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UMG Shares Set New 52-Week High But K-Pop, Tencent Losses Drag Down Music Stocks Overall
The Billboard Global Music Index fell 0.4% to 1,559.48 this week despite most stocks posting gains.
General views of the Universal Music Group corporate offices on December 22, 2020 in Santa Monica, California. The 1% gain followed a 6.9% improvement last week as investors reacted to news that the company expects to lay off staff in the first quarter. There was good news for all companies on Friday when the closely watched University of Michigan’s Index of Consumer Sentiment jumped 13% in January, its highest level since July 2021.
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