Sphere Entertainment Stock Jumps for Second Week on ‘Wizard of Oz’ Hype

Sphere Entertainment Co. was the top-performing music stock for the second consecutive week after gaining 7.8% to $48.90 for the week ended Sept. 5. 

After rising 6.8% the previous week, Sphere Entertainment rode continued enthusiasm for the revamped The Wizard of Oz that debuted at Sphere on Aug. 28. On Wednesday (Sept. 3), the stock reached a 52-week high of $49.98 after the company announced it repurchased $27.5 million of common stock, putting it within reach of its all-time high of $51.19 set in February 2021.   

German concert promoter CTS Eventim was the No. 2 music stock of the week, rising 5.5% to 84.45 euros ($98.99). On Tuesday, Rothschild & Co. upgraded CTS Eventim to a “buy” rating and lowered its price target to 105.00 euros ($123.08) from 109.00 euros ($127.77). 

Spotify was No. 3 after gaining 3.6% to $707.19. On Wednesday, Guggenheim reiterated its “buy” rating and $850 price target for Spotify while making the case that the company’s ability to raise prices will help it “exceed current consensus estimates” in 2026 and beyond. Although Spotify is well below its all-time high of $785.00 set on June 27, it has gained 51.6% this year, making it one of the best-performing music stocks. 

The 19-company Billboard Global Music Index (BGMI) rose 1.7% to 3,301.18, bringing its year-to-date gain to 42.7%. A dozen of the index’s stocks gained value during the week while seven lost ground. 

K-pop companies were among the 12 stocks that gained value this week. JYP Entertainment was up 3.4%, raising its year-to-date gain to 10.9%. HYBE improved 1.2%, which improved its 2025 gain to 44.5%. SM Entertainment rose 0.9%, lifting its year-to-date gain to 93.0%. 

Except for Spotify, the BGMI’s largest components had either small gains or modest losses. Universal Music Group rose 0.7% to 24.30; its year-to-date gain stands at 1.6%. Tencent Music Entertainment had a rare down week, falling 0.2% to $24.49 and lowering its 2025 gain to 119.6%. Live Nation fell 1.9% to $163.42, dropping its year-to-date gain to 26.2%. 

Music streamer LiveOne was the week’s biggest loser after falling 20.0% to $0.44. Radio companies iHeartMedia and Cumulus Media dropped 11.4% and 5.9%, respectively. 

Markets finished the week ahead but struggled at the end of the week after a disappointing jobs report showed a smaller-than-expected increase in payrolls and an increase in the unemployment rate. A Bureau of Labor Statistics report on Friday (Sept. 5) revealed that nonfarm payrolls increased 22,000 in August, versus economists’ expectations of 75,000. June’s payroll gain was revised down by 27,000 jobs, while July was revised up by 6,000. The unemployment rate rose to 4.3%. 

In the U.S., the tech-heavy Nasdaq composite index rose 2.6% and the S&P 500 gained 0.2%. The U.K.’s FTSE 100 also gained 0.2%. South Korea’s KOSPI composite index rose 0.6%. China’s Shanghai Composite Index fell 1.2%.