Radio stocks struggled this week as companies’ second-quarter earnings revealed additional revenue losses. 

SiriusXM shares fell 15.6% after the company’s second-quarter earnings on Thursday (Aug. 1) showed a loss of 173,000 satellite radio subscribers and 41,000 Pandora subscribers. Revenue fell 3% to $2.18 billion, although net profit improved 2% to $316 million. In the first quarter, SiriusXM lost 594,000 subscribers, although revenue improved 0.8% to $2.16 billion.

SiriusXM is trying to thread the needle as it expands its product line and gives consumers more options. The new $9.99-per-month streaming service is intended to appeal to a broader audience than potential satellite radio subscribers. At the same time, the company is introducing new pricing tiers for satellite radio, including a $9.99 music-only subscription that can expand to news, talk and sports for additional fees. The trick is not cannibalizing its core, higher-priced satellite offering. “The early results in our testing have been encouraging,” CEO Jennifer Witz said during Thursday’s earnings call. “It shows that we’re getting consumers into the right packages for them.”

Shares of radio broadcaster Cumulus Media fell 21% to $1.62 and dropped as far as $1.29 on Friday (Aug. 2) — a 52-week low — after the company’s second-quarter earnings showed that revenue fell 2.5% and net loss increased to $27.7 million from $1.1 million a year earlier. iHeartMedia, which doesn’t report earnings until Thursday (Aug. 8), appeared to be a casualty of Cumulus Media’s results as its shares fell 12.9% to $1.49. 

Collectively, radio companies have had the worst stock performance of all music companies this year. Year to date, Cumulus Media is down 69.5%, iHeartMedia has fallen 44.2% and SiriusXM is off 42.6%. Only JYP Entertainment, which has fallen 44.3% year to date, has suffered a similar drop.  

The Billboard Global Music Index (BGMI), a measure of the market capitalizations of 20 publicly traded music companies, fell 1.1% to 1,739.18. Even though 13 of the 20 stocks lost ground — five of them suffering double-digit declines — gains by some of the index’s most valuable companies nearly offset the losses. HYBE improved 5.3% to 180,800 won ($139.01). Spotify gained 2.8% to $331.02. And Universal Music Group (UMG) rose 0.5% to 21.44 euros ($23.41). 

Music stocks have had a case of the summer doldrums after soaring in the winter and spring. The BGMI has fallen for four consecutive weeks and stands 5.9% below its all-time high of 1,847.64 set on May 17. On Friday, the index reached its lowest point since April 19. 

Music companies’ losses were compounded by sharp declines in U.S. stock markets on Friday after news that the unemployment rate rose in July stoked fears the economy could enter a recession. The tech-heavy Nasdaq fell 3.4% this week and stood in “correction” territory, at 10.1% below its all-time high set on July 11. Amazon fell 8.0% after missing revenue expectations and providing investors with a disappointing forecast. Intel fell 31.5% after announcing broad layoffs, reporting a decline in quarterly revenue and issuing weak guidance. 

The S&P 500 dropped 2.1% to 5,346.56. In the United Kingdom, the FTSE 100 gained 2.3% to 8,474.71. South Korea’s KOSPI composite index dropped 2.0% to 2,676.19. China’s Shanghai Composite Index improved 0.5% to 2,905.34. 

The week’s greatest gainer was K-pop company JYP Entertainment, which rose 6% to 56,400 won ($41.53). JYP was added to the BGMI this week after Hipgnosis Songs Fund was removed from the London Stock Exchange once its acquisition by Blackstone was completed. Three other K-pop companies were among the week’s few gainers: HYBE improved 5.3%, YG Entertainment rose 2.1% and and SM Entertainment increased 1.0%. 

Reservoir Media dropped 14.4% to $7.37 after releasing its quarterly earnings on Wednesday (July 31). Tencent Music Entertainment, which will report earnings on Aug. 13, fell 10.5% to $12.62. Warner Music Group (WMG) fell 5.3% to $28.26. In the wake of UMG’s latest earnings results, which showed a slowdown in subscription revenue, J.P. Morgan dropped its price target on shares of WMG — which will report earnings on Aug. 7 — to $41.00 from $42.00.