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SiriusXM & Other Radio Stocks Struggle on Soft Earnings Reports, K-Pop Shares Make Gains
SiriusXM and other radio stocks struggled and K-pop share prices rose on the Billboard Global Music Index amid sharp declines in U.S. stock markets.
At the same time, the company is introducing new pricing tiers for satellite radio, including a $9.99 music-only subscription that can expand to news, talk and sports for additional fees. Music companies’ losses were compounded by sharp declines in U.S. stock markets on Friday after news that the unemployment rate rose in July stoked fears the economy could enter a recession. JYP was added to the BGMI this week after Hipgnosis Songs Fund was removed from the London Stock Exchange once its acquisition by Blackstone was completed.
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