Universal Music Group’s stock plunged 24%, erasing more than $16 billion in market value after it revealed its revenue growth fell below expectations.
Universal Music Group ’s stock plunged 24% on Thursday, erasing more than $16 billion in market value after it revealed its revenue growth from subscription and streaming services fell below expectations.The music group’s revenue rose 9.6% year-over-year in constant currency, bringing in 2.93 billion euros. This came in above analysts’ estimates of 2.89 billion euros, according to Visible Alpha.Music subscription revenue grew 6.
Meanwhile, streaming revenue dropped 3.9%, which Universal attributed to its other streaming partners’ new subscription numbers falling. This decline is likely due to streaming platforms coming down from a pandemic boom.Amazon bleeding billions of dollars from money-losing Alexa speakers: reportIn addition to the post-pandemic normalization, Universal has faced licensing issues with a few major platforms. Universal physical revenue jumped 14.
‘Happy’ Jennifer Lopez celebrates 55th birthday at low-key East Hampton dinner with friends — but no Ben Affleck
Music Billie Eilish Spotify Taylor Swift Universal Music Group
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Universal Music Group Revenue Up Nearly 9% on Taylor Swift Sales, Publishing and Merchandise GainsUniversal Music earnings in Q2 2024 show revenue was up on Taylor Swift, merch sales and gains in publishing despite a drop in streaming revenue.
Read more »
Tarmo Peltokoski, 24-year-old Finnish conductor, to become Hong Kong Philharmonic music directorTarmo Peltokoski has been hired to succeed Jaap van Zweden as music director of the Hong Kong Philharmonic. The philharmonic says the 24-year-old will start a five-year term in the 2026-27 season after serving as music director designate in 2025-26.
Read more »
Fuji Rock Festival ’24 to Livestream Sets Via Prime Video & Amazon Music Channels on TwitchFuji Rock Festival '24 to livestream sets on Prime Video and Amazon Music channels on Twitch.
Read more »
Executive Turntable: Universal Nordics President Named; Audacy OG Elevated; A&R Moves at Spirit, Capitol Christian, WarnerUniversal Music, Audacy, Warner and Spirit lead music executive job news this week, along with ACM, Capitol Christian Music Group, Wasserman and more.
Read more »
Danny Elfman Composing New Music for Universal Orlando's Dark Universe Theme ParkThe 'Beetlejuice Beetlejuice' composer will score the Universal Monsters-themed land at Universal Epic Universe.
Read more »
Executive Turntable: BMG Boss Boarded By Bertelsmann; Moves at Universal Music UK, Merlin, BelieveBertelsmann, Universal Music UK, Merlin and Believe lead music executive job news this week, along with OTM Music, Black River Entertainment and more.
Read more »