on Monday , which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million.with Kakao Entertainment for distribution in China. Kakao has over 50 “star” artists and 70,000 tracks, according to a press release announcing the pact.
The 20-company Billboard Global Music Index rose 3.3% to a record 1,847.64, topping the previous high mark of 1,841.66 for the week ended April 5. While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. Most of the index’s most valuable companies posted gains this week: Spotify increased 2.8% to $302.84, Universal Music Group rose 2.6% to 28.
B. Riley resumed coverage of Reservoir Media on Thursday with a “buy” rating and an $11 price target. Reservoir shares rose 0.2% to $8.40 this week. The company will release first-quarter earnings on May 30.
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