BOYNEXTDOOR
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The music business has earned a reputation for being recession-proof. In bad economic times, people still pay for their music subscription services and want to go to concerts. Some synch opportunities may dry up as advertisers make cutbacks, but overall, the music is a hearty business that doesn’t follow typical economic cycles.
Music business stocks, however, aren’t immune to fluctuations in the market and investors’ worries about the increasingly fragile state of the economy. This week, just three of the 20 companies on the Billboard Global Music Index (BGMI) finished with gains, and five stocks had losses in excess of 10%. Despite a host of strong quarterly earnings results in recent weeks, President Donald Trump’s tariffs on goods from Canada, Mexico, China and Europe have caused markets to panic, taking down music stocks along with the industrial and agricultural companies most likely to be affected.
The S&P 500 entered correction territory on Thursday (March 13) when it closed down 10% from the all-time high. The Russell 2000, an index of small companies, was down 18.4% from its peak. Most stocks improved on Friday (March 14) as markets rallied — despite a decline in the University of Michigan’s consumer confidence index — but the first four days of the week were too much to overcome. The S&P 500 finished the week down 2.3% and the Nasdaq composite closed down 2.4%.
Markets outside of the U.S. fared better than U.S. markets. The U.K.’s FTSE 100 dropped just 0.5%. South Korea’s KOSPI composite index rose 0.1% and China’s SSE Composite Index improved 1.4%.
Even though 17 of the 20 companies on the BGMI posted losses this week, the index rose 0.5% to 2,460.71 because of Spotify’s 8.1% gain, and the dollar’s nearly 1% increase against the euro offset the weekly declines of 17 other stocks. Spotify is the BGMI’s largest component with a market capitalization of approximately $117 billion — more than twice that of Universal Music Group’s (UMG’s) $50.2 billion. The stock also received rare good news this week as Redburn Atlantic initiated coverage of Spotify with a $545 price target (which implies 5.5% upside from Friday’s closing price) and a neutral rating.
UMG shares fell 8.8% on Friday, a reaction to Pershing Square’s announcement on Thursday that it will sell 50 million shares worth approximately $1.5 billion. Pershing Square CEO Bill Ackman called UMG “one of the best businesses we have ever owned.” JP Morgan analyst Daniel Kerven admitted the news was “a near-term negative for confidence” in UMG but saw Pershing Square’s decision to sell shares as a move to take profits and re-weigh its portfolio (UMG was 27% of Pershing Square’s holdings) rather than a commentary about UMG’s long-term potential or recent operating performance. UMG shares ended the week down 8.2% to 25.46 euros ($27.78) but remained up 6.5% year to date.
Live Nation shares dropped 6.5% to $119.22, marking the stock’s fourth consecutive weekly decline. During the week, Deutsche Bank increased its Live Nation price target to $170 from $150 and maintained its “buy” rating. On Friday, a judge denied Live Nation’s request to dismiss an accusation that the promoter illegally forced artists to use its promotion business if they wanted to perform in its amphitheaters.
Other U.S.-based live entertainment companies also fell sharply. Sphere Entertainment Co. fell 10.1% to $31.55. MSG Entertainment dropped 1.3% to $31.46 despite Wolfe Research upgrading the stock to “outperform” from “peer perform” with a $46 price target. Vivid Seats, a secondary ticketing platform, fell 28.1% to $2.86 after the company announced fourth-quarter earnings.
Radio companies, which tend to suffer when economic uncertainty causes advertisers to pull back spending, had yet another down week. iHeartMedia fell 12.0% to $1.61. Cumulus Media dropped 11.5% to $0.46. And SiriusXM, which announced layoffs this week, fell 10.1% to $22.67. Year to date, iHeartMedia is down 24.4% and Cumulus Media is down 40.3%. SiriusXM, on the other hand, has gained 1.4% in 2025.
