The Billboard Global Music Index declined 1.9% this week as only 4 of the 21 stocks were in positive territory.
With 15 of its 21 stocks in negative territory, the Billboard Global Music Index dropped 1.9%.
In 2022, the short-form video app had a net loss of $195.6 million on revenue of $47.7 million.
Cumulus Media's share price rose 16% after Q2 earnings and is more than 2.5 times above the 52-week low of $2.57 from May 9.
The CEO has offloaded 675,000 shares in the company, according to a new Securities & Exchange Commission filing.
The Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%.
Also on the Billboard Global Music Index, Spotify's stock stayed hot with a 9.6% gain, bringing its year-to-date increase to 117.9%.
On the Billboard Global Music Index — up 13% at the midyear — two South Korean companies also accounted for some of the biggest gains.
The company led all music stocks this week on the Billboard Global Music Index, which was up 1% despite 13 of 21 companies finishing in negative territory.
The Billboard Global Music Index dropped 3.5% with 16 of its 21 stocks in negative territory.
