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Music Stocks Suffer Large Declines as Trump Tariffs Cause Markets to Implode

Music stocks dropped sharply Thursday (April 3) as Donald Trump's tariffs caused market chaos. Radio and live music stocks were hit particularly hard.

The Russell 2000, an index of small-cap companies, dropped 6.6% and entered bear market territory, having lost more than 20% of its value since reaching its all-time high in November. Companies with high exposure to the U.S. advertising market were hit particularly hard, a reflection of brands’ tendency to reduce their ad spending in times of economic uncertainty. Radio companies and LiveOne, which are more subject to the health of the U.S. advertising market, fared worse than Spotify, which fell just 1.2% despite offering an ad-supported tier in the U.S.

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