Live Nation Shares Up 6%, Spotify Down 6% as Music Stocks Fall Yet Again
In the week ending December 5, Live Nation emerged as a surprising standout in the music stock market, with a modest 6% increase in share price, reaching $139.33. This uptick comes despite the company grappling with significant legal challenges, including an antitrust lawsuit from the U.S. Department of Justice, a separate lawsuit from the Federal Trade Commission, and a class-action suit initiated by Taylor Swift fans. While these legal battles could spell trouble for the company, Ticketmaster, Live Nation’s subsidiary, continues to outperform its secondary market competitors. For instance, StubHub has seen its shares plummet by 47.1% since its IPO in September, while Vivid Seats has suffered a staggering 91.8% drop this year. In contrast, Ticketmaster is positioning itself strategically by encouraging artists to increase primary ticket prices, thereby capturing revenue that might otherwise go to scalpers.
The broader music industry, however, is facing a tough climate as reflected in the Billboard Global Music Index (BGMI), which fell 2.1% to 2,542.64, marking its ninth decline in eleven weeks. This downturn has brought the index to an 18.4% decline from its all-time high of 3,117.20, achieved in late June. Notably, major players like Universal Music Group and Spotify have also faced significant losses, with Spotify’s shares down 23.1% since late September, following CEO Daniel Ek’s announcement of his transition to executive chairman. This trend of underperformance starkly contrasts with the resilience shown by other stock indexes, such as the Nasdaq and S&P 500, which have recorded gains of 4.2% and 3.1%, respectively, during the same timeframe.
While Live Nation and MSG Entertainment (which saw a 4.7% rise to $51.79) managed to navigate these turbulent waters with some success, the overall sentiment in the music industry remains cautious. The decline in the BGMI suggests that investors are wary of the potential fallout from ongoing legal issues and broader economic uncertainties, including tariff challenges and job losses. As the industry continues to adapt to these pressures, the contrasting fortunes of companies like Live Nation and its competitors highlight the complexities of the current music market landscape.
Live Nation was the standout music stock for the week ended Dec. 5, though it rose only a modest 6.0% to $139.33. Its share price was up even as the company faces a barrage of legal issues, including
an antitrust lawsuit
by the U.S. Department of Justice,
another lawsuit
filed by the U.S. Federal Trade Commission and
yet another
brought by
Taylor Swift
fans. At the same time, though, Ticketmaster isn’t suffering as much as its peers in the secondary market. Amid efforts to cap profits on ticket resales, StubHub shares are down 47.1% from the company’s Sept. 16 IPO price, and Vivid Seats shares have fallen 91.8% this year. Ticketmaster operates a secondary market, but the company encourages artists to raise the price of primary tickets to capture revenue that would otherwise go to scalpers.
This week, the 19-company Billboard Global Music Index (BGMI) added to its woes by falling 2.1% to 2,542.64, marking its ninth decline in the last 11 weeks. The BGMI now stands 18.4% below its all-time high of 3,117.20 set the week ended June 30 and sits at the same level it reached in April.
Related
Taylor Swift Fans Score Initial Win in Lawsuit Over Ticketmaster’s Eras Tour ‘Disaster’
DJ Quik’s Son Convicted of Murder, Facing 40 Years in Prison
Weezer Bassist Scott Shriner’s Wife Files For Divorce Eight Months After LAPD Shootout
Elsewhere, the U.K.’s FTSE 100 fell 0.6% to 9,667.01, lowering its year-to-date gain to 17.5%. South Korea’s KOSPI composite index, which has gained 67.9% in 2025, rose 4.4% to 4,100.05. China’s Shanghai Composite Index rose 0.4% to 3,902.81, raising its year-to-date improvement to 21.5%.
Music is underperforming other indexes as stocks have remained resilient in the face of tariff uncertainty and job losses. Since the week ended Sept. 12, the Nasdaq composite index is up 4.2% and the S&P 500 has risen 3.1%. The BGMI, on the other hand, has fallen 18.0% over those 11 weeks through the week ended Dec. 5. Many of the index’s largest components have sank over those 11 weeks, including Universal Music Group (down 7.3%), Warner Music Group (down 14.7%), Live Nation (down 14.9%) and Spotify (down 23.1%).
The previously high-flying Spotify fell another 5.7% to $564.93 this week, making the Stockholm-based company the second-worst performer behind French music streamer Deezer, which dropped 6.0% to 1.03 euros ($1.20 ). Spotify shares have fallen 22.4% since the company’s Sept. 30 announcement that CEO and co-founder
Daniel Ek
would step down as CEO and assume the role of executive chairman at the end of the year. And although Spotify is still up 21.1% in 2025 — besting the Nasdaq’s 20.2% gain and the S&P 500’s 15.6% improvement — its share price has dropped 28.0% from its 52-week high of $785.00.
MSG Entertainment was the week’s second-greatest gainer after rising 4.7% to $51.79, while sister company Sphere Entertainment Co., which has capitalized on the success of
The Wizard of Oz
, fell 0.3% to $84.31. The company announced on Tuesday (Dec. 2) another milestone for its
Oz
motion picture: Through Monday (Dec. 1),
Oz
grossed more than $200 million in sales from over 1.5 million tickets sold since debuting on Aug. 28. Unlike previous milestones, however, this latest threshold didn’t goose the stock price.
Other notable movements included SiriusXM (up 3.6%), Warner Music Group (up 1.3%), Universal Music Group (down 1.3%), CTS Eventim (down 3.6%) and iHeartMedia (down 5.6%).
