Cumulus Media's share price rose 16% after Q2 earnings and is more than 2.5 times above the 52-week low of $2.57 from May 9.
Universal reported subscription revenues in its recorded music department rose 10.6% in the second quarter.
The 48-company ETF includes major labels, music streaming platforms, concert promoters and instrument and tech manufacturers.
The Billboard Global Music Index rose 1.3% overall as the U.S. Bureau of Labor Statistics reported that non-farm payroll employment rose by 339,000 in May.
Spotify accounted for 36% of Billboard's Global Music Index’s year-to-date value decrease.