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K-Pop Stocks Down 17% Overall in 2024, Spotify Soars on Joe Rogan News & Earnings Anticipation
The Billboard Global Music Index dropped 0.4% to 1,588.68 this week as 13 of 20 stocks finished in negative territory.
K-pop is having amazing charts and sales success and selling out large venues around the world, but the South Korean companies behind those artists are off to a terrible start in 2024. Investors may feel K-pop’s finances are less than reliable after news broke this week that Kakao Corp. is auditing SM Entertainment’s financial practices following its acquisition of a 40% equity stake in 2023, according to reports out of South Korea. Call Her Daddy is no longer exclusive to Spotify, Barack and Michelle Obama departed for Amazon’s Audible, and the former royals, Prince Harry and Meghan Markle, were not renewed.
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