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Sphere, MSG Entertainment Lead Music Stocks in Fifth Consecutive Weekly Gain
Sphere and MSG Entertainemnt led music stocks this week in the Billboard Global Music Index's fifth consecutive weekly gain.
CEO James Dolan told analysts he isn’t concerned about a possible downturn in tourism from a sluggish U.S. economy or a drop in international visitors. Numerous analysts reacted by decreasing their WMG price targets: Morgan Stanley (to $31 from $32), Barclays (to $28 from $31), UBS (to $38 from $41) and TD Cowen (to $36 from $41). Secondary ticketing marketplace Vivid Seats (which is not listed on the BGMI) fell 33.9% to $1.79 after the company’s first quarter revenue plummeted 14% due to what CEO Stan Chia called “softening industry trends amidst economic uncertainty.” While Live Nation previously told investors it’s seeing strong demand for events later in 2025, Vivid Seats painted a different picture.
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