Led by Spotify's 13.6% increase, the Billboard Global Music Index improved ... Chinese music streamer Cloud Music had the week’s second-best performance, rising 6.6% to 130.30 HKD ($16.73).

Add WMG, and the three majors have a combined market cap of $118.8 billion — just $9.5 billion more than Spotify’s market cap at the end of trading on Monday. Trending on Billboard This ...