Live Nation Shares Hit New High, MSG Entertainment and Sphere Entertainment Stocks Post Big Gains

Gains by some live entertainment stocks and solid performances by multi-sector companies were overshadowed this week by German concert promoter CTS Eventim’s double-digit decline and a more modest single-digit drop from Spotify.

CTS Eventim shares fell 16.6% to 81.20 euros ($95.18) this week following Thursday’s mid-year results that showed a sharp decrease in adjusted EBITDA despite the concert promoter achieving record revenue. Numerous analysts reacted by decreasing their price targets. The most drastic revision came from Oddo BHF, which reduced its price target to 86 euros ($100.81) from 117 euros ($137.15) and downgraded its rating to “neutral” from “outperform.” 

In addition, Bernstein lowered its CTS Eventim price target to 100 euros ($117.22) from 104 euros ($121.91) and maintained its “outperform” rating. Deutsche Bank dropped its price target to 109 euros ($127.77) from 117 euros ($137.15) but kept its “buy” rating. MWB Research lowered its price target to 100 euros ($117.22) from 105 euros ($123.08) and upgraded its rating to “buy” from “hold.”

The Billboard Global Music Index (BGMI) dropped 2.6% to 3,023.51, breaking a two-week winning streak and lowering the index’s year-to-date gain to 42.3%. Winners outnumbered losers 10 to 8, and one company, Deezer, was unchanged. 

Major indexes were mixed this week. In the U.S., the Nasdaq fell 0.6% and the S&P 500 gained 0.3%. The U.K.’s FTSE 100 improved 2.0%. South Korea’s KOSPI composite index dropped 1.8%. China’s Shanghai Composite Index rose 3.5%. 

Other than CTS Eventim, live entertainment companies posted solid gains. Live Nation reached a new record of $166.54 on Friday and closed at $165.72, up 3.0%. Earlier in the week, MoffettNathanson initiated coverage of Live Nation with a $195 price target and Wolfe Research increased its price target to $177 from $173. 

The two Dolan family-controlled live entertainment companies bounced back from an off week. MSG Entertainment was the week’s biggest gainer, rising 6.8% to $39.33. Sphere Entertainment Co. rose 6.5% to $42.46. A week earlier, MSGE shares fell 3.1% after the company’s earnings announcement revealed a 74% decline in fiscal year net profit and Sphere Entertainment shares fell 1.0% following second quarter earnings. 

Music streaming companies produced more losers than winners. Spotify fell 5.4% to $692.99, lowering its gain in 2025 to 48.5%. LiveOne slipped 6.3% to $0.60. Tencent Music Entertainment dropped 0.8% to $25.35, although it’s still up 127.4% this year. Netease Cloud Music gained 2.5% to 287.00 HKD ($36.73), bringing its year-to-date gain to 155.8%. 

Multi-sector companies’ stocks performed well, with Reservoir Media (up 5.1%), Warner Music Group (up 3.8%), HYBE (up 0.7%) and Universal Music Group (up 0.6%) posting gains. SM Entertainment and JYP Entertainment fell 2.8% and 2.9%, respectively  

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