Are These 2 Top Media Stocks On Your August Watchlist?
Media stocks can refer to a variety of companies. Some media stocks can refer to television-related companies. Other top media stocks can refer to radio-based companies. There are many more types of media stocks as well. The problem is, media stocks have been in trouble because of the economic crisis. Many media stocks have fallen in share price. This is because of the effect the coronavirus pandemic has on the stock market in 2020.
The issue with many media stocks is the lack of people spending money at the moment. For example, a subscription radio station will lose lots of subscribers. Most people listen to the radio when they are in the car, and less people are driving at the moment. People would rather not spend the money on it during an economic crisis.
Another issue with media stocks relates to those involved with television. Television shows had to cut production to stop the spread of the coronavirus. This means that new television shows are all delayed unless they were prerecorded before the pandemic took over. This is the same in the movie industry. That is why the market for media stocks is volatile at the moment. There are still many media stocks on the rise despite these issues. Let’s have a look at two media stocks that have been trending in the market.
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Top Media Stocks To Buy [Or Sell] In August: Sirius XM Holdings Inc.
The first media stock to watch at the moment is Sirius XM Holdings Inc. (SIRI Stock Report). Sirius XM is a broadcasting company that focuses on satellite radio. Sirius XM operates a network of satellite and online radio services that are broadcasted in many places. As of the end of 2019, Sirius XM had 34.9 million subscribers. In 2019 Sirius XM brought in $7.79 billion in revenue. Sirius XM is the result of a merger between XM Satellite Radio and Sirius Satellite Radio that happened in 2008.
The pandemic had a bad effect on SIRI stock price. Before the pandemic, SIRI stock was trading around $7 a share. Then, from February to March SIRI stock price fell to around $4.40 a share. Since then, SIRI stock has begun to rise up despite the fall. As of July 24th SIRI stock is at $5.89 a share. From June 26th to July 24th, SIRI stock price is up 6.31%. This could mean SIRI stock has the potential to rise even higher.
When the world returns to a more normal state it could cause SIRI stock price to rise. It all is a matter of when this happens. Many stocks in the market rise when news towards a coronavirus vaccine is released. We are still in the midst of this pandemic so media stocks are highly volatile in some circumstances. It will be interesting to see how SIRI stock evolves in the coming months.
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Top Media Stocks To Buy [Or Sell] In August: ViacomCBS
The second media stock to watch during these weird economic times is ViacomCBS Inc. (VIAC Stock Report). ViacomCBS is a mass media company that was formed in December 2019. It is the result of a merger between CBS Corporation and Viacom. Some of the company’s assets include Paramount Pictures, CBS Entertainment, Nickelodeon, MTV, BET, and more. The company operates more than 170 networks in total. ViacomCBS networks reach more than 700 million people in 160 countries.
Just like many other media stocks, VIAC stock was badly affected by the economic crisis. Before the pandemic VIAC stock was just around $35 a share on average. Then VIAC stock price fell to around $11 a share by March. But since then VIAC stock is starting to rise up in the market. As of July 24th, VIAC stock is at $24.67 a share on average. From July 10th to July 24th, VIAC stock price is up 12.44%.
What Now
Clearly there are some media stocks that have potential in the market. That is why SIRI stock and VIAC stock are two potential media stocks to buy. The issue is that the market is volatile until to economy makes a comeback. That is why it is important to stay updated on current news regarding media stocks.
