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Spotify Dominated All Music Stocks in 2024, With Gains Nearly Tripling the Next-Best Company
Spotify stock dominated all music companies in 2024 with a 138% increase, as record labels, publishers and radio companies lost ground.
The KOSPI composite index dropped 9.6% and was already in poor shape when South Korean Prime Minister Yoon Suk Yeol declared martial law on Dec. 3. Instead, Reservoir shares were helped by activist investor Irenic Capital Management LP, which took an 8.1% stake in September and called on the “undervalued” company to “undertake a full review of all alternatives” to maximize shareholder value. SiriusXM fell 58.3%, with much of that decline coming after the company announced plans to focus on in-car satellite listening after its streaming app, launched in late 2023, failed to catch on with consumers.
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