The market debut of Universal Music Group was a hit with investors Tuesday with optimism about the future of steaming music running high.聽
Shares jumped nearly 40 per cent to almost $26 per share in trading on the Euronext Amsterdam exchange.聽
Universal has a huge roster of stars including Taylor Swift, Billie Eilish, Lady Gaga, the Beatles and Bob Dylan. Universal has rights to that massive catalogue of hits and with the pandemic hitting the music industry hard, it has still thrived as music spreads to other platforms like Spotify, YouTube and TikTok.
Part of Universal鈥檚 business derives from the rights attached to its huge catalogue, and it also collects royalties for the artists it represents across social media platforms.
The studio was recently spun off by its parent company, Vivendi of France. Vivendi shareholders got a 60 per cent stake in the newly independent label. The conglomerate said it wanted to focus on other sectors of its business.聽
The Associated Press
