In 2022, the short-form video app had a net loss of $195.6 million on revenue of $47.7 million.
Artificial intelligence "will rapidly be available to elevate the quality of the music," said CEO Denis Ladegaillerie while delivering midyear earnings.
The CEO has offloaded 675,000 shares in the company, according to a new Securities & Exchange Commission filing.
On the Billboard Global Music Index — up 13% at the midyear — two South Korean companies also accounted for some of the biggest gains.
The publicly traded fund's gross revenue declined during the year ending in March based on one-time costs and a tough year-ago comparison.
Chief music officer, global head of sync, others leave as the music investment company explores selling some assets ahead of a shareholder confidence vote.
The closely watched Music In The Air report says there's been a 20%-decline in revenue earned per audio stream in the last five years.
The 48-company ETF includes major labels, music streaming platforms, concert promoters and instrument and tech manufacturers.
The Billboard Global Music Index dropped 3.5% with 16 of its 21 stocks in negative territory.
The exchange-traded fund contains 50 stocks spanning music and entertainment, including Universal Music, Warner Music, Spotify and Disney.
