Ahead of Beyonce’s “Renaissance Tour” opening, Tina Knowles, the superstar’s mother, took to Instagram to lash out at those who disparaged her daughter’s appearance at Saturday’s Los Angeles premiere of the concert film, calling the critics “bozos,” “clowns,” and “haters.”
“She does a film, called the renaissance, where the whole theme is silver with silver hair, a silver carpet, and suggested silver attire and you bozos decide that she’s trying to be a white woman and is bleaching her skin? .. How sad is it that some of her own people continue the stupid narrative with hate and jealousy,” Tina wrote.
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What Happened: Staying within the theme of her highly successful 2023 Rennaissance Tour, Beyonce arrived at the Academy of Motion Picture Arts and Sciences’ Samuel Goldwyn Theater last weekend dressed in head-to-toe chrome with platinum blonde hair.
While the majority of her fans were undoubtedly star-struck, some accused Beyonce of lightening her skin and “wanting to be white,” according to Tina, who wrote a lengthy Instagram post defending her daughter against the vitriol.
“I am sick and tired of people attacking her. Every time she does something that she works her ass of for and is a statement of her work ethic , talent and resilience. Here you sad little haters come out the woodwork. Jealousy and racism , sexism , double standards , you perpetrate those things.”
The Main Event: “Rennaissance” will hit AMC Entertainment Holdings, Inc AMC, Cinemark Holdings CNK and IMAX Corp IMAX theatres Friday and is estimated to gross about $40 million worldwide this week.
Throughout the public premier, Beyonce will undoubtedly want the focus to remain on her music and not on her critics, which her mom admitted to on Instagram, stating that her daughter will be “pissed at her for doing this.”
Beyonce’s focus makes sense. 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. SPOT and PRS for Music chief economist Will Page.
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 it believes “will be resilient in an economic downturn.”
Want To Invest In The Music Industry? The MUSQ Global Music Industry ETF MUSQ aims to invest in various parts of the global music business that people find most attractive. With focused exposure to the entire music ecosystem, this includes streaming, content and distribution, live music events and ticketing, satellite and broadcast radio, equipment and technology and artificial intelligence –everything music.
MUSQ’s top five holdings also provide diversification to investors, with each of the companies involved in music and various other sectors. The top five holdings within the fund are Amazon.com, Inc AMZN )) weighted at 7.66%, Apple, Inc AAPL, weighted at 7.18%, Alphabet, Inc GOOGL, weighted at 6.52%, Sony Group Corporation SONY, weighted at 3.46% and Spotify, weighted at 2.64%.
While the ETF’s fundamentals may make MUSQ a sound investment for music lovers, from a technical analysis perspective, the fund is settling into a possible bull flag pattern on the daily chart, with a suggested upward move of about 5% on the daily chart.
The MUSQ Chart: MUSQ’s possible bull flag pattern was formed between Nov. 13 and Thursday, with the upward-sloping pole created between Nov. 13 and Nov. 24 and the flag forming since. Bullish traders want to see the ETF break up from the upper descending trend line of the flag on higher-than-average volume, which would indicate the pattern was recognized.
- Bearish traders want to see MUSQ close a trading session under the eight-day exponential moving average (EMA), which would negate the bull flag although the uptrend the ETF is trading in won’t be negated unless the fund closes under the Nov. 21 low of $23.96.
- On Thursday, MUSQ was sliding slightly on lower-than-average volume, which indicates the bears aren’t in control. Momentum into the ETF has been increasing, with MUSQ’s relative strength index making a series of higher highs and higher lows.
- MUSQ has resistance above at $24.34 and at $25.21 and support below at $23.30 and at $22.65.
