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.
After the SPAC market collapsed, Alliance's merger with Adara Acquisition Corp. failed to draw the level of new funding the company had counted on.
SM Entertainment shares also rose on news that HYBE had acquired a 14.8% stake in the company.
The streaming giant's stock rose after beating expectations on two closely watched metrics: subscriber growth and gross margins.
Andres Titus & William McLean claim UMG artists have been cheated out of royalties due to a "sweetheart" licensing deal the label struck with Spotify in 2008.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
