Stocks 2024: Netflix, Spotify Ride Tech Wave As Media Shares Wrap Up A Challenging Year

deadline.com:

Even a casual market watcher knows that 2024 on Wall Street was defined by a spectacular rise in tech stock valuations. Tech also helped the entertainment sector overcome many of its challenges, dominating the list of the calendar year’s biggest percentage gainers.

Reddit, Spotify and Netflix may not be in the “Magnificent 7” alongside Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, but they provided some of the brightest rays of hope for media investors this year.

Netflix in particular climbed what Wall Streeter’s like to call “a wall of worry,” with its push into advertising and efforts to make customers pay to share passwords both bearing fruit.

After stumbling badly in 2022, with subscriber declines and rivals ready to pounce, the streaming leader is ending the year on top of the game.