Spotify shares' 4.5% improvement this week was the best of the 20 stocks in the Billboard Global Music Index.
In terms of both dollar and percentage increases, last year’s growth was the lowest since 2016.
The average number of paid subscriptions reached 92 million, helping buoy the industry to a seventh straight year of growth.
UMG also reported publishing revenues rose nearly 35% on the year.
The company now looks to tap a “robust pipeline” of music asset opportunities and add to its more than 100,000 copyrights.
Revenue grew 44% from pre-pandemic 2019 levels to $16.68 billion.
Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
In a short period of time, Jangwon Lee has helped Beyond Music grow to over 26,000 copyrights.
ValueAct's chief executive said Spotify is now "sorting out what was built to last and what was built for the bubble."
Revenues increased to $642.2 million ahead of the company's spin-off of its live entertainment business, which it expects to complete by the end of March.
