The company attributed the revenue drop to smaller-sized concerts and “slow business conditions” for its content-related subsidiaries.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
Kakao chief investment officer Bae Jae-hyun is accused of inflating SM’s share price to thwart HYBE’s bid for a stake in the K-pop company earlier this year.
"Merchants of garbage," live music spending, rosy outlooks and more.
The Billboard Global Music Index fell 3.1% to 1,313.44, lowering its year-to-date gain to 12.5%.
HYBE, SM Entertainment, YG Entertainment and JYP Entertainment have collectively added $4.7 billion in market capitalization in 2023.
With 15 of its 21 stocks in negative territory, the Billboard Global Music Index dropped 1.9%.
The "integrated corporation" in the world's top music market is an expansion of SM and Kakao's existing partnership.
Also on the Billboard Global Music Index, Spotify's stock stayed hot with a 9.6% gain, bringing its year-to-date increase to 117.9%.
The Billboard Global Music Index dropped 3.5% with 16 of its 21 stocks in negative territory.
