The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
With just two of its 21 stocks in positive territory, the Billboard Global Music Index fell 3%.
For the first time since its 2016 founding, music contributed more revenue than social entertainment at TME.
The executive, who helped lead the company to a successful IPO on the New York Stock Exchange, will depart from his role on August 31.
TME says growth in subscriptions failed to offset a nearly 20% decline in its social entertainment services business.
TME’s chart combines listening data with votes from over 250 Chinese music professionals to ensure accuracy and fairness in the rankings.
Online music subscribers rose by 20% and related revenues rose by nearly 19%, helping to offset a significant decline in social entertainment services revenue.
