Universal Music and Spotify Share Price Declines Highlight a Bad Week for Music Stocks

Universal Music and Spotify Share Price Declines Highlight a Bad Week for Music Stocks

Friday (Aug. 1) capped a bloodbath for music stocks, as a weak U.S. jobs report added to losses suffered following some of the largest companies’ second quarter earnings reports. The 20-company Billboard Global Music Index fell 8.5% to 2,743.63 as 17 stocks lost ground and only two posted gains (one was unchanged). Four companies fell more than 10% and nine dropped more than 7%. The index’s worst week in its nearly three-year history experienc…