Universal Music Sinks 30% as Streaming Revenue Declines
- The company’s shareholders include billionaire Bill Ackman
- Universal Music Group is the world’s biggest record label
Taylor Swift
Photographer: Aldara Zarraoa/Getty Images
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Universal Music Group NV’s shares fell as much as 30%, the biggest decline since the company’s initial public offering, after its subscription and streaming revenue growth disappointed investors.
The world’s biggest record label, which represents artists including Taylor Swift and Drake, said subscription revenue in recorded music grew 6.9% in constant currency terms in the second quarter, in a statement late on Wednesday. That missed average estimates for a growth of 11% in a Bloomberg survey of analysts.