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.
With physical sales down 2%, streaming grew its total recorded music revenue share to 69% on the quarter.
Recorded music revenue rose nearly 8%, thanks to a strong slate of releases led by Ed Sheeran, Linkin Park and Melanie Martinez.
In 2022, the short-form video app had a net loss of $195.6 million on revenue of $47.7 million.
Artificial intelligence "will rapidly be available to elevate the quality of the music," said CEO Denis Ladegaillerie while delivering midyear earnings.
The CEO has offloaded 675,000 shares in the company, according to a new Securities & Exchange Commission filing.
On the Billboard Global Music Index — up 13% at the midyear — two South Korean companies also accounted for some of the biggest gains.
The publicly traded fund's gross revenue declined during the year ending in March based on one-time costs and a tough year-ago comparison.
Chief music officer, global head of sync, others leave as the music investment company explores selling some assets ahead of a shareholder confidence vote.
