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.
#universal-music-group #stock-market #streaming-services #pandemic-impact #licensing-issues #revenue-growth
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