Universal Music Group loses $16B in market value, plunging 24% after weak streaming reveal

Universal Music Group stock fell 24%, losing $16 billion market value post-revealing below-expectation revenue growth from streaming. The physical revenue, however, surged due to vinyl and CD revivals.

Streaming platforms saw a rise in new subscribers post-pandemic, despite studies indicating reduced audio consumption during pandemic. Universal faced licensing issues with Meta and TikTok, impacting revenue.

Read at New York Post