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Spotify Shares Fall 10%, Wiping Out $12B of Market Value, as Music Stocks Plunge on Tariff Concerns

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Music stocks were battered this week after President Donald Trump unveiled the tariffs that will be applied to imported goods from around the world. 

The 20-company Billboard Global Music Index (BGMI) fell 8.2% for the week ended Friday (April 4), marking the largest single-week decline in the index’s two-and-a-half-year history. Among the 17 stocks that posted losses, eight declined by 10% or more, and one — iHeartMedia — far surpassed a 20% decline. Of the 20 stocks on the index, only three South Korean K-pop companies posted gains for the week.

Trump's Tariffs Could Have Far-Reaching Effects on the U.S. Music Business 

04/04/2025

Markets around the world experienced large declines in the wake of the tariffs. In the U.S., the tech-heavy Nasdaq fell 10.0% and the S&P 500 dipped 9.1%. The U.K.’s FTSE 100 slipped 7.0%. South Korea’s KOSPI composite index fell 3.6%. China’s SSE Composite Index declined just 0.3%. 

SM Entertainment was the top performer of the week with an 8.3% gain, besting JYP Entertainment’s 3.3% increase and HYBE’s 2.3% improvement. No other music stock finished the week in positive territory, although French company Believe came close with a 0.1% decline. 

Spotify fell 10.3% to $503.30, erasing approximately $12 billion of market value. While most stocks cratered on Thursday (April 3), Spotify had fared relatively well by losing just 1.2%. But Spotify shares fell 9.9% on Friday (April 4), paring down the once high-flying stock’s year-to-date gain to 7.9%. 

Like Spotify, Tencent Music Entertainment bucked the downward trend on Thursday by suffering only a minor loss, but declined 9.5% on Friday, dropping 9.9% to $12.95.

Radio companies, which are heavily dependent on advertising revenue, were among the most affected stocks. iHeartMedia shares fell 26.8% to $1.20, bringing its year-to-date decline to 43.7%. Cumulus Media dropped 14.9% to $0.40. SiriusXM declined 14.2% to $19.51.

Live entertainment stocks were also hit hard. Sphere Entertainment Co., owner of the Sphere venue in Las Vegas, fell 19.5% to $26.74, mirroring sharp declines in gaming companies reliant on travel to Las Vegas such as Wynn Resorts (down 14.9% this week) and Caesars Entertainment (down 9.7%). Sphere announced on Friday that it has two new experiences in production: The Wizard of Oz at Sphere and From The Edge, a film about extreme sports. 

Madison Square Garden Entertainment dropped 11.9% to $29.71, widening its year-to-date loss to 17.2%. Live Nation had been up 7.7% through Wednesday (April 2) but finished the week down 3.4% after losing a combined 10.3% over Thursday and Friday. German concert promoter CTS Eventim fell just 6.2%. 

Music stocks started 2025 well, but concerns about tariffs have wiped out the index’s early gains. The BGMI has lost 18.0% of its value since Feb. 14 and has declined in five of the previous seven weeks. Halfway through February, the index had gained nearly 30% in the first six weeks of the young year. By Friday, that year-to-date gain was down to 6.3%. 

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British Police Charge Russell Brand With Rape and Sexual Assault

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British police on Friday (April 4) charged Russell Brand with rape and sexual assault following an 18-month investigation sparked when four women alleged they had been assaulted by the controversial comedian.

London’s Metropolitan Police force said Brand, 50, faces one count of rape, one of indecent assault, one of oral rape and two of sexual assault.

Russell Brand Denies Allegations of Sexual Assault Published by UK Media Reports

09/16/2023

Brand denied engaging in “non-consensual” sexual activity.

The alleged offenses involve four women and took place between 1999 and 2005 — one in the English seaside town of Bournemouth and the other three in the Westminster area of central London.

Police said the investigation remains open and urged anyone with relevant information to contact the force.

In September 2023, British media outlets Channel 4 and the Sunday Times published claims by four women of being sexually assaulted or raped by Brand. The accusers have not been identified.

The comedian, author and Get Him to the Greek actor has been interviewed by police about the allegations, which he denies.

In a video posted Friday on X, Brand said “I’ve never engaged in non-consensual activity. I pray that you can see that by looking in my eyes.”

He added that “I am now going to have the opportunity to defend these charges in court and I’m incredibly grateful for that.”

Known for his unbridled and risqué standup routines, Brand hosted shows on radio and television, wrote memoirs charting his battles with drugs and alcohol, appeared in several Hollywood movies and was briefly married to pop star Katy Perry between 2010 and 2012.

In recent years, Brand has largely disappeared from mainstream media but has built up a large following online with videos mixing wellness and conspiracy theories. He recently said he had moved to the United States.

Brand is due to appear in a London court on May 2.

Jaswant Narwal, of Britain’s Crown Prosecution Service, said prosecutors “carefully reviewed the evidence after a police investigation into allegations made following the broadcast of a Channel 4 documentary in September 2023.

“We have concluded that Russell Brand should be charged with offences including rape, sexual assault and indecent assault,” Narwal said.

“The Crown Prosecution Service reminds everyone that criminal proceedings are active, and the defendant has the right to a fair trial.”

In January the BBC apologized to staff members who felt unable to complain about Brand’s conduct because of his celebrity status. Brand had two weekly radio shows on the BBC from 2006 to 2008 and worked periodically on a number of short-term projects.

