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Universal Music Stock Takes Big Hit, As Streaming And Subscription Revenue Shrinks
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deadline.comUniversal Music Group’s stock dived 24% today, after it revealed its revenue growth from subscription and streaming services fell below expectations.
The plunge represents $16 billion in market value for the group, which is home to such big names as Taylor Swift, Drake, Adele, and Billie Eilish.
The decline is attributed to so-so results for its streaming and subscription businesses. The company’s second quarter subscription revenue slowed to 6.9% growth year-over- year, excluding foreign exchange (FX).
That’s down from 12.5% in the first quarter. Streaming revenue decreased 3.9% ex-FX in the second quarter, a significant reversal from the 10.3% growth it recorded in Q1.
Read more on deadline.com
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