The Billboard Global Music Index rose 3.1% to an all-time high of 2,794.37, surpassing the previous record of 2,755.53 set on Feb. 14.
The Chinese streaming platform says it bought $327 million worth of Universal's stock in mid-March, adding to a stake it had in UMG through a consortium of investors.
Warner Music Group shares fell 9.6% this week following the company's quarterly earnings release on Thursday (May 8).
Universal Music Group, Spotify, Live Nation and Deezer also posted gains following their quarterly earnings reports.
Cumulus Media shares fell 16% after the company announced it would be de-listed from the Nasdaq exchange.
The radio broadcaster's stock has closed under $1 per share since Nov. 1 and earned de-listing warnings in December and March.
Cloud Music shares rose 10.5%, leading the Billboard Global Music Index’s 3.6% increase this week.
The consortium that took Believe private in 2024 will bid 15.30 euros ($17.40) per share for the remaining 3.3% of outstanding shares.
While many music stocks rebounded after the U.S. Treasury paused tariffs for 90 days, only Live Nation has posted a gain over the last two chaotic weeks.
iHeartMedia, which was one of eight music stocks to drop more than 10%, fared the worst with a 26.8% decline.
