Most music stocks recorded gains this week as markets absorbed the decline in consumer sentiment and the fastest increase in the producer price index in three years.  

iHeartMedia emerged as the week’s top performer, rising 40.6% to $2.25. The radio giant’s stock surged 25% on Tuesday after its Q2 earnings report indicated better-than-expected revenue and a slight improvement in overall earnings. CEO Bob Pittman noted “a still uncertain macro environment,” but a 13% rise in digital revenue helped counterbalance the decline in broadcast radio advertising revenue.  

Shares of Tencent Music Entertainment (TME) surged 15.5% to $25.55 following the company’s Q2 earnings announcement on Tuesday (Aug. 12). TME’s revenue rose by 18%, with subscribers increasing by 6.3% to 124.4 million, and the company reported over 15 million subscribers to its Super VIP tier. Nomura raised its price target to $31 from $21.50, maintaining its “buy” rating. Daiwa Capital Markets upgraded TME to “outperform” from “neutral.”

The Billboard Global Music Index (BGMI) increased by 4.2% to 3,104.37, marking the third instance of the index closing above 3,000. The BGMI is currently just 0.4% below its all-time high of 3,117.20 from the week ending June 30, with a year-to-date gain of 46.1%. Twelve of the index’s 19 stocks were winners this week, while seven experienced losses. The index reduced to 19 companies after Believe ceased trading on the Euronext Paris in late July.

Other indexes performed well but did not match the success of music stocks. In the U.S., the Nasdaq composite rose 0.9%, and the S&P 500 improved by 1.0%. The U.K.’s FTSE 100 saw a 0.5% increase, while South Korea’s KOSPI composite index rose 0.5%. China’s SSE Composite Index gained 1.7%. 

SiriusXM surged 7.5% to $23.03. The market may be anticipating Howard Stern’s return to SiriusXM following the conclusion of his five-year contract at the end of this year. A promotional announcement during his show claims that Stern will address this on Sept. 2. Stern, who originally signed with SiriusXM predecessor Sirius Satellite Radio in 2004 and began broadcasting in 2006, was essential to the company’s early growth and continues to be a marquee talent as SiriusXM brings in new voices such as podcaster Alex Cooper.

Live Nation, enjoying the aftermath of a strong Q2 earnings report from the previous week, hit an all-time high of $162.95 on Thursday (Aug. 14) and closed the week up 5.1% to $160.93. The concert promoter and ticketing company released earnings on Aug. 7 that indicated a 16% revenue increase and record second-quarter concert revenue. Several analysts raised their price targets following the earnings release. 

Spotify, the index’s largest component, increased by 3.8% to $732.81. The music streaming service remains well below its all-time high of $785.00 set on June 27, but it has gained over $100 per share in the last two weeks, recovering the value lost after the company’s Q2 earnings led to an 11.6% drop in a single day. 

Sphere Entertainment Co. fell 1.0% to $39.87 but ended the week on a positive note after the stock dropped 3.4% following the company’s earnings report on Monday (Aug. 11). Morgan Stanley increased its price target to $40 from $35 while maintaining its “equalweight” rating.

The week’s largest decline was recorded by MSG Entertainment (MSGE), which fell 3.1% after the company’s fiscal year earnings report on Wednesday (Aug. 13) showed a 74% profit drop, largely due to the conclusion of Billy Joel’s Madison Square Garden residency in July 2024. However, Morgan Stanley remains optimistic about MSGE’s future, raising its price target to $44 from $41.