Taylor Swift showed up to Saturday’s Chiefs-Texans game in a red, faux fur coat, looking how Penny Lane might’ve if she’d had a cozy Red era. The pop star was photographed on Dec. 21 arriving at Arrowhead Stadium, where boyfriend Travis Kelce’s team, the Kansas City Chiefs, were playing the Houston Texans.

A rich, red version of a Penny Lane coat — an outwear style related to the fictionalized Penny Lane from Cameron Crowe’s 2000 film Almost Famous — would be a statement piece anywhere it’s worn, yet it fits right in with the color code for Chiefs supporters, and for this week’s holiday festivities.

Swift accessorized the long jacket that’s lined with faux fur (a Charlotte Simone design) with a wintry black bucket hat, argyle-patterned tights (likely Sheertex), suede knee-high boots (identified as Manolo Blahnik) and a red purse (identified as Tod’s).

Saturday’s Chiefs game is the first one Swift’ss been spotted at since the end of her historic Eras Tour, which wrapped on Dec. 8 — grossing over $2 billion and selling more than 10 million tickets. She was last photographed supporting the Kansas City, Mo., team with Kelce’s mom, Donna, on Black Friday (Nov. 29), the same day she released her Eras Tour Book and The Tortured Poets Department: The Anthology on vinyl for the first time, through Target.

The Tortured Poets Department returned to No. 1 on the Billboard 200 albums chart following the deluxe vinyl release, and remains there currently. Heading into the Christmas week, it reached its a 17th nonconsecutive week at No. 1.

See Swift’s full outfit at the Dec. 21 Chiefs game below.

“Yesterday, somebody whacked out my mural/That energy’ll make you n—as move to Europe,” were the first bars we heard from Kendrick on the intro track from his latest album GNX right after mariachi singer Deyra Barrera set the table with her beautiful voice in an effort for Lamar to showcase the full range of Southern California’s street culture.

The mural the Compton rapper was referring to was painted on the side of Tam’s Burgers — the burger joint featured in his “Not Like Us” video — and was painted by artist Mike Norice. According to Norice on his Instagram, he recorded a video of the defaced mural and said it happened after a Dodgers game.

However, he also could’ve been talking about another mural painted by artists Sloe Motion and Gustavo Zermeño Jr. earlier this summer on the back of a Honduran restaurant Mi Sabor on Rosecrans in Compton that’s now been defaced multiple times. Sloe Motion reposted a XXL IG post about the mural and commented on the post, writing, “I was one of the artist who painted the mural and the guy who blacked out the Kendrick face literally just made it worse.”

Back in November, they shared an IG Reel featuring security footage of a vandal defacing the mural and referred to the song “wacced out murals” along with a caption that read:

“A couple months ago our Kendrick mural got hit. Of course we were pissed and wanted to fix it but it just kept getting worse. Flash forward to today and Kendrick drops a song about the situation. It doesn’t necessarily make it ok but it does feel good to have our hard work for the community immortalized in a song by one of the greatest to ever do it. Thank you @kendricklamar for making this situation a little better today.” 

The aforementioned Barrera, spoke to Billboard about her involvement in Lamar’s surprise album and talked about being invited by Norice to be featured on an upcoming episode of his YouTube series Art & Soul centered around the mural

“The artist who made that painting spoke to me. His name is Mike Norice,” she told deputy editor of Billboard Español Sigal Ratner-Arias in quotes that didn’t make the interview. “I don’t know if you know a little bit about what happened when he did that painting, that it was scratched, vandalized, from Kendrick’s previous album, and because of that  Kendrick made the song ‘Wacced Out Murals,’ the first song of the album where I appear.”

Adding, “Then the artist invited me to be there. It was something very nice, because somehow we connected and we have that in common. There’s a documentary coming out of the artist who made that painting, so soon it’s going to come out. Very cool to be there, because we both, in some way, have that in common with Kendrick.”

In a miserable week for stock markets worldwide, Spotify continued to fall from its all-time high, K-pop stocks sank and one of the smallest companies on the Billboard Global Music Index posted a double-digit gain.

LiveOne was the week’s biggest gainer as the music streaming company’s shares rose 19.6% to $1.22 after it announced on Wednesday (Dec. 18) that its partnership with Tesla surpassed 350,000 subscribers. On Friday (Dec. 20), the company also said it has regained compliance with the Nasdaq exchange’s minimum bid price requirement.

Only two other music stocks posted gains this week. Sphere Entertainment Co. rose 2.5% to $38.74, bringing its year-to-date gain to 14.0%. Sphere Entertainment shares have lost 12.1% since the company announced its fiscal first-quarter results on Nov. 12. Reservoir Media also improved 2.3% on the week after jumping 4.8% to $9.26 on Friday.

The Billboard Global Music Index (BGMI) fell 3.3% to 2,168.69, lowering its year-to-date gain to 41.4%. Just three of the index’s 20 stocks finished the week in positive territory. After increasing each week from late October to early December, the BGMI lost 4.9% over two consecutive weekly losses. The latest 3.3% weekly decline is only the fourth time in 2024 that the index has dropped more than 3% in a calendar week.

Stocks’ bad week extended beyond music companies. In the United States, the Nasdaq composite dropped 1.8% to 19,572.60 and the S&P 500 declined 2.0% to 5,930.85. In the United Kingdom, the FTSE 100 was down 2.6% to 8,084.61. South Korea’s KOSPI composite index fell 3.6% to 2,404.15. China’s Shanghai Composite Index dipped 0.7% to 3,368.07.

Among other music companies, Live Nation had a modest decline of just 2%, dropping to $133.17 despite more analysts increasing their price targets on the stock this week. Morgan Stanley raised its price target to $150 from $140 and Benchmark increased it to $160 from $144 and maintained its “buy” rating.

