Slightly less than half of the publicly listed music companies tracked by Omdia, publisher of Music & Copyright, registered an increase in their share prices in the first quarter of this year. According to Omdia’s Music Industry Sharewatch, 1Q23, 13 of the 29 companies monitored saw growth, with 16 recording a negative performance. Swedish music streaming service Spotify was the top performer with the share price rising 59.8% (see chart below). The price opened on January 3 at $81.88 and closed on March 30 at $130.83. The company’s market cap in the quarter increased, to $27.9bn from $15.7bn. Only one other company scored a share price rise above 50% in the three months: US music and entertainment service LiveOne saw its price grow 53.2%, to $1.02 from $0.67 at the start of the three months.
Change in share price, January 3 to March 30
Source: Companies and stock exchanges
At the other end of the scale, French music streaming service Deezer suffered the biggest decline, with its share price down 53.1%, to $1.37 from $2.91. Deezer’s dip followed a fall of 16.6% in its share price in the final quarter of last year. US broadcaster Cumulus Media was the next worst performer. Its share price fell 41.4% in the quarter, to $3.65 from $6.23. UMG ended the quarter with the highest market cap of all the music companies tracked at €42.5bn ($45.9bn), followed by Spotify, then WMG at $16.7bn. The combined market cap of the 29 companies ended March at $162.6bn, a rise over the three months of $4bn. US-listed companies accounted for 57.9% of the end-March combined market cap total, with the Netherlands 28.2% and South Korea 6.5% (see chart below).
Share of total market cap of companies by country of listing, 1Q23
Source: Omdia
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- Source: https://musicandcopyright.wordpress.com/2023/03/31/spotify-the-big-winner-in-omdias-first-quarter-music-industry-sharewatch/
