Music stocks fell sharply this week amidst concerns about the ongoing U.S federal government shutdown, as President Trump’s latest threat to levy “massive” tariffs on goods produced in China dragged down markets on Friday (Oct. 10). 

Only three stocks — Spotify, JYP Entertainment and HYBE — in the 19-company Billboard Global Music Index (BGMI) finished the week ended Oct. 10 with gains. Dragged down by numerous losses near or greater than 10%, the BGMI fell 1.9% to 2,899.73, its third consecutive weekly decline. 

Music stocks fared better than major U.S. indexes, though. The Nasdaq dropped 2.5% and the S&P 500 fell 2.4%. However, foreign exchanges that are less exposed to the U.S. trade war with China were better off. The U.K.’s FTSE 100 rose 0.7% to 9,427.47. South Korea’s KOSPI composite index jumped 1.7% to 3,610.60, and China’s Shanghai Composite Index improved 0.4% to 3,897.03. 

Just as the KOSPI outperformed other indexes, K-pop companies were the best-performing music stocks of the week. JYP Entertainment’s 2.2% gain made it the week’s best performer. Fellow K-pop company HYBE was close behind with a 1.9% increase. SM Entertainment posted only a slight loss of 0.6%.

Streaming services performed relatively well as a group. Spotify eked out a 0.7% gain, raising its year-to-date increase to 46.9%. Deezer managed a modest 0.9% decline to 1.16 euros ($1.35) while Netease Cloud Music fell just 1.2% to 253.00 HKD ($32.51). Tencent Music Entertainment dropped 2.0% to $22.44. 

SiriusXM was the week’s biggest loser, falling 10.1% to $20.93. The loss turned a slight year-to-date gain into a 6.4% loss in 2025. The next-worst decline came from iHeartMedia, which fell 9.8% to $2.59 after numerous news outlets reported layoffs at iHeart radio stations around the country. 

Live Nation dipped 2.1% to $152.96, lowering its year-to-date gain to 18.1%. Earlier in the week, Wolfe Research increased its price target to $180 from $177 and maintained its “outperform” rating on Live Nation shares. After finishing the week ended Sept. 12 at $173.73, Live Nation shares have fallen for four consecutive weeks and lost 12.0% of their value. Some of that decline could be attributed to the Federal Trade Commission lawsuit filed on Sept. 18, but other live music stocks have dropped, too.

Sphere Entertainment Co. had a rare losing week, falling 6.3% to $58.98. Earlier in the week, BTIG initiated coverage of Sphere Entertainment Co. with a “neutral” rating. Sphere shares are up 38.9% year to date and have jumped 47.9% in the last eight weeks. Sister company MSG Entertainment was the week’s third-worst performer, falling 8.4% to $41.77. 

German concert promoter and ticketing company CTS Eventim dropped 4.7% to 79.25 euros ($92.10). The company’s recent downturn has mirrored that of Live Nation. After four consecutive losing weeks, CTS Eventim’s stock price has fallen 8.8%. 

Outside of K-pop, multi-sector companies — recorded music, publishing, merchandise and more — had an unusually poor week. Universal Music Group (UMG) fell 7.2% to 23.16 euros ($26.92). Warner Music Group dropped 5.3% to $32.08. Reservoir Media was down 2.3% to $7.60. 

Only a few companies have announced the dates for their third-quarter earnings releases. SiriusXM and UMG will be first out of the gate on Oct. 30, followed by Spotify on Nov. 4.