From Universal Music Group to Sphere Entertainment, a roundup of the most impressive and surprising stats from the latest round of music companies’ earnings.
Tencent Music becomes the second-largest shareholder in SME, after Kakao.
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.
The Chinese streaming company gained 11.6% as the 20-company Billboard Global Music Index rose 3.0% to 2,533.53.
The company also announced a $273 million dividend and a $1 billion share repurchase program.
Those quarterly dips overshadowed a 33% increase in quarterly profit driven by music subscription revenues rising by nearly 30%.
The company's 106.7 million paying subscribers contributed to a 39% jump in music subscriptions revenue.
"UMG will continue to work with TME to bring the very best in music to these passionate music consumers."
The company earned $624 million in online music revenue even as it saw steep declines in its social entertainment segment.
