The Billboard Global Music Index gained 3.1% to 1,792.93, increasing its year-to-date gain to 16.9%
In an unprecedented scenario, Universal Music Group chairman/CEO Lucian and his ascendant son Elliot will control more than a third of the U.S. market — at competing companies.
Also this week: HYBE's games division raises $80M, Believe acquires a Turkish indie label and more.
Investors reacted to the company’s overall streaming revenue growth of just 4.1%, which was down from 11% a year earlier, and a sharp slowdown in subscription growth.
Though recorded music subscription revenue grew 6.5% in the quarter, ad-supported and "other" streaming revenue declined.
Subscription revenue continued to grow, but other streaming revenue — including ad-supported streaming — declined in the quarter.
Also this week: Country Music Hall of Fame and Museum elects Jody Williams as chair and OTM Music adds new heads of U.S. sync and A&R.
UMG, WMG and Sony are said to be considering a lawsuit against two of the most dominant AI startups in music, sources say.
The new structure is set to make sure the company's social and environmental goals are "positioned to meaningfully influence all aspects of our global strategy," Lucian Grainge said.
UMG has “substantially improved the total value we’ll derive from this relationship,” CFO Boyd Muir said. Some of that value is non-monetary.
