The 20-company Billboard Global Music Index rose 4.2%, with more than two-thirds of companies in positive territory.
Streaming company LiveOne was the Billboard Global Music Index's greatest gainer after rising 13.1%.
Spotify shares' 4.5% improvement this week was the best of the 20 stocks in the Billboard Global Music Index.
The company's modest gains outperformed competitors and major indexes.
The Billboard Global Music Index is up 12.6% over the last two weeks and 14.6% in the five weeks since Oct. 28
Despite economic headwinds, reports from UMG, Spotify, Live Nation and more point to continued strength in the sector heading into 2023.
Inflation is still high historically, but encouraging news on the U.S. consumer price index rallied stocks on Thursday.
Shares for the streaming service fell 13% following Tuesday’s earnings report.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
Spotify accounted for 36% of Billboard's Global Music Index’s year-to-date value decrease.
