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SiriusXM Shares See Double-Digit Gain on Reverse Stock Split Amid Overall Down Week for Music Stocks
SiriusXM's share price saw the highest gain among music stocks this week. Spotify, Live Nation and more also saw growth amid an overall down week.
The Billboard Global Music Index fell 0.3% to 1,814.88, bringing its year-to-date gain to 18.3%. The revamped streaming app launched in December at $9.99 per month, about half the average revenue per user generated from satellite radio subscriptions in 2023. The company’s shares are down 8.3% since the Department of Justice brought an antitrust lawsuit that seeks to break up its concert promotion and ticketing operations, but it’s held steady since an initial post-lawsuit drop.
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