The Billboard Global Music Index fell 1.9% this week as 15 of its 21 stocks were in negative territory.
The radio company's shares haven't closed above $1 per share since July 2022.
The third-largest label marked the second straight quarter of lackluster results for its recorded music division, with revenue roughly flat over the year-ago period.
The stock climbed 15% on Friday as the company beat consensus with over $3 billion in revenue and forecast a strong year ahead.
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.
After the SPAC market collapsed, Alliance's merger with Adara Acquisition Corp. failed to draw the level of new funding the company had counted on.
SM Entertainment shares also rose on news that HYBE had acquired a 14.8% stake in the company.
The streaming giant's stock rose after beating expectations on two closely watched metrics: subscriber growth and gross margins.
