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.
UMG shares rose 11.2% this week and the Billboard Global Music Index rose 6.3% to a record 2,447.97, bringing its year-to-date gain to 15.2%.
The Billboard Global Music Index rose 3.5% to a record 2,303.31 as 12 of its 20 stocks finished the week in positive territory.
The 20-company Billboard Global Music Index jumped 4.7% to 2,226.11 as 16 stocks posted gains compared to just four losses.
Pershing Square Holdings will sell some of its 10.25% stake in UMG for a listing on a U.S. exchange by September.
The 20-company Billboard Global Music Index dropped 1.4% to 2,126.33, its fourth decline in the last five weeks.
Universal Music Group and Warner Music Group were among the week's few winners as the 20-company Billboard Global Music Index dropped 0.6% to 2,155.51.
The 20-company Billboard Global Music Index fell 3.3% to 2,168.69, lowering its year-to-date gain to 41.4%.
