Music Company Stocks Plummet on Wall Street
Wall Street's woes hit the music industry, stocks drop
Wall Street and all of the world's financial markets' woes over the last few weeks have had a huge impact on the music industry. Music industry stocks have experienced unprecedented declines. Music companies and even companies for whom music is just part of a larger portfolio have all suffered major losses in value.
• WMG - $5.95 off a 52 week high of $11.50
• Sony - $23.51 off a 52 week high of $57.19
• Apple- $88.74 off a 52 week high of $202.96
• Sirius XM - $.40 off a 52 week high of $3.94
• Viacom - $20.68 off a 52 week high of $44.95
• Live Nation - $11.74 off a 52 week high of $24.03
• RealNetworks - $3.63 off a 52 week high of $7.61
The prices are based on closing prices on Thursday October 10th, 2008
As a result of market declines, venture capital firms are less likely to provide money for new projects. Liscencing issues and lawsuit have made some music start-ups a partiurlarly tough sell for months, but the current squeeze is making all venture funding 30% or more tougher to secure according to some estimates.
Source: Hypebot
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