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Shares of SiriusXM gained 20.1% this week following the company’s third-quarter earnings on Tuesday (Oct. 31) that showed the satellite radio company, which also owns music streamer Pandora, was more profitable despite flat revenue and small losses of self-pay satellite and Pandora subscribers.

Shares of SiriusXM rose to $4.95, its highest closing price since Aug. 3. With the help of a 155,000 increase in promotional subscribers, the company’s total satellite radio subscribers were flat at 34 million. Revenue was unchanged from a year ago at $2.27 billion, but SiriusXM’s net profit grew nearly 50% to $363 million.

Investors will be watching intently next Wednesday (Nov. 8) when SiriusXM unveils a new streaming app as well as in-car innovations and new programming. “This leading content and upcoming product upgrade will be paired with our unmatched business model, which we expect to continue delivering significant and growing free cash flow in the years ahead,” said CEO Jennifer Witz during Tuesday’s earnings call. 

The 20-stock Billboard Global Music Index gained 6.9% to 1,394.40, its best week-on-week performance since the index gained 7% in the week ended Nov. 25, 2022. Last week, the index almost fell into correction territory — a 10% decline from its recent high — but this week’s gains reduced the deficit to the high of 1,447.32 (week ended July 21) to 3.7%.

Eighteen of the index’s 20 stocks finished the week in positive territory. Of the two stocks to decline this week, Hipgnosis Songs Fund dropped only 0.8% while Abu Dhabi-based Anghami fell 15.9%. 

Led by SiriusXM, the index’s three radio stocks had an average weekly gain of 13.3%. iHeartRadio, the largest radio company in the United States, gained 16.8% to $2.50. The company will report quarterly earnings on Tuesday (Nov. 9). Cumulus Media shares improved 2.9% to $4.91. Additionally, the index’s four live music companies gained an average of 8%, while record labels and publishers as well as streaming companies had average one-week gains of 3.8%. 

Round Hill Music Royalty Fund was removed from the index this week after the completion of its $468 million acquisition by Concord. At the acquisition price of $1.15 per share, the London-listed Round Hill Music Royalty Fund gave investors a 47.4% year-to-date return. 

Stocks everywhere enjoyed a strong week as the U.S. Federal Reserve left interest rates unchanged on Wednesday, leading investors to predict the central bank would forgo further rate hikes. In the United States, the Nasdaq composite rose 5.9% and the S&P 500 gained 5.2%. In the United Kingdom, the FTSE 100 rose 1.7%. South Korea’s KOSPI composite index gained 2.8%. 

Live Nation shares rose 10.9% after the company’s third-quarter results on Thursday showed that the company hit all-time records in revenue and adjusted operating income (AOI). Total revenue reached $8.2 billion, up 32% year over year, and AOI rose 35% to $836 million. Ticketmaster revenue grew 57% to $833 million in the third quarter. Through mid-October, Ticketmaster sold 140 million tickets to Live Nation events — more than the 121 million sold in full-year 2022. 

Even though consumers are feeling pinched by inflation, demand continues to be strong across venue sizes and geographies, according to president/CEO Michael Rapino. “I have weekly booking calls with the over 40 presidents around the world and we talk about from clubs up to stadiums and festivals,” Rapino said during Thursday’s earnings call. “We have not seen anything taper off in any sense.”

Other stocks surpassing a 10% gain were Chinese music streamer Cloud Music, which gained 12.7% to 96.35 HKD ($12.31), and New York-based Reservoir Media, which gained 12.1% to $5.95. Reservoir Media will release its latest quarterly results on Tuesday (Nov. 7).