BLACKPINK Comeback Speculation Leads to Drop in YG Shares Amid Overall K-Pop Stock Decline

K-pop stocks’ poor showing highlighted another down week for music stocks. For the week ended Oct. 17, South Korean companies were a major reason why losers outnumbered winners. 

The 19-company Billboard Global Music Index (BGMI) fell 0.5% to 2,885.17. The three-year-old BGMI last posted four consecutive weeks of declines in July and August 2024. The index also suffered four straight down weeks in July and August 2023. Even after dropping 7.0% over the last four weeks, the index’s year-to-date gain stands at 33.8% — more than double the 2025 gains of the Nasdaq composite and S&P 500. 

Music stocks underperformed some major indexes, although results were mixed globally. In the U.S., the Nasdaq composite index rose 2.1% to 22,679.97 and the S&P 500 gained 1.7% to 6,664.01. The U.K.’s FTSE 100 fell 0.8% to 9,354.57. South Korea’s KOSPI composite index jumped 3.8% to 3,748.89 and hit a record high on Thursday (Oct. 16) after the International Monetary Fund raised its growth forecast for South Korea and the U.S. appeared close to wrapping up a trade deal with the Asian country. China’s Shanghai Composite Index fell 1.5% to 3,839.76. 

Bucking the KOSPI’s upward trend, YG Entertainment fell 9.6% to 90,000 KRW ($63.30) after the company, reacting to South Korean media reports that BLACKPINK will release new music before the end of the year, stated that no decision about the group’s comeback has been made. Earlier in the week, Hana Securities raised its price target on YG by 12% to 145,000 KRW ($101.99). YG Entertainment shares are up 95.9% in 2025, third-best among music stocks behind Netease Cloud Music (up 117.1%) and Tencent Music Entertainment (up 100.5%).

Three other K-pop stocks also posted losses. SM Entertainment, which fell 7.8% to 116,400 KRW ($81.87), has dropped 23.9% in the past four weeks, although it’s still up 60.3% year to date. JYP Entertainment declined 4.5% to 71,700 KRW ($50.43), bringing its year-to-date gain to 5.8%. HYBE slipped 1.1% to 269,500 KRW ($189.56), though shares have risen 34.1% this year and stand to rise even more when BTS returns from its three-year hiatus with new music and a global tour. 

Music streamer LiveOne was the week’s greatest gainer, rising 13.1% to $4.50. On Tuesday (Oct. 14), the company announced that it had regained compliance with the Nasdaq listing requirements for minimum share prices. LiveOne conducted a 10-to-1 reverse stock split on Sept. 26, which increased its share price by reducing the number of outstanding shares.  

Madison Square Garden Entertainment climbed 5.1% to $43.90. Sister company Sphere Entertainment Co. fell 0.5% to $58.70, about the same price as five weeks ago, after the success of The Wizard of Oz caused the stock to spike 46% over four weeks. Sphere shares have cooled off since Sept. 12, though, and have fallen 3.7% in the last two weeks. 

Warner Music Group (WMG) rose 2.8% to $32.99. On Tuesday (Oct. 14), Wells Fargo upgraded WMG shares to “overweight” with a $39 price target, citing the performance of Atlantic Records in Q3 U.S. market shares reported last week by Billboard. Led by hits from Alex Warren and Twenty One Pilots, and helped by the new inclusion of 10K Projects’ market share, Atlantic was No. 3 behind REPUBLIC and Interscope/Geffen/A&M. 

Live Nation snapped a four-week losing streak, rising 1.5% to $155.19. The concert promoter and ticketing company will announce Q3 earnings on Nov. 4. 

Universal Music Group rose 1.9% to 23.60 euros ($27.52). The company will announce Q3 earnings on Oct. 30. 

Spotify, the BGMI’s most valuable component, fell 2.0% to $671.52. The streaming company’s share price is now more than $110 below its all-time high of $785.00 set on June 27. Still, Spotify is up 43.9% year-to-date and remains one of the year’s best-performing music stocks of 2025. The company will announce Q3 earnings on Nov. 4.