The Billboard Global Music Index fell 1.9% this week as 15 of its 21 stocks were in negative territory.
MSG Entertainment shares were up more than 19% this week, while CTS Eventim and Live Nation were also among the best-performing stocks.
The radio company's shares were boosted by an announcement of a $10 million share repurchase.
The company's Big Hit Music imprint scored a No. 1 entry on the Billboard Hot 100 with the BTS member's solo single "Like Crazy."
The 20-company Billboard Global Music Index rose 4.2%, with more than two-thirds of companies in positive territory.
Streaming company LiveOne was the Billboard Global Music Index's greatest gainer after rising 13.1%.
Spotify shares' 4.5% improvement this week was the best of the 20 stocks in the Billboard Global Music Index.
The company's modest gains outperformed competitors and major indexes.
The Billboard Global Music Index is up 12.6% over the last two weeks and 14.6% in the five weeks since Oct. 28
Despite economic headwinds, reports from UMG, Spotify, Live Nation and more point to continued strength in the sector heading into 2023.