Spotify, the index’s most valuable company, fell for the second consecutive week. After closing above $500 on December 4, Spotify shares dropped 8.3% and closed at $460.88 on Friday, down 4.8% for the week. Overall, streaming had more losers than winners this week. Cloud Music fell 7.9% to 116.60 HKD ($14.99), marking the second-largest decline of the week. SPDB International began coverage of Cloud Music this week at a 145 HKD ($18.64) price target and “buy” rating. Elsewhere, Anghami fell 3.7% to $0.79.

Four K-pop stocks declined an average of 5.1% this week, reflecting the ongoing political uncertainty in the South Korean market. SM Entertainment was down 6.3%, JYP Entertainment fell 5.8%, HYBE dropped 4.3% and YG Entertainment sank 3.9%. Year-to-date, the four South Korean companies are down an average of 18.3%, a far deeper deficit than Universal Music Group (down 5.6% YTD) or Warner Music Group (down 12.9% YTD).

iHeartMedia, the week’s biggest loser, dropped 17.5% to $1.89. The radio company’s stock was trading at $1.00 on July 21 and rose to $2.61 on Dec. 6. In the last two weeks, however, its shares have slipped 27.6%.

Several more players in the independent music community have called on regulators to block the acquisition of Downtown Music Holdings by Universal Music Group (UMG) announced this week, arguing the deal “would seriously distort the global music market” and “reduce competition and the independents’ bargaining power.”

Virgin Music Group, which is owned by UMG, announced Monday (Dec. 16) that it had agreed to buy Downtown Music Holdings for $775 million in a deal that would beef up the music giant’s market share by absorbing Downtown’s stable of indie distributors, publishing and rights administrators including FUGA, CB Baby, AdRev and Songtrust. The deal came just two months after UMG acquired the remaining shares of indie label group [PIAS], including its services division, Integral — an agreement that was similarly criticized by indie trade groups, who have asked regulators to launch an investigation into the pact.

In a joint release Thursday (Dec. 19), several indie music leaders said the deal, if allowed to go through, would result “in fewer options for smaller companies to negotiate fair terms and compete on equal footing, leading to higher costs and less choice.”

“We are the global independent music community,” said Noemí Planas, CEO of Worldwide Independent Network (WIN), in a statement. “UMG trying to present this as an investment in the independent ecosystem is fooling no one. This is wealth extraction from the independents, another step in UMG’s relentless path to dominance and stifling competition. Independent music is the lifeblood of cultural innovation and market consolidation threatens the diversity that makes music so rich and compelling around the world. We call on regulatory bodies to block the deal.”

Also speaking out against the acquisition was A2IM CEO Richard James Burgess, who stated: “Universal Music Group’s acquisition of Downtown Music’s assets continues a troubling trend of consolidating independent music infrastructure, following acquisitions of InGrooves, MTheory, and PIAS. This increasing level of market concentration chips away at the competitive landscape, making it increasingly difficult for truly independent artists and companies to operate freely and equitably. These acquisitions risk silencing the independent voices that drive innovation and creativity in the music industry.”

Added Darius Van Arman, CEO of Secretly Distribution and co-founder of Secretly Group, “When near-monopolist Universal acquires Downtown, one of the largest independent music ecosystems, and does so in the name of independence, it cheapens what the word means. Market consolidation at this scale is not only anti-competitive, it is a fundamental threat to true independence.”

Virgin’s purchase of Downtown is just the latest in a string of similar acquisitions by major labels over the last several years. In 2024 alone, UMG acquired Outdustry, a label services and rights management firm that works across China, India, and other Asian markets; Thailand-based recorded music catalog RS Group; Nigerian record label Mavin Global; and a minority stake in U.S.-based Chord Music Partners, among others. Two years ago, Sony Music made a splash when it acquired AWAL and Kobalt Neighbouring Rights from Kobalt Music Group, followed by the more recent acquisitions of companies like Spanish label and distributor Altafonte and Greek independent label Cobalt Music. And Warner Music Group has snapped up minority stakes in European indie labels of late, including Dancing Bear Music (Croatia), NIKA (Slovenia) and Mascom (Serbia); it also fully acquired the Dutch label Cloud 9 Recordings in October.

“Whilst we are in favour of free enterprise, monopolies dominate market forces and remove the ability to compete,” said Maria Amato, CEO of Australian Independent Record Labels Association (AIR), in a statement on the Downtown deal. “There must be regulation to ensure that Universal who is already the largest music business in the world with a large stake in Spotify does not dictate prices and the ability for artists and labels to negotiate fair and equitable terms.”

“The recent acquisition by large corporations of companies that until recently were independent is a red alert for the entire global independent music community,” added Felippe Llerena, president of Brazilian trade association ABMI. “The Orchard, AWAL, Som Livre, Proper Music, Altafonte and now Downtown Music are examples of how multinational capital is reshaping the sector. ABMI believes that it is our duty to protect and promote an independent ecosystem, where artists, labels and companies can create freely and sustainably. Our fight is for the appreciation of music as art, culture and expression, not as a simple market product.”

In her own statement, Cecilia Crespo, GM of the association of Argentinian record labels ASIAr, said: “Concentration not only has a negative impact in the way platforms distribute royalties to artists and rights holders (based on market share), but also due to the unregulated use of data and intelligence from the analysis of the data and the behavior of all actors involved (artists, audiences, and users).”

On Tuesday (Dec. 17), several other indie music players came out in opposition to the Downtown acquisition, including indie labels trade body IMPALA, the U.K.-based Association of Independent Music (AIM) and global indie music publishers trade body IMPF.

UMG didn’t immediately respond to Billboard‘s request for comment on the latest statements of opposition.