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Only 4 out of 20 stocks billboard‘s Global Music Index was in positive territory this week.
Stock markets tumbled again this week due to problems in the banking sector. Following last week’s gains in Silicon Valley Bank, Signature Banks and First Republic fell this week. Credit Suisse on Wednesday sought help from the Swiss National Bank after its largest shareholder refused an injection of funds to provide much-needed stability, as the Dow Jones Industrial Average fell 1.2% on Friday (March 17). Later this week he fell 0.1%. The S&P 500 rose 1.4% for the week, even though he fell 1.1% on Friday.
The Global Music Index fell 0.4% to 1,188.02, despite most stocks slipping into negative territory. Spotify and Warner Music Group are he two of the most valuable companies in the index. Other large companies fell only slightly.
The biggest price drop of the week was K-pop company SM Entertainment, which fell 23.5% to KRW 113,000 after HYBE canceled a bid to take control of the company. Last week, after Kakao announced a tender offer to acquire up to 35% stake from minority shareholders at KRW 150,000 per share, SM Entertainment was the biggest riser in the Global Music Index, up 14.4% to his came to 147,800 won.
Ad market weakness continued to be a problem for radio company stocks. iHeartMedia dropped 12% to $4.31 and Audacy dropped 12.5% to $0.14. According to an investor memo dated March 16, Morgan Stanley analysts said “broadcast concerns about the long-term growth potential of his radio” have pushed iHeartMedia’s price target from $8 to $5. reduced to dollars. Year-to-date, iHeartMedia is down 29.7%, Cumulus Media is down 35.9%, and Audacy is down 39.1%.
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