Higher interest rates pulled valuations down while streaming and publishing growth pushed valuations higher, according to a report from Shot Tower Capital.
The Billboard Global Music Index declined 0.3% to 1,390.68, lowering its year-to-date gain to 19.1%.
"Merchants of garbage," live music spending, rosy outlooks and more.
The company's overall revenue grew 15% during its second fiscal quarter.
Total revenue hit $89.5 billion thanks to a big quarter for iPhones.
This marks Kobalt's return to managing investment for outside capital after selling its two Kobalt Capital funds in recent years.
The Billboard Global Music Index fell 3.1% to 1,313.44, lowering its year-to-date gain to 12.5%.
The company sharply cut its expected retroactive royalty payments. Competitors are confident they won’t follow suit.
The London-listed trust founded by Merck Mercuriadis withdraws its October payment to investors because of lower estimates on income from the Copyright Royalty Board's Phonorecords III decision
The Billboard Global Music Index dropped 1.5% to 1,355.65 this week, bringing its year-to-date gain to 16.1%.
