In the past week ending November 28, Sphere Entertainment Co. saw its shares surge by 11.2%, reaching $76.04. This notable increase stands in stark contrast to reports indicating a downturn in tourism in Las Vegas. The driving force behind this spike appears to be the impressive performance of the Sphere venue, which has contributed to a remarkable 99.2% gain in the company’s stock in 2025 alone.
While no significant market-moving announcements came out this week, a consistent flow of positive news has cultivated an optimistic outlook for the venue. Back in October, the much-anticipated remake of The Wizard of Oz achieved impressive milestones, generating over $130 million in sales and selling more than 1 million tickets. Just recently, Sphere Entertainment announced additional dates for The Eagles’ residency, extending their run to a record-breaking 56 shows at the venue. Moreover, the company appointed Christopher Winters as the senior vice president, controller, and principal accounting officer, further solidifying its leadership as it continues to thrive in the competitive entertainment landscape.
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Meanwhile, music stocks as a whole experienced a welcome boost. The 19-company Billboard Global Music Index (BGMI) recorded a gain of 1.0%, closing at 2,597.30. Out of the index’s constituent companies, 14 saw positive performance, marking the BGMI’s first week of gains in 11 weeks. Overall, the index is reported to be up 20.5% year-to-date, yet it remains 16.7% lower than its peak of 3,117.20 from late June.
In contrast, global markets outperformed the music sector this week. The U.S. markets saw significant upward movement, with the Nasdaq composite climbing 4.9% to 23,365.69 and the S&P 500 increasing by 3.7% to 6,849.09. The U.K.’s FTSE 100 index also saw gains, rising 1.9% to 9,720.51. South Korea’s KOSPI composite index improved by 1.9%, bringing its year-to-date growth to a striking 60.8%. Meanwhile, China’s Shanghai Composite Index posted a gain of 1.4%, closing at 3,888.60.
A standout performer for the week was French music streaming service Deezer, which surged 13.5% to €1.09 ($1.26). This significant rise has narrowed Deezer’s year-to-date losses to 16.8%. On November 25, the platform unveiled a new personalization feature, allowing users to customize the look and layout of their app, a move that has likely played a role in boosting user engagement and investor confidence.
Other notable stock movements included K-pop giant SM Entertainment, which rose 6.0% to 102,000 KRW ($69.50), while Reservoir Media increased by 4.4% to $7.30. Both SiriusXM and MSG Entertainment witnessed a climb of 3.6%. Spotify, being the largest component of the BGMI, saw its shares rise 2.6% to $583.62, contributing positively to the overall sentiment in the music industry.
However, it wasn’t all positive news. Three of the BGMI’s largest entities — Warner Music Group, Universal Music Group (UMG), and CTS Eventim — faced declines this week. CTS Eventim dipped slightly by 0.4% to €84.65 ($98.18), influenced by a revised price target issued by Bernstein after the company’s Q3 results. Universal Music Group decreased by 2.3% to €22.61 ($26.22), bringing its year-to-date loss to 7.7%.
Warner Music Group (WMG) endured a more significant drop, falling by 8.0% to $30.69. Interestingly, this decline happened despite the company reaching a settlement with generative AI music platform Suno. Prior to this news, WMG shares had already fallen by 7.6%. This trend appears to reflect broader pressures on multi-sector companies, as WMG has fallen 16.6% over the last nine weeks, while UMG has seen an 11.6% decrease.
Some K-pop companies have faced even steeper challenges. For instance, SM Entertainment has plummeted 14.9% over the same nine-week period, while JYP Entertainment has seen a drastic decline of 33.6%. YG Entertainment also reported a 7.5% drop. Conversely, HYBE has managed to grow by 12% over this time, buoyed by a favorable court ruling that confirmed NewJeans must honor its exclusive contract with HYBE’s imprint, ADOR.