RUMOR MILL
Thursday, July 27, 2023
UMG STOCK SURGES
Universal Music Group stock rose 11% to €24.21 ($26.63) Thursday, one day after announcing strong results for the second quarter of 2023.
UMG, the first major music company to report quarterly earnings, pulled in more than $1.15b from subscriptions in the quarter, a 10.6% rise over the same period the year prior. Combined with the recent announcements of subscription price hikes at Spotify and YouTube, the speculation is that UMG will be among the prime beneficiaries of the increased prices.
Executives from Spotify and UMG cautioned in calls to stock analysts that the full impact of these increases will not be felt until the fourth quarter of the year.
CALL MY AGENT:
JOHN MARX His first concert was Buffalo Springfield at the Indio Date Fair. (9/17a)
 HITS' FIRST LIVE ISSUE TAKES THE STAGE THIS FALLWe're manning the merch table. (9/13a)
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The kids can tell the difference... for now.
ALL THE WAY LIVE
The players, the tours, the enormous beers.
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