Universal Music Group’s IPO was a win for streaming
Universal Music Group’s highly anticipated IPO is off to a successful start, with stock rising 38% after the company was listed on Amsterdam’s Euronext exchange on Sept. 20. The company’s market valuation climbed to €45 billion ($52.8 billion), up from €33 billion ($38.8 billion) in August. The strong public debut signaled a win for the recorded music industry, which struggled to maintain revenues and profitability in the early 2000s as physical music sales plummeted and online piracy rose.
