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.
