Universal Music Group, Hipgnosis Songs Fund and other music stocks rose on Tuesday following news of Apple Music’s price hike, as investors bet it would trigger a wave of streaming subscription cost increases. This 10% price hike — Apple’s first — comes amid high inflation and a darkening economic environment in many global markets. If Apple can raise prices at a time like this, that is a sign the music industry can charge more without turning off consumers, Wall Street analysts said.
