Sound Investments: 8 Stocks That Could Help You Get Your Lollapalooza Ticket Money Back

Zinger Key Points
  • Lollapalooza announced a strong lineup for its 2023 festival, but investors can also benefit from stocks in the music/events industry.
  • Spotify, Tencent Music, Warner Music, Apple, Google and more are all sound investments to consider.

Summer music festivals are back, and Chicago’s Lollapalooza is leading the charge with an impressive lineup of headliners including Kendrick Lamar, Billie Eilish and the Red Hot Chili Peppers.

But for investors, attending the festival doesn't have to mean just spending money on tickets and accommodations. There are several stocks in the music and events industry that could provide booming returns to cover the money that music lovers spent on their Lollapalooza tickets.

An investor could consider Spotify Technology SA SPOT, the world's largest music streaming service with more than 489 million monthly active listeners. While the company missed its last earnings report, Guggenheim Partners on Wednesday upgraded the stock from Neutral to Buy, with a $155 price target.

Tencent Music Entertainment - ADR TME, a subsidiary of Chinese tech giant Tencent, is another stock to consider. The company dominates the music streaming market in China, with over 574 million monthly active users, and has been investing in exclusive content and live-streaming events.

For those interested in the record label side of the music industry, Warner Music Group Corp WMG is a major player with a diverse catalog of artists, including Cardi B, Ed Sheeran and Bruno Mars.

Also Read: What's Happening To Apple Music? Users Report Data Loss And Bizarre Playlists

Apple Inc AAPL and Alphabet Inc.’s Google GOOG GOOGL, two of the largest tech companies in the world, also have their hands in the music industry.

Apple's music streaming service, Apple Music, has more than 84 million subscribers, and the company's push into original content could drive even more growth. Meanwhile, Google's YouTube Music has been steadily gaining market share and has over 80 million subscribers.

Although the three stocks below have been underperformers in the last year, it could be a good idea to keep them on a watchlist, and check back for any rebounds.  

Sirius XM Holdings Inc SIRI, the satellite radio company, expanded into the streaming market with its acquisition of Pandora, which had just 6.2 million paid subscribers last year.

Eventbrite Inc EB, a platform for organizing and selling tickets to events, could also benefit from the return of music festivals and live events.

Live Nation Entertainment Inc LYV, the largest live events company in the world, could see a boost from the return of music festivals like Lollapalooza.

The company has been expanding its offerings beyond concerts and festivals and has been investing in new technology to enhance the live event experience.

Read next: Apple Could 'BELIEVE' It Has A Hit With 'Ted Lasso': Here's How Many People Watched Season 3
Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: EntertainmentLarge CapMid CapPenny StocksTopicsSmall CapMediaTrading IdeasGeneralBillie EillishKendrick LamarLollapalooza
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!