The BBC acknowledged that it was “clear that presenters have been able to abuse their positions” in the past.

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‘SNL’ Roasts Morgan Wallen One Week After His Abrupt Exit & ‘God’s Country’ Comment: Watch

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Saturday Night Live took aim at Morgan Wallen following the country star’s abrupt exit during the show’s end credits in late March.

During the NBC sketch comedy show’s cold open on April 5, just a week after Wallen’s headline-making appearance as musical guest, President Donald Trump — portrayed by James Austin Johnson — made a jab at Wallen while discussing his “Liberation Day” tariffs.

Elton John & Brandi Carlile on "SNL"

Elton John & Brandi Carlile Perform ‘Little Richard’s Bible,’ ‘Who Believes in Angels?’ on ‘SNL&#8217…

04/06/2025

“I even put tariffs on an island uninhabited by humans. It’s called Heard and McDonald Island,” Johnson’s Trump said, holding a poster featuring a hamburger in a hula skirt. “I would love to visit there. Can you imagine that? Big Mac and a hula skirt. Get me to God’s country, right? Remember that?”

The “Get me to God’s country” line was a direct nod to Wallen’s comment on his Instagram Story after his much-discussed exit from the show on March 29, when he abruptly walked off stage at Studio 8H during the end credits after whispering something to host Mikey Madison.

Later in the April 5 episode, SNL‘s Colin Jost poked fun at Wallen during Weekend Update, cracking jokes about the financial state of the country.

“This was the worst week for the stock market since the summer of 2020. But you have to remember — back then, the president was also Trump,” Jost said. “Just in the past two days, investors have lost over $6 trillion. Money is leaving the stock market faster than Morgan Wallen at goodnights.”

During his musical guest appearance on SNL, Wallen performed the title track from his upcoming album, I’m the Problem, along with his song “Just in Case.”

Just days after his controversial appearance, the country singer capitalized on the highly publicized moment by launching a new line of “Get Me to God’s Country” merchandise. Wallen had not publicly commented on the incident or explained the meaning behind the phrase at press time.

In an interview with Entertainment Weekly following Wallen’s walk-off, longtime SNL cast member Kenan Thompson called the incident “definitely a spike in the norm.”

“We’re so used to everybody just turning around and high-fiving us, everybody’s saying, ‘Good job, good job, good job.’ So when there’s a departure from that, it’s like, hmm, I wonder what that’s about?” Thompson said, adding that Prince had done the same thing during his appearance on the show years ago.

“I’m not saying Morgan Wallen is Prince, but we weren’t surprised because Prince was notoriously kind of standoffish. It’s just how he was. So we just thought like, ‘Okay, now he’s gone back into fantasyland.’”

Wallen’s forthcoming album, I’m the Problem, is set to be released on May 16 and features 37 tracks, although only a few song titles have been revealed so far.

Watch SNL‘s cold open and Weekend Update sketches below. For those without cable, the broadcast streams on Peacock, which you can sign up for at the link here. Having a Peacock account also gives fans access to previous SNL episodes.

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Elton John & Brandi Carlile Perform ‘Little Richard’s Bible,’ ‘Who Believes in Angels?’ on ‘SNL’: Watch

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Elton John and Brandi Carlile paid a visit to Studio 8H to perform a pair of songs from their new collaborative album.

The longtime friends appeared as the musical guests on Saturday Night Live on April 5, with Jack Black taking on hosting duties.

‘SNL’ Roasts Morgan Wallen One Week After His Abrupt Exit & ‘God’s Country…

04/06/2025

Set against a starry, neon-lit backdrop with their names emblazoned on the walls, the duo opened with the rocking, 1950s-inspired “Little Richard’s Bible,” with John on piano and Carlile on guitar. Later in the episode, they returned for an inspiring performance of the title track from their new album, Who Believes in Angels?

John and Carlile wrote and created the album alongside John’s long-time co-writer Bernie Taupin and producer Andrew Watt. Who Believes in Angels?, which dropped on April 4, features previously released singles “Swing for the Fences,” “Never Too Late” and the title track.

“As my Farewell tour came to an end, I knew I wanted to make a new album with Brandi, I wanted to shift gears and do something different from anything I’d done before,” John previously told Billboard of the project. “I have always found Brandi so inspiring, our friendship was so close, and I just had the instinct that we could produce something really amazing.”

The iconic musician added, “Creating Who Believes in Angels? was challenging, and I had a lot of self-doubt, but alongside Bernie Taupin and Andrew Watt, we ended up writing 10 songs in 20 days and it was one of the most joyous and exhilarating experiences I’ve ever had in my life.”

This marked John’s first time back on SNL in more than a decade. He last appeared on the sketch comedy show in 2011, when he pulled double duty as both host and musical guest. Prior to that, he made his SNL debut in 1982. Meanwhile, Saturday marked Carlile’s third appearance on the late-night show.

It’s a busy weekend for both musicians. In addition to their SNL appearance, they will also host a one-hour concert special celebrating the new album. An Evening with Elton John and Brandi Carlile will air on CBS on Sunday (April 6), featuring live performances, stories about the duo’s friendship, and an intimate look at the making of their new album.

Watch John and Carlile’s SNL performances below. For those without cable, the broadcast streams on Peacock, which you can sign up for at the link here. Having a Peacock account also gives fans access to previous SNL episodes.

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