Shares of SM Leisure gained 11.8% to KRW 117,900 ($92.88) this week, making the Okay-pop firm the best gainer on the Billboard International Music Index. The house of teams equivalent to NCT 127 and Pink Velvet, SM received excellent news this week after boy band EXO’s newest launch, EXIST — The seventh Album, offered over 1 million copies in South Korea on its first day of launch. In the USA, the group presently has 4 of the highest 5 songs on Billboard’s Scorching Trending Songs chart. 12 months so far, SM Leisure shares are up 37.5%.
Led by SM Leisure’s double-digit acquire, 13 of the Billboard International Music Index’s 21 shares completed in optimistic territory this week. The index rose 1.7% to 1,355.35, its third-straight weekly enhance and the sixth within the final seven weeks. Music shares lagged behind many main indexes, nevertheless. In the USA, the S&P 500 and the Nasdaq composite gained 2.4% and three.3%, respectively. The UK’s FTSE 100 improved 2.4%. And South Korea’s KOSPI composite index rose 4%.
Spotify continues its scorching streak by gaining 9.6% to $172.03, bringing the inventory’s year-to-date enchancment to 117.9%. The streaming large received a lift this week after analysts at Morgan Stanley and Wells Fargo elevated their value targets to $185 and $250, respectively. Wells Fargo analysts are obsessed with Spotify’s prospects to enhance its margins following the corporate’s layoffs and discount of podcast content material prices. Lengthy-awaited value will increase in the USA might enhance Spotify’s gross margin by three proportion factors and add practically $727 million of income in 2024, in keeping with the analysts.
One other Okay-pop firm skilled the index’s largest decline this week: Shares of HYBE, residence to BTS and Tomorrow X Collectively, fell 10.3% to KRW 256,500 ($202.08). The corporate was within the South Korean media this week following complaints of sexual harassment by safety guards at an &TEAM singing occasion in Seoul. In a press release, HYBE apologized to the followers and defined that attendees at such occasions are searched to stop recordings from leaking to the general public.
Hipgnosis Songs Fund Ltd.’s decline of three.9% to 0.74 kilos per share was the index’s largest decline of the week after HYBE. On Thursday (July 13), Hipgnosis reported a $12.9 million enchancment in pro-forma annual income million in calendar 12 months 2022, though each gross and web income declined due primarily to 2 massive, non-recurring changes. Nonetheless, buyers stay cautious of the inventory, which has declined 14.3% 12 months so far. As Billboard reported this week, Hipgnosis is buying some belongings that would assist bolster its share value if offered. Shareholders will get an opportunity to weigh in on the fund’s future on the annual assembly in September by voting to vary fund managers, liquidate the fund or keep on target.
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