Buoyed by news that The Wizard of Oz surpassed 1 million tickets sold and $130 million in sales since its Aug. 28 debut, Sphere Entertainment Co. shares rose 14.5% to a new all-time high closing price of $67.24. The film has helped send Sphere Entertainment’s stock price into a new stratosphere. Shares of the Las Vegas venue’s parent company are up 58.4% year to date and have gained 56.4% since Sphere debuted its revamped version of the classic film.
While some music stocks had big gains this week, the 19-company Billboard Global Music Index (BGMI) fell 1.4% to 2,845.60, marking its fifth consecutive losing week. Three music companies had stock gains over 10%, but they are relatively small compared to the index’s largest companies, Spotify and Live Nation, both of which lost ground this week. Foreign exchange rates also played a role in the BGMI’s poor performance despite numerous music stocks posting gains. In the last week, the euro fell about 0.3% against the U.S. dollar while the Korean won lost approximately 1.2%.
Spotify had the week’s biggest loss after falling 3.8% to $645.78, bringing its five-week decline to 12.1%. Numerous analysts expect the company to raise U.S. subscription prices by early 2026, which would provide further margin improvement and help deliver streaming royalty growth to rights holders. Investors appear not to be taking a possible price increase into account yet, though. The Stockholm-based streaming company will announce third-quarter earnings on Nov. 4.
Live Nation shares slipped 1.5% to $152.86. Although the stock is up 18.0% in 2025, it has fallen 12.0% over the last six weeks. On Wednesday (Oct. 22), Deutsche Bank lowered its price target to $173 from $175. Then on Thursday (Oct. 23), Citi lowered its price target to $181 from $195.
LiveOne rose 23.3% to $5.55. The music streaming company announced on Monday (Oct. 20) that it plans to launch a subsidiary in Africa, LiveOneAfrica, in partnership with Virtuosity Music Group. “Through this partnership, we’ll connect LiveOne’s technology and artist ecosystem with one of the most vibrant creative markets in the world,” CEO Robert Ellin said in a statement.
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Anghami rose 0.4% to $2.85. On Wednesday (Oct. 22), the company announced it will issue 2.38 million shares of common stock to satisfy the convertible debt held by OSN Streaming Limited. Anghami’s share price fell 5% following the news but recovered on Thursday and Friday.
K-pop stocks were in the black this week. HYBE jumped 6.9%, JYP Entertainment rose 6.1% and SM Entertainment increased 1.5%. YG Entertainment rose just 0.6%.
Inflation data announced Friday showed a modest increase to 3%, leading to a jump in stock prices as investors anticipated a pending interest rate cut by the U.S. Federal Reserve. The economy hasn’t fallen apart despite reports of growing auto reposessions and a never-fail sign of tightening budgets: a surge in sales of Hamburger Helper.
In the U.S., the Nasdaq composite index rose 2.3% to 23,204.87 and the S&P 500 improved 1.9% to 6,791.69 — both record highs. The U.K.’s FTSE 100 gained 3.1% to 9,645.62. South Korea’s KOSPI composite index soared 5.1% to 3,941.59 and hit an all-time high on Friday. China’s Shanghai Composite Index rose 2.9% to 3,950.31.
