K-pop shares were the hardest-hit music stocks on Monday (Aug 5), as global markets continued Friday's slide in the US with big discounts.
Four K-pop companies — HYBE, SM Entertainment, JYP Entertainment and YG Entertainment — fell an average of 8.8 percent on Monday, while a major South Korean stock index, the KOSPI composite, had its worst day since 2008 also down 8.8%. . HYBE fell 5.9% while the rest fell between 9.6% and 9.8%. South Korean shares essentially caught up to the rest of the world on Monday: trading in Seoul was shut down by the time a disappointing US jobs report was released on Friday morning, fueling fears of a possible recession.
The tech-heavy Nasdaq fell 3.4% to 16,200.08, the S&P 500 fell 3.0% to 5,186.33 and the Dow Jones Industrial Average fell 2.6%, with the latter two having biggest losses since September 2022. %, worst day since 1987.
Some of the biggest companies were among the worst performers. Chipmaker Nvidia, once a high-performing stock benefiting from artificial intelligence investors, fell 6.4% on Monday. Apple fell 4.8%. Amazon fell 4.1%.
The 20-company Billboard Global Music Index (BGMI) fared slightly better than the major indexes, falling 2.0% to 1,705.25 despite a big drop in K-pop.
Outside of K-pop, SiriusXM fell 4.1% to $3.01, adding to last week's 15.6% decline after second-quarter earnings results showed the company lost 173,000 satellite radio subscribers in the period ended on June 30. Live Nation fell 3.5% to $88.06. Sphere Entertainment fell 2.8% to $38.25.
BGMI's most valuable companies fared better. Universal Music Group was flat at 21.44 euros ($23.50). Spotify fell 2.1% to $324.03. Warner Music Group, which reports earnings on Wednesday (August 7), fell 2.4% to $27.59. German concert promoter CTS Eventim fell 1.3 percent to 75.50 euros ($82.74).
