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Universal Music Group’s smash-hit IPO is another victory for streaming

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Universal Music Group, the world’s biggest music company, went public in Amsterdam on Tuesday. Shares of the record label—which represents artists like Lady Gaga, Taylor Swift, the Rolling Stones, and Drake—jumped by nearly 40% on their first day of trading. (They were down about 4% on Wednesday following the jump.) That was Europe’s largest IPO listing of 2021, giving Universal a market value of over $55 billion and perhaps anyone who wrote off the music industry as doomed something to ponder.

The top 10 bestselling artists from last year were all signed to Universal, so its........

© Fast Company

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