The Billboard Global Music Index rose 3.1% to an all-time high of 2,794.37, surpassing the previous record of 2,755.53 set on Feb. 14.
The Chinese music streaming company’s music subscription revenue soared as its social entertainment revenue sagged.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
Gains in subscribers and cost control measures helped gross profit margin almost double to 27.2%, the company said.
The Billboard Global Music Index declined 0.3% to 1,390.68, lowering its year-to-date gain to 19.1%.
The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
