beats and sounds. The platform, expected to launch by the end of the year, is intended to help creators and music licensors.

Korean companies continued to struggle this week. HYBE fell 2.5% to 197,400 won ($143.30), bringing its year-to-date loss to 15.5%. SM Entertainment fell 3.5% to 77,600 won ($56.33) and has fallen 15.7% in 2024. Two K-pop companies not in the Billboard Global Music Index fared even worse: JYP Entertainment, home to TWICE and Stray Kids, dropped 2.8% to 55,700 won ($40.43) and has fallen 45% this year; while YG Entertainment, home to BLACKPINK and BABYMONSTER, sank 5.3% to 38,150 won ($27.69) and has lost 25% year to date. 



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