Universal Music Group's shares surged at the start of trading on Tuesday, as owner Vivendi spun off the record label in the biggest European listing of the year.
The business behind singers such as Lady Gaga and Taylor Swift is betting that a boom in streaming that has fuelled revenues and profits still has a long way to run, in an industry it dominates along with WarnerUniversal, whose other hit singers include Justin Bieber and Taylor Swift, hopes to build on deals with ad-supported sites such as TikTok and YouTube as well as streaming services such as Spotify.
Part of its business derives from the rights attached to its hefty catalog, and it also collects royalties for the artists it represents across social media platforms and in far-flung places. The COVID-19 pandemic hit live concerts and Universal's merchandising business, but ad-supported revenues have picked up after a blip.
Its flotation carries high stakes for Canal+ owner Vivendi, which hopes in the longer run to rid itself of a conglomerate discount which it believes has weighed on its shares.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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