The Chinese streaming company gained 11.6% as the 20-company Billboard Global Music Index rose 3.0% to 2,533.53.
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.
The sale on the Euronext Amsterdam exchange is separate from Pershing Square’s plan to force a listing on a U.S. exchange.
Universal Music Group and Warner Music Group shares gained following the former’s fourth-quarter earnings release on Thursday (March 6).
iHeartMedia shares had slipped nearly 28% since the company announced its fourth-quarter earnings on Feb. 27.
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.
Universal Music Group and Warner Music Group, the largest and third-largest major music groups, have a combined market cap less than two-thirds of Spotify's.
