Music stocks crash as tariffs shake streaming, radio and live events

Music stocks just hit a serious slump, and it’s got everything to do with Donald Trump’s new tariffs shaking up the economy. On Wednesday (April 2), the U.S. rolled out sweeping import taxes on basically every major trading partner — and by the next day, Wall Street was in panic mode. While industries like tech and retail grabbed headlines, the music world quietly took a major L, especially companies tied to live events, streaming and radio.

Why the dip? It’s not that music is directly getting taxed — it’s that these economic moves could make everyday life more expensive for fans. And when people start feeling the pinch, they’re less likely to spend on things like concerts, merch or subscriptions. The market is reacting to that fear.

Radio, streaming services and the live music industry are feeling the pressure

According to Billboard, nearly every major music-related company took a hit on Thursday (April 3). Radio giants got rocked the hardest: iHeartMedia fell more than 13%, Cumulus Media dropped over 10% and SiriusXM wasn’t far behind. That’s likely because radio makes its money off advertising, and when businesses start worrying about the economy, ad dollars are often the first to go.

Streaming and podcast companies weren’t safe either. LiveOne, the company behind several music and podcast services, dropped nearly 13%. PodcastOne, which is part of the same group, fell about 10%. Again, it all ties back to consumer habits — if wallets tighten, people may cancel subscriptions or ignore ad-supported platforms.

Live music took a blow too. Sphere Entertainment, which runs big-time venues in Las Vegas, dropped almost 14%. MSG Entertainment and Live Nation — the force behind many of your favorite tours and festivals — saw their stock fall as well. Ticket sellers like Vivid Seats and Eventbrite also lost value, suggesting trouble ahead for the live show circuit.

Which music stocks are surviving and what it means for fans, concerts and subscriptions

On the flip side, companies that focus on recorded music and publishing held up better. Universal Music Group and Warner Music Group only slipped slightly, and Spotify barely budged. These companies have global audiences and multiple income streams, so they’re not as tied to just one economy.

So, what does all this mean for fans? It’s a signal that the music ecosystem — from your favorite radio shows to the next festival you want to hit — could be in for some turbulence. If people start cutting back on spending, it could impact the frequency, pricing or quality of live events and media we consume.

Speaking to Reuters, financial strategist Mona Mahajan summed it up like this: “The size and scope of the tariffs announced exceeded even some of the most bearish forecasts. This ... could have a meaningful impact on both economic growth and obviously inflation.” Translation? Everyone’s bracing for things to get more expensive, and that nervous energy is hitting music companies hard.

The Trump administration said the base 10% tariffs start this week, with even higher rates kicking in next. Whether the markets bounce back or buckle down will depend on how long this situation lasts — and whether music fans keep swiping their cards through it all.