Sphere Entertainment Sees Dramatic 11% Surge as Music Industry Sees Rare Winning Week
Shares of Sphere Entertainment Co., the parent company of the popular Sphere venue in Las Vegas, have jumped a staggering 11.2% to $76.04, marking a 99.2% gain for the year so far. Despite reports of declining tourism in Las Vegas, the sphere's growth has been instrumental in driving up shares.
The venue's recent successes include its remake of "The Wizard of Oz," which has surpassed $130 million in sales and welcomed over 1 million tickets. The company also recently announced additional shows for The Eagles residency, pushing the show's record to a venue-high 56 performances. Additionally, Sphere Entertainment Co. appointed senior vice president Christopher Winters, further boosting investor confidence.
In related news, music stocks saw a rare positive week, with the Billboard Global Music Index gaining 1.0% to 2,597.30. This marks the first gain in 11 weeks and brings the index's year-to-date return to 20.5%. The BGMI's largest component, Spotify, was also up 2.6% to $583.62.
However, not all music companies fared well this week. Warner Music Group shares fell 8.0% to $30.69, while Universal Music Group dropped 2.3% to 22.61 euros ($26.22). This decline is part of a larger trend among multi-sector companies, with some seeing significant losses over the past few months.
In contrast, French music streamer Deezer rose 13.5% to $1.09, narrowing its year-to-date loss to 16.8%. The company recently unveiled a new personalization feature for its mobile app.
Shares of Sphere Entertainment Co., the parent company of the popular Sphere venue in Las Vegas, have jumped a staggering 11.2% to $76.04, marking a 99.2% gain for the year so far. Despite reports of declining tourism in Las Vegas, the sphere's growth has been instrumental in driving up shares.
The venue's recent successes include its remake of "The Wizard of Oz," which has surpassed $130 million in sales and welcomed over 1 million tickets. The company also recently announced additional shows for The Eagles residency, pushing the show's record to a venue-high 56 performances. Additionally, Sphere Entertainment Co. appointed senior vice president Christopher Winters, further boosting investor confidence.
In related news, music stocks saw a rare positive week, with the Billboard Global Music Index gaining 1.0% to 2,597.30. This marks the first gain in 11 weeks and brings the index's year-to-date return to 20.5%. The BGMI's largest component, Spotify, was also up 2.6% to $583.62.
However, not all music companies fared well this week. Warner Music Group shares fell 8.0% to $30.69, while Universal Music Group dropped 2.3% to 22.61 euros ($26.22). This decline is part of a larger trend among multi-sector companies, with some seeing significant losses over the past few months.
In contrast, French music streamer Deezer rose 13.5% to $1.09, narrowing its year-to-date loss to 16.8%. The company recently unveiled a new personalization feature for its mobile app.
This is exactly what I'm talking about, folks! You've got Sphere Entertainment going from zero to hero, and it's all because of the entertainment industry's ability to bring people together... just like how our country's politicians need to come together to make decisions that benefit the masses 
. And let's not forget, this is a perfect example of the economy doing its thing - supply and demand, baby! But what really gets me is the big players like Warner Music Group and Universal Music Group taking it on the chin. It's like how our politicians are always trying to "regulate" the market... but sometimes that just ends up stifling innovation 
. And Deezer, wow, a 13.5% gain? That's what I call progress! Maybe we can learn from the French music streamer's playbook and get our own politicians to think outside the box 
.
they're basically dominating the music scene in vegas and their shares are through the roof 
like, what's behind this success? i mean, we've heard rumors of declining tourism, but apparently that's not affecting them 
. maybe it's just the fact that they're creating these epic shows like "the wizard of oz" 
which is bringing in millions and breaking records 
. and now with this new eagles residency... wow! 56 performances? no wonder investor confidence is soaring 
. btw, what's up with warner music group and universal music group taking a hit? 
their shows are killing it and people are eating up the Wizard of Oz remake like crazy! $130 million in sales is insane 
I'm not surprised investors are stoked about Christopher Winters' appointment, he must know what's going on 
the BGMI index is due for a big year-end push 
Their remake of "The Wizard of Oz" is insane, I mean who wouldn't want to see Dorothy's ruby red slippers come alive on stage? 
. But those Warner Music Group and Universal Music Group numbers are just cringeworthy 
The music industry is looking up and I am HERE. FOR. IT! 
️ Music stocks are on the rise and I'm so here for the win 
Those Deezer numbers are crazy too, love their new feature 
Can't wait to see what's next for Sphere Entertainment and the music industry as a whole 
But at the same time, it's still a bit weird that their stock is doing so well despite reports of declining tourism in Vegas... I guess you could say they're just killing it in all the right ways right now 
.
I mean, who wouldn't want to see the music industry having a winning week? 
I'm not surprised investors are getting on board with Sphere Entertainment Co. Shares have been on fire this year and it's only getting hotter 
.
or The Eagles residency? It's like they're giving us a taste of the good ol' days back in the '70s and '80s 
. Maybe it's just what we need right now, a little bit of that magic 
. Anyway, I'm lovin' this trend so far... who knows how long it'll last? 