The Impact of the COVID-19 Pandemic on the Music Industry

Yuechu Hu and Jong-Min Kim ()
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Yuechu Hu: Statistics Discipline, Division of Science and Mathematics, University of Minnesota-Morris, Morris, MN 56267, USA
Jong-Min Kim: Statistics Discipline, Division of Science and Mathematics, University of Minnesota-Morris, Morris, MN 56267, USA

FinTech, 2022, vol. 1, issue 4, 1-13

Abstract: The COVID-19 pandemic ravaged the world, not only threatening people’s health but also impacting various industries. This paper will focus on the impact of the pandemic on the music industry, specifically on live and recorded music. To help determine how the COVID-19 pandemic has impacted both live and recorded music, we will analyze the log-returns of stock data of three companies representative of the music industry: Live Nation Entertainment, Tencent Music Entertainment, and Warner Music Group. We also provide descriptive statistics related to the log-returns of stock data of the three companies and calculate the correlation coefficients of the log returns for these companies using three correlation methods (Pearson correlation test, Kendall correlation test, and Spearman correlation) before and after the pandemic. From stock price charts, we observed a negative relationship between the stock indices of both live and recorded music during the early pandemic period. However, we found that there was no correlation in the log-returns of both live and recorded music company stocks after the COVID-19 vaccination became widely available, despite their being a slight positive correlation from the results.

Keywords: COVID-19 pandemic; music industry; stock price; live music; recorded music (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2022
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