Sphere Entertainment Shares Up 11% as Music Stocks Have a Rare Winning Week
Sphere Entertainment Co. has recently made headlines with a remarkable 11.2% surge in its stock price, reaching $76.04 in the week ending November 28. This impressive growth stands in stark contrast to the broader narrative of declining tourism in Las Vegas, showcasing the strong performance of the Sphere venue, which has contributed to a staggering 99.2% increase in the company’s shares in 2025 alone. Despite the lack of any specific market-moving news this week, a consistent stream of positive developments has bolstered investor confidence. Notably, the venue’s production of *The Wizard of Oz* has exceeded $130 million in sales and sold over a million tickets since its launch in October. Additionally, the venue has extended its residency with the iconic band The Eagles, setting a record with 56 shows, further enhancing its reputation as a premier entertainment destination.
In the broader context of the music industry, the Billboard Global Music Index (BGMI) experienced a rare positive week, gaining 1.0% and breaking an 11-week streak of declines. This upward movement comes as a welcome relief for music stocks, which have faced challenges in recent months. The BGMI remains 16.7% below its all-time high from June, yet it has seen a year-to-date increase of 20.5%. Among the notable performers, French music streaming service Deezer saw a significant 13.5% rise after unveiling a new personalization feature for its app, although it still trails behind with a 16.8% year-to-date loss. Conversely, major players like Warner Music Group and Universal Music Group faced declines, with WMG shares dropping 8.0%, part of a broader trend affecting multi-sector companies in the music industry.
As the global markets continue to outpace music stocks, with indices like the Nasdaq and S&P 500 posting substantial gains, the future remains uncertain for some K-pop companies, which have suffered significant losses recently. SM Entertainment, for instance, has dropped 14.9% over the past nine weeks, while JYP and YG Entertainment have seen even steeper declines. In contrast, HYBE has experienced a 12% increase, buoyed by a favorable court ruling regarding its contract with the popular group NewJeans. Overall, while Sphere Entertainment Co. stands out for its remarkable growth amid a challenging environment, the music industry as a whole grapples with volatility and shifting consumer preferences, setting the stage for an intriguing and dynamic market landscape ahead.
Sphere Entertainment Co. shares jumped 11.2% to $76.04 in the week ended Nov. 28. Despite frequent news reports that tourism in down in Las Vegas, the Sphere venue’s growth has propelled shares of its parent, Sphere Entertainment Co., to a 99.2% gain in 2025.
While no market-moving news was released this week, a steady stream of news has painted a positive picture for the venue. The company announced in October that its remake of
The Wizard of Oz
surpassed $130 million in sales
and more than 1 million tickets. Earlier this month, Sphere announced
additional shows in The Eagles residency
, bringing the band’s run to a venue record of 56 shows. Earlier this week, Sphere Entertainment Co. announced that
Christopher Winters
was
appointed
senior vice president, controller and principal accounting officer.
Music stocks had a rare positive week as the 19-company Billboard Global Music Index (BGMI) gained 1.0% to 2,597.30. With 14 of the index’s companies in positive territory, the slight improvement marked the BGMI’s first gain in 11 weeks. Year-to-date, the index is up 20.5% but is 16.7% below its all-time high of 3,117.20 set during the week ended June 30.
Markets around the globe outpaced music stocks this week. In the U.S., the Nasdaq composite gained 4.9% to 23,365.69 and the S&P 500 rose 3.7% to 6,849.09. The U.K.’s FTSE 100 climbed 1.9% to 9,720.51. South Korea’s KOSPI composite index improved 1.9%, bringing its year-to-date gain to 60.8%. China’s Shanghai Composite Index was up 1.4% to 3,888.60.
The biggest gain of the week came from French music streamer Deezer, which rose 13.5% to 1.09 euros ($1.26). The hefty gain narrowed Deezer’s year-to-date loss to 16.8%. On Tuesday (Nov. 25), Deezer
unveiled
a new personalization feature that allows users to change to look and layout of the mobile app.
K-pop company SM Entertainment rose 6.0% to 102,000 KRW ($69.50). Reservoir Media increased 4.4% to $7.30. SiriusXM and MSG Entertainment each climbed 3.6%. Spotify, the BGMI’s largest component, gained 2.6% to $583.62.
Three of the BGMI’s largest companies — Warner Music Group, Universal Music Group (UMG) and CTS Eventim — lost ground this week. CTS Eventim fell 0.4% to 84.65 euros ($98.18). On Monday (Nov. 24), Bernstein
lowered
its CTS Eventim price target to 99.00 euros ($114.83) from 100.00 euros ($115.98) and maintained its “outperform” rating. Universal Music Group fell 2.3% to 22.61 euros ($26.22), increasing its year-to-date loss to 7.7%.
Warner Music Group (WMG) shares fell 8.0% to $30.69. The decline didn’t come from
news that WMG settled its lawsuit
with generative AI music platform Suno — WMG shares had already fallen 7.6% by the time news of the settlement and corresponding licensing agreement was announced on Tuesday afternoon. Rather, the drop is part of a larger trend in recent months amongst multi-sector companies. In the last nine weeks, WMG has fallen 16.6% and UMG is down 11.6%.
Some K-pop companies have fared even worse. Over nine weeks, SM Entertainment has dropped 14.9%, JYP Entertainment has plummeted 33.6% and YG Entertainment has plummeted 7.5%. HYBE, on the other hand, has gained 12% over nine weeks due to a Korean court ruling that
NewJeans must honor its exclusive contract
with HYBE imprint ADOR.
