The company's shares dropped on major shareholder Pershing Square’s plan to sell 50 million shares, capping off a rough week for most music stocks.
Universal Music Group and Warner Music Group shares gained following the former’s fourth-quarter earnings release on Thursday (March 6).
K-pop stocks fared well in a week when most stocks on the Billboard Global Music Index, which lost 2.3%, were down amid a rough period for markets overall.
The 20-company Billboard Global Music Index dropped 2.9% despite bright spots like Cloud Music, which saw shares rise 20% following strong full-year earnings results.
Also, Live Nation shares gained 3.7% and reached an all-time high ahead of next week’s fourth-quarter earnings results.
Led by Spotify’s 13.6% increase, the Billboard Global Music Index improved 7.7% to a record 2,635.41.
The Billboard Global Music Index rose 3.5% to a record 2,303.31 as 12 of its 20 stocks finished the week in positive territory.
The 20-company Billboard Global Music Index jumped 4.7% to 2,226.11 as 16 stocks posted gains compared to just four losses.
The 20-company Billboard Global Music Index dropped 1.4% to 2,126.33, its fourth decline in the last five weeks.
Universal Music Group and Warner Music Group were among the week's few winners as the 20-company Billboard Global Music Index dropped 0.6% to 2,155.51.
