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Spotify & iHeartMedia Lead Music Stocks, SM Entertainment Shares Dip Amid Sex Scandal
Spotify led music stocks as SM Entertainment shares dipped amid a sex scandal revolving around two members of the K-pop label's boy band, NCT.
The higher prices will help Spotify cover the costs of bundling music with limited free streaming of audiobooks. Such a large drop isn’t uncommon when a K-pop company’s artists are plastered across the South Korean news. In October, K-pop stocks dropped on news that SM Entertainment artist Exo was leaving for a different agency.
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