Also, Live Nation shares gained 3.7% and reached an all-time high ahead of next week’s fourth-quarter earnings results.
Led by Spotify’s 13.6% increase, the Billboard Global Music Index improved 7.7% to a record 2,635.41.
Spotify CEO Daniel Ek is currently “playing around” with an unreleased, secretive superfan product that should be a win for platforms, rights holders and subscribers.
"It’s a big step forward in our vision for greater alignment between rights holders and streaming services," says Warner Music chief Robert Kyncl.
The dominant streaming platform in Western music markets said 2024 was its first full year of profitability.
Universal Music Group and Warner Music Group, the largest and third-largest major music groups, have a combined market cap less than two-thirds of Spotify's.
UMG shares rose 11.2% this week and the Billboard Global Music Index rose 6.3% to a record 2,447.97, bringing its year-to-date gain to 15.2%.
Despite huge gains in industry revenues, individual creators feel they’re being cheated by streaming — a paradox that's proving difficult to solve.
Sources close to the UMG/Spotify deal say it offers better pay to UMPG and its songwriters, and it signals that Spotify might be ready to bury the hatchet with U.S. publishers overall.
The cover was released earlier today (January 29) as part of the Spotify Singles series The post
