Music stocks had their worst week in three months, as most companies that reported earnings this week were penalized for not offering more to investors. Spotify, Live Nation, SM Entertainment and Reservoir Media all finished the week ended Nov. 7 in the red — though live entertainment companies Sphere Entertainment and MSG Entertainment bucked the trend by posting sizable gains after putting out their quarterly earnings reports.

The 19-company Billboard Global Music Index (BGMI) fell 5.0% to 2,703.11 as losers outnumbered winners 15 to 4. After soaring earlier in the year, the BGMI is now 13.3% below its all-time high of 3,117.20 (in the week ended June 30) and is now equal to its value in early May.

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