K-pop stocks also fell sharply despite South Korea’s market finishing the week with a small gain. HYBE, SM Entertainment, JYP Entertainment and YG Entertainment had an average decline of 7.4% for the week. Collectively, however, the four South Korean companies have had a strong start to 2025 and, after this week, had an average year-to-date gain of 19.3%.
New Orleans rapper Boosie Badazz has accepted a plea deal in his federal gun possession case, telling fans via social media that he’s “tired of fighting.”
Boosie (Torence Hatch) announced the plea agreement on Monday (Aug. 4), more than two years after he was first charged with illegal gun ownership in San Diego. The case was briefly dismissed in 2024, but federal prosecutors later refiled the charges.
“JUST ACCEPTED A PLEA FROM THE FEDERAL GOVERNMENT ON MY GUN CASE,” Boosie posted on X. “I THOUGHT THIS CASE WAS OVER N I WAS GOING TO GET ON WITH MY LIFE BUT ‘GOD DONT MAKE MISTAKES’ N IM TIRED OF FIGHTING!!”
“TALKED TO MY FAMILY N THIS IS THE RIGHT DECISION,” continued Boosie, adding the “100” emoji. “TO ALL MY FANS ACROSS THE WORLD SAY A PRAYER FOR YA BOY N GO GET THE NEW ALBUM.”
The rapper ended his X post with the prayer emoji and the hashtag “#wordsofarealone,” referring to his 13-song album Words of a Real One that dropped on Friday (Aug. 1).
A Monday entry on Boosie’s court docket confirmed that a plea agreement has, in fact, been reached in the case, with a hearing scheduled for Aug. 26. Terms of the deal, including what exactly Boosie will plead guilty to, have not yet been made public.
Boosie was first charged in June 2023 with being a felon in possession of a firearm. Authorities spotted the rapper with a handgun tucked into his waistband in an Instagram video — a crime, prosecutors alleged, because Boosie was previously convicted on drug charges back in 2011.
A federal judge dismissed the case in July 2024 due to evolving Second Amendment precedent around whether nonviolent felons can be charged with this type of gun possession. But prosecutors refiled the case with some changes later that same month, and it was proceeding apace before the plea agreement was reached.
Boosie is currently out on a $100,000 bond.
Metro Boomin is trying to bring the feeling back.
The St. Louis producer, who made his name in Atlanta, dropped his mixtape A Futuristic Summa where he bridged the gap between the Atlanta rap scene of the early to mid-2000s and the new generation. The tape features stellar appearances from more veteran acts like Young Dro and Waka Flaka Flame, while also showcasing newcomers like BunnaB.
Metro took to X and essentially released the project’s mission statement in a series of tweets. He started things off by posting a video of a digital billboard and said he put together the tape “for us not them.”
He then went on to post things like: “A lot of y’all get no bi—es and it shows.”
“If yo homeboy never had to hold you up in the teen party while u was getting twerked on then you might wanna sit this one out.”
“If you never went out and competed with ya boys on who would get the most numbers then you might wanna sit this one out.”
“If you never had to write a number down period then you might wanna sit this one out.”
“If you started listening to rap music in 2017 then you might wanna sit this one out.”
“If you never intentionally wore your clothes with the tags still on then you might wanna sit this one out.”
He then ended his series of tweets by saying rap music needs to embrace and lean into regionality more often. “Its time for music to get back regional,” he tweeted. “Social media got everybody tryna do the same thing. Let’s get back to actual culture and regional identity.”
He later added, “This is Avengers: Endgame level for the city. An Atlanta love letter,” when a fan commended him for thinking of putting the roster of artists involved together.
Metro Boomin Presents: A Futuristic Summa features guest appearances by J Money, Travis Porter, Young Dro, Gucci Mane, Roscoe Dash, Quavo, Breskii, YK NIECE, Skooly, Shad Da God, Meany, Imcfli, BunnaB, Jose Guapo, Rocko, 2 Chainz, Yung Booke, Lil Baby, 21 Savage, Future and Yung L.A., and is hosted by DJ Spinz.
