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Chinese Music Streamers Again Lead Music Stocks in Mixed Week for Markets
Chinese music streamers again lead music stocks in a mixed week for markets. The Billboard Global Music Index increased 0.4% to 1,964.44.
Outside of China, where the Shanghai Composite Index rose 8.1% to 3,336.50, stocks were generally muted this week as investors were uncertain about how the widening war in the Middle East would affect the global economy. In addition, Anyma added dates on Jan. 10 and 11 — the seventh and eighth shows at the venue for the Italian producer, who will break a string of legacy rock bands to become the first EDM artist to perform at Sphere. Guggenheim reiterated its “buy” rating on Warner Music Group (WMG) and slightly lowered its estimate for ad-supported streaming revenue ahead of the company’s fiscal fourth-quarter earnings.
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