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Stocks 2024: Netflix, Spotify Ride Tech Wave As Media Shares Wrap Up A Challenging Year
Wall Street's tech obsession pushed Reddit, Spotify and Netflix to new heights in 2024, while linear TV players were among the year's big losers.
Reddit, Spotify and Netflix may not be in the “Magnificent 7” alongside Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, but they provided some of the brightest rays of hope for media investors this year. The rosy fortunes of TKO are all the more remarkable considering the fact that one of 2024’s earliest Wall Street tableaux saw Dwayne Johnson, Ari Emanuel and Vince McMahon gather to ring the opening bell at the New York Stock Exchange. Just days after that promotional appearance, McMahon exited the company’s board and started selling off his equity after disturbing allegations of sexual abuse and trafficking were made in a lawsuit by a former employee, drawing federal regulatory scrutiny.
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