The ripple effects of the novel coronavirus have made 2020 a year of extremes. Some stocks and sectors have thrived regardless of fundamentals. Others have struggled despite the overall narrative remaining quite good. Music stocks to buy fall in the latter category. The hope of a vaccine is giving society permission to turn the volume up on a festive 2021.
For the most part, music stocks have lagged behind the broader entertainment category and with good reason. This has been the year of streaming video stocks. If you’ve been invested in stocks such as Netflix (NASDAQ:NFLX) or Roku (NASDAQ:ROKU) you know exactly what I mean.
The global pandemic has interrupted the growth of digital music. And while this is a mature category compared to streaming video, in 2019 the Recording Industry Association of America (RIAA) documented that streaming digital music service revenues reached nearly $9 billion ($8.8).
An great thing about digital music is that it has easily adapted to the changes in technology. In the last 20 years, we’ve gone from creating mixed tapes to loading our MP3s to streaming music directly from our phones. And digital audio has brought more than music. Chances are if you have an interest, there’s a podcast for that.
If you’re looking for music stocks to buy, here are seven that deserve your consideration.
- Investor Place