Apple, Inc (NASDAQ: AAPL) was charging over 2.5% higher at one point Tuesday, helping to hold the S&P 500 flat after Moody’s issued a decision to lower China’s credit outlook from stable to negative.
From a technical analysis standpoint, the big-tech giant was breaking up from a bull flag pattern on the daily chart, which could ultimately propel Apple to new all-time highs if a Santa Rally swings into full force.
Apple’s move higher was also helping to set up bullish chart patterns on several ETFs that hold the stock, specifically The MUSQ Global Music Industry ETF (ARCA: MUSQ), the latter which was continuing to hold a bull flag pattern that Benzinga called out on Thursday.
Apple’s Music Division: While the largest chunk of Apple’s revenues come from its products, the company’s services division, which includes Apple Music, online subscriptions such as iCloud and warranties from AppleCare, shone brightly in its fourth-quarter earnings. For that quarter, the company generated revenues of $22.31 billion, an increase of 16.29% year-over-year and up 5.19% from the third quarter.
The increase isn’t surprising considering that the music streaming service is booming. The worldwide music industry’s valuation, excluding live shows, hit $41.5 billion last year, according to Digital Music News, which cited a report by former Spotify Technology S.A. (NYSE: SPOT).
In terms of the music industry’s future, last year, Goldman Sachs raised its projections, forecasting the industry will be worth a staggering $151.4 billion, including live shows, in 2030, led by music streaming, which the firm said in its “Music In The Air” report that it believes “will be resilient in an economic downturn” and “shows no sign of saturation.”
Looking To Capture A Piece Of The Music Industry? MUSQ seeks investment opportunities in key segments of the global music industry, targeting areas that hold significant appeal. The…
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