What do we expect from a K-pop concert? For six-member boy band BOYNEXTDOOR (SUNGHO, RIWOO, JAEHYUN, TAESAN, LEEHAN and WOONHAK), their first tour “KNOCK ON Vol.1” was a coming-of-age story told onstage.
Kicking off at Incheon’s Inspire Arena on Dec. 14–15, 2024, the tour swept through six cities in Japan, then Singapore, Manila, Taipei, Jakarta, Hong Kong and returning to Tokyo, finally wrapping up with a three-night encore at KSPO DOME in Seoul on July 25–27, 2025.
Despite debuting only in May 2023, BOYNEXTDOOR has quickly built a global fanbase, especially among teens and 20-somethings in Korea. Their first tour featured 21 tracks, pulling from four EPs, a soundtrack appearance, and the fan-dedicated song “400 Years.” Though the initial shows drew praise for solid vocals and performance etiquette, some fans expressed reservations about the overall production.
As leader JAEHYUN shared during the second night of their Incheon concert, “Since it was our first concert, we tried to stay close to the original versions to clearly express the group’s identity.” And while the intent was understandable, performing without any concert-specific arrangements — relying solely on the original choreography and the abilities of members just two years into their debut — felt like a tall order for a venue the size of Inspire Arena, which holds up to 15,000 people. Adding to the challenge was the timing: December is one of the busiest months in K-pop, filled with domestic and international awards shows and year-end specials. BOYNEXTDOOR had already proven themselves on those kinds of high-profile stages, and the group’s consistent pride in their live vocals had only heightened expectations.
Still, the fact that fans could share in such a significant moment — the group’s very first solo concert — was meaningful in itself. When ONEDOORs lit up the venue with light sticks and phone flashlights and sang in unison, “So let’s go see the stars,” the stage glowed like a falling starlight, and the members, overcome with emotion, stood teary-eyed, visibly moved. It was the kind of symbolic moment destined to replay itself throughout their career. After the final show ended, the members went live together, sharing their heartfelt reflections and gratitude with fans.
BOYNEXTDOOR
Courtesy Photo
Between the Korea launch and the encore finale, the group’s momentum only grew stronger. On Jan. 6, they released digital single “I LOVE YOU Today,” a breezy band-pop track that became a chart-topper in Korea. Then came “I Feel Good,” the title track of their fourth EP <No Genre> (May 13), which swept music shows, earning their first “quadruple crown.”
BOYNEXTDOOR
Courtesy Photo
Instead of sticking to the usual encore formula — a few new songs, a reshuffled VCR, minor tweaks — “KNOCK ON Vol.1 Final” blew the door open from the first second. The show opened with “Nice Guy,” which originally closed their main set. Notably, this version was identical to the one they performed at the 2024 Mnet Asian Music Awards, complete with synchronized dance breaks and the signature chant: “Who’s there? BOYNEXTDOOR!”
“As WOONHAK said on the first night, ‘There was some regret at first. We waited for this encore show to show everything we’ve got.’” True to his words, the show looked nothing like the Incheon leg — not in setlist, stage design, or wardrobe. Utilizing the KSPO DOME’s relatively low ceiling and wide viewing angles, the backdrop LEDs were fully reconfigured to match each song’s tone. Groovy, retro-tinged openers like “Nice Guy,” “Serenade” and the ‘60s-inspired soul pop track “123-78” were paired with romantic white ensembles and soft-toned visuals, while brighter, bouncier tracks like “Back for More” and “One and Only” leaned into a street-style aesthetic with urban-inspired graphics and costumes. The transitions between sections also stood out for their creative flow: during “Fadeaway,” a dance crew filled the stage as the members exited, sustaining energy without a pause. Elsewhere, the group incorporated sound elements from past album trailers to bridge segments seamlessly. One of the most striking examples came just before “But Sometimes,” the title track of their debut EP (‘WHY..’). RIWOO choreographed a new dance break using the EP’s teaser sound, and all six members joined in — a perfectly-timed detonation of energy before launching into the original track.
