The Billboard Global Music Index fell 3.1% to 1,313.44, lowering its year-to-date gain to 12.5%.
The company sharply cut its expected retroactive royalty payments. Competitors are confident they won’t follow suit.
The London-listed trust founded by Merck Mercuriadis withdraws its October payment to investors because of lower estimates on income from the Copyright Royalty Board's Phonorecords III decision
The Billboard Global Music Index dropped 1.5% to 1,355.65 this week, bringing its year-to-date gain to 16.1%.
English-language hits used to dominate. In the current streaming era, they're being replaced by artists performing in local languages.
The performance rights organization said its new-model goal is to distribute 85% of the licensing revenue it collects to songwriters and publishers.
The company joins a technology giant that owns Square, Cash App and music streaming platform Tidal.
That includes 29 catalogs worth $440 million that the London-listed fund's board has agreed to sell to the Blackstone-backed Hipgnosis Songs Capital.
The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
Publishing accounted for 62% of BMG's overall take, driven by classic hits and songs by new artists like Lewis Capaldi.
