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As some once high-flying streaming stocks limp toward the end of the year, music stocks have fallen far below their all-time high. 

Tencent Music Entertainment (TME) dropped 11.0% to $18.93 after the company reported its third-quarter earnings on Tuesday (Nov. 11). TME reported strong growth in online music of 27.2% and music subscriptions of 17.2%. It’s not clear why investors reacted negatively, but it’s possible they have concerns that TME’s margins will suffer as offline (merchandise sales and performances) revenues grow faster than online revenues; as CFO Shirley Hu said during Tuesday’s earnings call, “offline performances and artist-related merchandise sales delivered triple-digit year-on-year revenue growth” in the quarter, adding that those offline revenues have a “lower gross margin.” Another factor was Nomura’s decision on Friday (Nov. 14) to lower its TME price target to $26 from $30 while maintaining its “buy” rating.

Spotify was one of the week’s few winners, rising 3.1% to $635.81 and recapturing some of the previous week’s 5.9% decline. The stock reached as high as $668.49 on Thursday (Nov. 14) after news reports revealed the company unveiled a new Premium Platinum plan that will take the place of Premium Family in five markets, including India and South Africa.

Among streaming stocks, TME is up 66.2% year to date but has fallen 25.9% over the last 13 weeks. Spotify has gained 58.8% in 2025 but is $150 below its all-time high of $785 set in June. Similarly, Netease Cloud Music is up 64.8% year to date but has lost 30.8% in the last 9 weeks. 

The 19-company Billboard Global Music Index (BGMI) fell 0.1% to 2,700.25, marking the eighth consecutive week the index has failed to post a gain; over those eight weeks, the index has dropped 12.9%. Only three of the index’s 19 stocks finished the week in positive territory, while two stocks were unchanged and 14 were in the red. 

StubHub, which is not included in the BGMI, dropped 23.5% to $14.87 after the company’s first quarterly earnings release as a public company on Thursday (Nov. 13). StubHub reported an 8% increase in revenue but declined to provide guidance for the fourth quarter, causing the stock price to fall 21.0% on Friday alone. After the precipitous decline, StubHub is now 36.7% below its $23.50 IPO price. 

Warner Music Group (WMG) finished the week in positive territory, rising 0.4% to $30.36. WMG will report results for its fourth quarter and fiscal year on Thursday (Nov. 20). 

HYBE dropped 2.6% to 297,500 KRW ($205.24). On Tuesday (Nov. 11), Nomura dropped its price target on HYBE to 354,000 KRW ($TK) from 370,000 KRW ($244.22) and kept its “buy” rating. The week could have been worse: HYBE shares rose 4.5% on Thursday (Nov. 13) on news that the members of girl group NewJeans will return to HYBE imprint ADOR after losing their legal battle to break away from the company. The stock jumped 18% in the week ended Oct. 31 after the court’s ruling. 

Universal Music Group fell 0.8% to 22.30 euros ($25.92). On Thursday, Sadif Investment Analytics trimmed its price target to 28.56 euros ($33.20) from 28.82 euros ($33.50) and lowered its rating to “hold” from “strong buy.” 

On the radio front, Cumulus Media fell 28.8% to $0.0085, bringing its year-to-date decline to 88.9%. Cumulus reported earnings on Oct. 31 but could have been dragged down by iHeartMedia, which reported earnings on Monday (Nov. 10) and finished the week down 12.1% to $4.07.  

Markets were mixed as investors contemplated an AI bubble and the likelihood of another rate cut by the U.S. Federal Reserve. In the U.S., the Nasdaq composite index fell 0.5% to 22,900.59 and the S&P 500 rose 0.1% to 6,743.11. In the U.K., the FTSE 100 gained 0.2% to 9,698.37. South Korea’s KOSPI composite index improved 1.5% to 4,011.57, bringing its year-to-date gain to 64.3%. China’s Shanghai Composite Index fell 0.2% to 3,990.49.