Led by SM Entertainment and JYP Entertainment, K-pop stocks soared above other music stocks in a strong week for markets in general. SM, home to such artists as Red Velvet and aespa, rose 13.8% to 78,400 won ($53.76) after news broke on Wednesday (Jan. 15) that the company will introduce a new girl group on Feb. 24. Meanwhile, JYP gained 6.7% to 76,400 won ($52.39), while YG Entertainment and HYBE rose 5.6% and 3.7%, respectively. 

The gains made by K-pop companies in recent weeks have outpaced the overall Korean stock market. In the week ended Jan. 17, the four South Korean music companies had an average gain of 7.5%, beating the 0.3% gain of the KOSPI composite index, a measure of all stocks traded on South Korea’s exchange. South Korean stocks have rebounded from their low points since a declaration of martial law by South Korea’s prime minister on Dec. 3 that caused political turmoil and instability in the country’s market. The four K-pop companies are up an average of 20.6% from each company’s post-Dece. 3 low point, while KOSPI has gained 6.9% since hitting a low point on Dec. 9.

The 20-company Billboard Global Music Index rose 4.7% to 2,226.11, its second-highest mark since reaching 2,280.51 on Dec. 6 and the third-highest one-week gain in the last year. Only four of the index’s 20 stocks posted losses while the remainder finished the week in positive territory. Radio companies led the way with an average gain of 13.3%. Multi-sector companies (labels and publishers such as Universal Music Group and Warner Music Group) gained 4.3%. Live music companies followed with a 3.6% gain. Streaming companies had an average loss of 1.1%. 

Stocks were helped by news that the consumer price index, a widely used measure of inflation faced by consumers, rose a lower-than-expected 3.2% in December. The producer price index, a measure of wholesale prices, also beat expectations by rising just 0.2% last month. In the United States, the Nasdaq composite rose 2.4% to 19,630.20 and the S&P 500 had its best week since the presidential election, gaining 2.9% to 5,996.66. In the United Kingdom, the FTSE 100 rose 3.1% to 8,505.22. China’s Shanghai Composite Index climbed 2.3% to 3,241.82. 

iHeartMedia was the top music performer of the week, rising 23.9% to $2.33 in the absence of major news. The only significant public development was Barclays’s announcement through a regulatory filing on Friday that it increased its stake in the radio giant by 513% in the third quarter. Cumulus Media rose 9.1% to $0.84. The other radio company, satellite broadcaster SiriusXM, gained 6.9% to $22.27. 

Spotify shares rose 5.7% to $485.53 on Friday after surpassing $500 per share on Thursday (Jan. 16) — marking only the second time Spotify shares have hit the $500 mark in intraday trading. Investors reacted positively to UBS increasing its Spotify price target on Wednesday (Jan. 15) to $540 from $485. Then on Friday, Wolfe Research downgraded Spotify to “peer perform” from “outperform,” helping Spotify shares fall 1%.

Concert promoter Live Nation rose 5.5% to $135.61. The stock peaked at $136.21 on Friday, its highest point since Dec. 17 and just 3.5% below its 52-week high of $141.18. Live Nation will co-produce the FireAid benefit concerts to benefit victims of the wildfires in Los Angeles. The Azoff family and AEG are also producers of the concerts, which will be held on Jan. 30 at the Kia Forum and Intuit Dome.

Abu Dhabi-based music streaming company Anghami was the week’s worst performer after dropping 10.3% to $0.70, while French music streamer Deezer fell 5.3% to 1.24 euros ($1.28) and LiveOne shares fell 1.7% to $1.18. LiveOne announced on Thursday that it has reached 500,000 Tesla users and projects to reach 550,000 Tesla owners — including 150,000 new ad-supported subscribers — by Feb. 1.