Entertainment

Live Music Stocks Fall as Markets Roiled by Tariffs, Inflation and Government Layoffs

Published

5 months ago

March 9, 2025

Vicky

Live Nation, Sphere Entertainment Co. and MSG Entertainment stocks fell this week as markets were hurt by fears about the impacts of U.S. tariffs, ongoing inflation and government layoffs.

Live Nation, which reported record full-year results on Feb. 20, dropped 11.0% to $127.51, erasing the stock’s entire year-to-date gain. Sphere Entertainment Co. dropped 18.8% to $35.45 following the company’s quarterly earnings on Monday (March 3). MSG Entertainment slipped 7.7% to $31.86.

U.S. stocks had their worst week in months. The Dow slipped 2.1%, the S&P 500 dropped 3.1% and the Nasdaq Composite fell 3.5%. In the U.K., the FTSE 100 dipped 1.5%.

On Friday, Treasury Secretary Scott Bessent told CNBC that the U.S. economy would go through an adjustment period with less government spending. “The market and the economy have just become hooked,” he said. “We’ve become addicted to this government spending, and there’s going to be a detox period.”

Doubts about live music’s ability to sustain growth in the current economic climate were captured in a CFRA analyst’s note. “Live entertainment and exorbitant ticket prices have raised investor concerns whether record demand will recede with a rising household cost of living and lower consumer confidence,” analyst Kenneth Leon wrote in a March 5 note to investors.

Nevertheless, Leon maintained its $135 price target and upgraded Live Nation shares to “hold” from “sell.” The company, he added, “is a market leader in tickets and continues to fund large capital expenditures to expand its own venues.”

Sphere Entertainment Co. shares fell 13.6% on Monday (March 3), the day the company released quarterly earnings, and slipped another 6% through Friday (March 7). Revenue fell 2% to $308.3 million from the prior-year period, although revenue for the Sphere venue was up 1%. At the company’s MSG Networks division, revenue dropped 5% and its $34.2 million operating profit turned into a $35 million operating loss.

Numerous analysts made downward revisions to their Sphere models after the earnings release. Benchmark dropped its price target to $35 from $36. JP Morgan cut its price target to $54 from $57. And Seaport cut its earnings-per-share estimate for the current quarter to -$2.03 from -$1.66.

Other companies in the live entertainment space also declined. MSG Entertainment fell 7.7%, Vivid Seats dropped 3.9%, Eventbrite dipped 2.1% and German concert promoter CTS Eventim lost 0.6%. Many other companies that depend on consumer discretionary spending also fell this week, including Expedia Group (down 6.9%), Hyatt Hotels (down 3.7%) and cruise operator Carnival Corporation (down 13.7%).

The 20-company Billboard Global Music Index (BGMI) dropped for the third consecutive week, falling 6.3% to 2,449.61. Although the index is up 15.3% year to date, it has fallen 11.1% in the last three weeks. Most of the index’s most valuable companies were among the week’s winners. Other than Live Nation, none of the 13 stocks that lost ground are among the index’s most valuable companies — with one major exception.

Spotify, the BGMI’s largest single component, dropped 12.6% to $531.71, putting the stock 18.5% below its all-time high set on Feb. 13. With a market capitalization of roughly $105 billion, Spotify is large enough to influence the fortunes of an index that contains 19 other stocks. Despite having a few off weeks, however, Spotify is the best-performing music stock of the last year and has gained 14.0% year to date.

Universal Music Group (UMG) shares rose 6.8% on Friday following the company’s fourth-quarter earnings release on Thursday (March 6), though itended the week up just 3.3%. Warner Music Group appeared to benefit from investors’ enthusiasm about UMG’s earnings as its shares rose 2.0% to $34.39.

iHeartMedia CEO Bob Pittman caused his company’s stock to spike 23% on Thursday after an SEC filing revealed the executive purchased 200,000 shares. Investors noted the CEO’s optimism in his company’s future, and the stock ended a downward slide to finish the week up 3.4% to $1.83.

