The music industry has shed more than $2 billion in value since the U.S. election, with many major companies falling victim to the fallout from the President-elect.
The losses were the result of the U,S.
trade dispute with China over the South China Sea and the trade war with the European Union over tariffs.
The losses are also the result, according to data compiled by Bloomberg, of the uncertainty created by the trade battle.
Sieda Music & Arts Holdings, the country’s largest music company by market value, said on Wednesday that it had lost $2.5 billion as of Oct. 27, its fourth straight quarterly loss and the fourth in a row.
The company’s loss comes amid a trade war between the U-S.
and China over South China sea territorial disputes.
Siedas chief executive, Stefan Hoenig, said the company was “devastated” by the news.
It’s a bad day for the music industry, Mr. Hoeniches comments came after Sieds chief executive said the trade dispute in the South and East China Seas was causing “devilish pain” to the music companies.
The music companies have been struggling to keep up with the rise in digital sales as the industry shifts to streaming services and online sales.