Shares of SM Entertainment gained 15.3% this week, making the K-pop company the greatest gainer among the 21 music stocks in the Billboard Global Music Index. Although the company wasn’t the subject of any significant news items that typically affect share prices — earnings, investments or partnerships — its shares nonetheless rose to 117,600 KRW ($92.07), bringing the year-to-date gain to 53.3%.
It’s not just SM Entertainment, though. K-pop is booming in 2023. Shares of the index’s other South Korean music company, HYBE, gained 6.1% this week and have gained 71.5% in 2023. Outside the index, JYP Entertainment and YG Entertainment have gained 100.6% and 88.4%, respectively, year to date.
With 16 of its 21 stocks in positive territory this week, the Billboard Global Music Index improved 5% to 1,334.28, its best one-week performance since November. The biggest contributors to the index’s value posted strong single-digit gains. Spotify improved 6.3% to $159.99, Universal Music Group gained 3.8% to 20.16 euros ($22.11) and Warner Music Group jumped 9.3% to $27.16. Meanwhile, Live Nation gained 7.2% to $90.18 and on Thursday (June 15) closed above $90 for the first time since Sept. 15.
Two other stocks had double-digit gains this week. Streaming company LiveOne added 13.3% to $1.53, bringing its year-to-date gain to 137.6%, while Sphere Entertainment Co. climbed 10.9% to $29.29. Since Sphere separated from MSG Entertainment’s concert promotion business on April 20, its shares have gone up more than 14%. On Sept. 29, U2 will launch the MSG Sphere at the Venetian with a residency that extends through Dec. 16.
While stocks were generally up this week, music stocks fared better than the major indexes. The S&P 500 gained 2.6% to 4,409.59, its best week since March. The Nasdaq composite improved 3.2% to 13,689.57, also marking its best week since March. Outside the United States, South Korea’s Kospi index dropped 0.6% to 2,625.79, while the FTSE 100 in the U.K. gained 1.1% to 7,642.72.
German promoter and ticketing company CTS Eventim had the week’s largest decline at 18.2%, making it the only music stock on the index with a double-digit loss. As Billboard reported on Wednesday, the German company’s share price fell precipitously in the two days following a critical segment on the German public television show ZDF Magazin Royale.
This story originally appeared on Billboard