The week’s biggest gainer, Chinese music streaming company Tencent Music Entertainment (TME), rose 9.2% to $13.31. TME benefitted from a surge in Chinese stocks as comments made during the country’s parliamentary meetings this week fueled optimism that the government will provide stimulus for Chinese technology companies. The company will release fourth-quarter earnings on March 18.

Cumulus Media was the week’s biggest loser after dropping 27.8% to $0.52. The company revealed on Friday that it received a warning from the Nasdaq stock exchange that it faces a de-listing for failing to meet the minimum shareholders’ equity threshold of $10 million.

Vicky

Entertainment

Michael Tait Accuser Claims Christian Singer Has More Than 1,000 Sexual Assault Victims: ‘The Goal Is to See Him Go to Prison’

Published

16 hours ago

August 9, 2025

Vicky

Two months after reports alleging Michael Tait sexually assaulted several people over the course of decades rattled the Contemporary Christian Music community, some of the singer’s accusers are speaking out again — and one of them says he believes there could be more than 1,000 other people who share their experiences.

In a vulnerable interview with People published Friday (Aug. 8), Shawn Davis — who alleges that Tait drugged and raped him in 2003 — said that he is involved in building a legal case against the disgraced CCM star, whom Davis believes has more than 1,000 total victims, according to the publication. He also said that the Brentwood Police Department in Tennessee is currently carrying out an active investigation into Tait.

“We’re trying to head this and do everything we can in our power to take him down,” Davis told People. “Ultimately, in the end, the goal is to see him go to prison. We need every single victim possible to come forward. They deserve to know that they’re not the only ones, and they deserve to tell their story.”

Billboard has reached out to the Brentwood Police Department for comment. A rep for Tait could not immediately be reached.

Davis was one of a handful of men who detailed allegations of sexual assault against Tait in a June report from The Guardian, which followed on the heels of a similar investigation into the singer by The Roys Report. Despite Tait building his career on releasing music that encouraged abstinence and sobriety, both reports were filled with accusations that he had groomed, drugged and molested multiple people while partaking in drug and alcohol use for many years.

Soon after they were published, Tait responded to the allegations in a lengthy statement posted to Instagram. “Recent reports of my reckless and destructive behavior, including drug and alcohol abuse and sexual activity are sadly, largely true,” he wrote at the time. “For some two decades, I used and abused cocaine, consumed far too much alcohol and, at times, touched men in an unwanted sensual way. I am ashamed of my life choices and actions, and make no excuses for them. I will simply call it what God calls it — sin.”

Tait also noted that he had been seeking treatment since stepping down from his former band, the Newsboys, in January, adding that he’s now living a “clean and sober” life. (Following the reports, the remaining Newsboys members issued a statement saying they were “horrified, heartbroken and angry” to learn of Tait’s alleged behavior.)

His accusers, however, indicated to People that they won’t be satisfied until the singer is fully brought to justice.

“Why does Michael do what he does? Because Michael thought he was invincible,” said Randall Crawford, who alleges that Tait invited him over, roofied his drink and assaulted him while he was blacked out one night in 2000. “It was so traumatic. It did something to me spiritually, mentally and physically.”

“Look at the trail of destruction that he’s left behind,” Crawford added. “I have to speak up. I have kids that are the age of some of these victims. This is for the future generation. This is for those that are scared to speak up. I want more victims to come forward. I want Michael to find true repentance and remorse and feel terrible and not deny what he’s done to me.”

Another accuser, Jason Jones, told People that he thinks Tait’s statement following the Guardian and Roys Report investigations was “hogwash.” “I saw nothing but protection for himself,” added the music manager, who claims he was “blacklisted” by his industry after claiming that Tait had drugged and assaulted him in 1999.

As the men continue to band together and speak out about their experiences, Crawford said he hopes other artists in particular will rise up to condemn the star’s behavior. One of them, Hayley Williams, already has; in June, the Paramore frontwoman said that she believes the CCM industry at large is at fault for enabling predators, adding that she hopes the genre “crumbles” after hearing about Tait’s alleged crimes.

