Xuenou > Music > Music Stocks Mixed This Week as Universal, HYBE & Warner Raise Index2.1%
Music Stocks Mixed This Week as Universal, HYBE & Warner Raise Index2.1%
Music Stocks Mixed This Week as Universal, HYBE & Warner Raise Index2.1%,Music stocks were mixed this week as Universal, HYBE and Warner helped raise Billboard's Global Music Index 2.1% overall.

Music Stocks Mixed This Week as Universal, HYBE & Warner Raise Index2.1%

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The Index’s greatest gainer was streaming company LiveOne, which climbed 13.1% to $1.12. On Tuesday, LiveOne said it is extending the record date for the previously announced spinoff of its PodcastOne subsidiary to April 7. “We expect the special dividend and trading of PodcastOne to begin in April,” said Robert Ellin, LiveOne CEO and chairman. The company also announced it gained 136,000 paid subscribers since Jan. 1, to more than 2 million monthly paying members, and plans to reach 2.75 million subscribers by the end of the year.

Broadcast radio company Audacy, a relatively small component of the Index, had the week’s biggest decline of 21.4%. On March 16, a B. Riley analyst cut the price target for Audacy shares from 50 cents to 10 cents. The stock closed at 11 cents per share on Friday and is down 52% year to date.

The U.S. Federal Reserve Bank raised its benchmark interest rate a quarter of a percentage point on Wednesday — from 4.75% to 5% — and suggested additional hikes may not be needed “to return inflation to 2% over time,” the Federal Open Market Committee said in a statement. That decision sent markets into negative territory on Wednesday: both the Dow Jones Industrial Average and Nasdaq composite fell 1.6% while the S&P 500 dropped 1.7%. But stocks rallied on Thursday and Friday. The Dow finished the week up 1.2% while the Nasdaq composite and S&P 500 rose 1.7% and 1.4%, respectively.