It was a good week for music stocks overall and an even better week for concert promoters, who made the biggest gains on the Billboard Global Music Index ahead of the blockbuster summer touring season.
The index rose 4.4% to 1,256.06 this week, with 15 of the 21 stocks ending in positive territory. It was led by concert promoter Madison Square Garden Entertainment’s (MSGE) 19.4% gain amidst multiple news items that influenced the share price. On Wednesday (May 17), Guggenheim initiated coverage of MSGE with a buy rating, while a report claimed that MSG Entertainment may sell the theater at Madison Square Garden for about $1 billion. On Thursday, the company released first-quarter results that showed a 4% increase in revenue to $201 million, though the company’s executives did not comment on the report during Thursday’s earnings call.
Shares of German promoter CTS Eventim also made big gains, rising 9.2% to 64.30 euros ($68.61). On Thursday, the company’s first-quarter earnings showed a 163% revenue jump to 366.2 million euros ($396 million) — beating pre-pandemic levels from the first quarter of 2019 by 29.5%. Year-to-date, CTS Eventim has sold 18 million tickets online, a 58% increase from the prior-year period. Meanwhile, Live Nation, the world’s largest concert promoter, improved 8.4% to $84.73 and is now up 21.5% year to date. Sphere Entertainment Co., which spun off MSG Entertainment in April, improved 6.1% to $23.61.
The S&P 500 improved 1.6% to 4,191.98 and the Nasdaq composite rose 3% to 12,657.90. The U.K.’s FTSE 100 index was unchanged at 7,756.87, while South Korea’s KOSPI composite index rose 2.5% to 2,537.79.
K-pop companies continued their hot streak this week. Two companies not in the Billboard Global Music Index, JYP Entertainment and YG Entertainment, gained 22.7% and 17.8%, respectively. Year-to-date, shares of JYP Entertainment, home to Stray Kids and Twice, have gained 70.6%. Shares of YG Entertainment, whose roster includes recent Coachella headliner Blackpink, are up 109.8% in 2023. Shares of HYBE dropped slightly by 0.4% but have gained 62% year to date. Likewise, shares of SM Entertainment gained only 1.1% this week but have grown 40% this year.
This story originally appeared on Billboard