Over the last four weeks, these stocks have fallen 10.2%, outpacing the S&P 500 and NYSE composite .Music streaming companies have performed very poorly — in part because they had so far to fall. Spotify, Anghami, Tencent Music Entertainment and Cloud Village have fallen 46.1% year to date and 8.0% since April 22 . In general, the streaming business model has lost some luster as investors realized gains made during the pandemic weren’t just unsustainable but threatened by high inflation.
Still, Spotify’s subscription growth has not pleased investors, either. The company’s shares are down 54.8% in 2022, although the Thursday’s $105.79 closing price is well above the all-time low of $89.03 set on May 12.on Tuesday showed encouraging double-digit year-over-year growth. That put Anghami shares up 1.5% this week, although they’re down 26.6% this year.
Among these companies, the stabler royalty funds — Hipgnosis and Round Hill — which raise money to invest in relatively steady and predictable assets, have performed well amid the downturn: Hipgnosis has dropped only 1.9% and Round Hill's down just 3.1% so far this year.
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