A Bad Day For Music On Wall Street
The sinking economy dragged U.S. stocks down 3.3% on Thursday, and some companies in the music sector took even deeper dives.
Warner Music Group fell 4.6% to just 10 cents above its all time low of $2.00. Live Nation dropped a whopping 13.8% despite naming a strong new international executive team. Real was down 4.8% and a recently reorganized Ticketmaster did not benefit from any of the famous Azoff magic falling 8.2%. Alliance Distribution's parent Source Interlink fell another 15.3% to end the day at a mere 10 cents as bankruptcy rumors swirled.
Of the major music stocks, only The Orchard bucked the downward trend rising 7.95%. If early morning Asian markets are any indication, the downward spiral may continue today.
You'll find a quick snapshot of current music stock activity in a Forbes widget in Hypebot's upper right corner.
Boys and girls…it’s a bad thing when stockholders suffer loses due to dire economic times. That said, how about all of the artists who have careers tied up inside of these anemic, poorly managed companies that have no idea what to do except get a song top 5 on radio, regardless of format, and then try to take advantage of that exposure, diminished as it may be, and sell some records, ringtones, etc. to the public-at-large, that is inundated with free “stuff” and bombarded with media messages of many kind and so forth. Ramble on I may, but we all have to take responsibility for our own lives/careers and start meeting with like minded people in the real world…shake a hand, share a smile…make a connection that means something beside a click here, a click there. The Last Company.