Just like their encore concert in Tokyo where the group split into two units — JAEHYUN, LEEHAN, and WOONHAK covered Creepy Nuts’ viral hit “Bling-Bang-Bang-Born,” while SUNGHO, RIWOO, and TAESAN performed Mrs. GREEN APPLE’s “Ao to Natsu (Blue and Summer)” — the Seoul shows also featured special unit stages. This time, they brought to life cover clips that had gone viral on YouTube earlier in March. SUNGHO, RIWOO, and JAEHYUN delivered a charismatic performance of Primary’s “See Through,” while TAESAN, LEEHAN, and WOONHAK earned cheers with their emotive rendition of DAY6’s “Congratulations.”
But above all, it was the introduction of a live band that elevated the encore experience to an entirely new sonic level. Starting from the transition between “Step by Step” and “Amnesia,” the band’s presence became impossible to ignore — amplifying the energy, rhythm, and impact of BOYNEXTDOOR’s music. It felt natural to lead into “I Feel Good,” a track with distinctly rock-oriented textures, but what followed next offered a surprise: a hard cut into “Parental Advisory,” one of the group’s most intense hip-hop tracks. The contrast between genres — yet seamless flow — created a sense of sonic exhilaration that rippled through the crowd.
A particularly moving stretch came with the progression from the tender ballad “Crying” into “Dear. My Darling,” which began with SUNGHO’s solo guitar intro. The emotional buildup peaked with “Pebble,” originally led by a simple guitar riff, but now expanded through the band’s full-bodied arrangement. Even after the members had exited the stage, the musicians continued to play — with the electric guitar and keys holding the atmosphere for nearly a full minute. These same band members would later accompany BOYNEXTDOOR to the Lollapalooza stage.
The official set came to a close with “Earth, Winds & Fire,” the title track from their second EP (‘HOW?’). Poignantly, it was also the very first song that opened their debut concert — completing the arc with perfect symmetry. During the encore segment, most of the members left the main stage and roamed through the arena aisles, connecting directly with fans in both lower and upper sections. All three nights were packed with extended sets, reaching the “encore of encores” each time. The magic of “So let’s go see the stars” returned in full. On the final night, when “Earth, Winds & Fire” made a surprise reappearance during the second encore, WOONHAK shouted, “Put your phones away — let’s really go wild!” And astonishingly, most of the crowd obliged, jumping and dancing with their hands in the air. The final setlist of “KNOCK ON Vol.1 Final” totaled an impressive 27 songs.
BOYNEXTDOOR
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“We are six people who love music, and we’re grateful to sing here tonight for ONEDOOR. Thank you. This has been BOYNEXTDOOR.” With JAEHYUN’s closing words, the curtain fell — but the echoes of the music, the raw emotions, and the candid reflections each member had shared lingered in the air.
So back to the original question: What should we expect from a K-pop concert? In a system where most idols begin their training and careers as teenagers, fans often become the closest witnesses to someone’s growth — watching from the very beginning as these artists find their voice, their confidence, and their place in the world. When you’ve shared in someone’s most vulnerable, formative years, there’s little choice but to keep cheering them on. What began seven months ago as a question — a possibility — has since turned into something certain. And the encore concert made it clear just how much collective effort this team poured into delivering that certainty. BOYNEXTDOOR proved their growth, their sincerity, and their purpose. In a concert — the most intimate and immediate moment in an artist’s journey — they succeeded in showing everything fans had come to see, with nothing left behind.
BOYNEXTDOOR
Courtesy Photo
On Saturday, local time, BOYNEXTDOOR took the stage at the Lollapalooza Aftershow — just ahead of their main set — and once again showed how effortlessly they enjoy performing. On Sunday, they presented a full hourlong set on the Lollapalooza Chicago stage. It marked the first time the group delivered a fully realized concert experience in North America. What new fragments of youth will these six boys next door gather in this unfamiliar land, in the middle of summer? One thing is certain: Those glittering pieces won’t belong to BOYNEXTDOOR alone — they’ll linger in the memories of every person who was there to see it.
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