Crawford expressed something similar. “This is a problem,” he told People. “I want justice. I don’t want this to happen to another kid. I’ve seen what it does. It destroyed my career. I didn’t deserve this, what he did to me. I’ve held this shame for many years, [but] I have nothing to be ashamed of.”

If you or someone you know has experienced sexual assault, you can call the National Sexual Assault Hotline at 1-800-656-HOPE (4673).

Vicky

Entertainment

MGK Reveals What Taylor Swift Said to Him While Watching the Chiefs Lose the 2025 Super Bowl

Published

16 hours ago

August 9, 2025

Vicky

The Kansas City Chiefs’ disappointing loss at the 2025 Super Bowl is one that fans of the team — including Taylor Swift and MGK — will remember all too well.

Both musicians were present at the big game against the Philadelphia Eagles in February, with the pop star there to support boyfriend Travis Kelce and the former rapper on site to cheer on Kansas City before performing at the team’s afterparty later that night. But while hopes that the Chiefs could snag a “three-peat” Super Bowl win were high at the beginning of the game, they quickly faltered as the Eagles kept scoring to win 40-22 — something MGK reflected on talking to Swift about that day in an interview with ABC News on Wednesday (Aug. 6).

“I was in Travis’ suite, and at the beginning of it, Taylor was like, ‘Hell yeah, we’re gonna come watch you perform, it’s gonna be crazy tonight,'” the musician began. “Internally, I was stoked. I was like, ‘Oh what a legendary night this is gonna be.'”

“By the third quarter, dude, I was looking at that score,” he continued, laughing at the memory. “I went up to Taylor, I was like, ‘Y’all aren’t coming tonight, huh?’ She was like, ‘I don’t think so, man. I’ll see if I can get [Travis] to get out, but I don’t think [so].'”

MGK still had to perform at the losing team’s post-game party in New Orleans that night — a gig he does not recommend to other artists. “Don’t ever sign yourself up for that,” he said before joking, “Wait to sign the paper ’til third quarter or something, ’til it looks like it’s going one way or the other.”

But while the afterparty was a little bit grim, MGK will always support Kelce — a fellow Ohioan — and the rest of the Chiefs. “That’s my dawg,” the artist added of the athlete. “He’s from Cleveland. He’s from right next to where I’m from.”

Shortly after the interview, MGK went on to release his new album, Lost Americana, on Friday (Aug. 8). With none other than Bob Dylan in his corner during the rollout, his rootsy new project marks a shift away from the hip-hop and pop-punk genres he previously experimented with.

As for the Chiefs, Kelce and his teammates have been hard at work training for the upcoming season, which kicks off in early September. And after becoming a mainstay at Arrowhead Stadium throughout the past two NFL seasons after beginning her romance with the tight end in 2023, Swift is expected to appear at even more games this year now that she’s finished her global Eras Tour.

Watch MGK recall his conversation with Swift at the Super Bowl below.

Vicky

Entertainment

Here’s How to Get the Best Nike Back-to-School Deals — Save Up to 60% Off

Published

2 days ago

August 8, 2025

Vicky

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.

With summer almost ending, we’re looking ahead to the back-to-school season for high schoolers, undergrads, music academy students and post-graduates in late August and early September. Luckily, Nike has a bunch of deals on all sorts of sneakers and apparel, so you can go back-to-school comfortable and in style.

We rounded up some of the best deals going on during Nike’s back-to-school sale on items, like sneakers, hoodies, backpacks, slides and more. In fact, even if what you’re looking for isn’t on sale, you can still take 20% off items with promo code SPORT at checkout.

Shop Back-to-School Deals at Nike.com

However, this the product you want is marked down, you can get an extra 20% off with the same code. We like deeper discounts, especially when they’re up to a whopping 60% off list prices.

Scroll down and shop our recommendations for the best items from Nike’s back-to-school sale.

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