The Billboard Global Music Index declined 1.9% this week as only 4 of the 21 stocks were in positive territory.
The radio company did see a 13% rise in podcasting revenue as it anticipates an overall recovery in the ad market later this year.
The company led all music stocks this week on the Billboard Global Music Index, which was up 1% despite 13 of 21 companies finishing in negative territory.
The Billboard Global Music Index rose 2.5% this week and finished the midpoint of 2023 up 13%.
The Billboard Global Music Index improved 1.8% this week — up 8.8% so far this year.
The Billboard Global Music Index rose 1.3% overall as the U.S. Bureau of Labor Statistics reported that non-farm payroll employment rose by 339,000 in May.
Also this week: Capitol Music Group hires a senior vp of commercial marketing & streaming, Aly & AJ's manager joins Red Light and more.
"The macro economic conditions are certainly impacting the entire advertising marketplace,” said CEO Bob Pittman.
National advertisers reduced marketing spending to mitigate economic headwinds in the second quarter, according to Cumulus Media CEO Mary Berner.
The broadcaster says it ousted Lauter after an investigation, but a lawyer for the iHeart employee who filmed the videos says they represent a "hostile work environment" at the company's offices.
