Vivendi down in Paris weighed down by Universal's collapse in Amsterdam
The label discounts the slowdown in streaming revenues which, according to Citi analysts, 'undermines' the defensive credentials of Umg shares
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(Il Sole 24 Ore Radiocor) - A morning to forget forVivendi on the Paris Stock Exchange, as it awaits the publication of its quarterly accounts with the market closed, buoyed by the collapse of Universal Music Group in Amsterdam. Vivendi, formerly the parent company of Umg, distributed 60 per cent of the record label's capital to its shareholders at the time of the listing, retaining a 10 per cent stake. On the eve of the listing, Umg, which represents artists such as Taylor Swift, Bts and Drake, announced better-than-expected second-quarter results, but reported a slowdown in the subscription and streaming segments. A trend that, according to Citi analysts, 'undermines' the 'defensive' credentials of Umg shares.
Universal reported thatsubscription revenues grew 6.9% in the second quarter compared to the market's expected +11%. Streaming revenues, on the other hand, declined due to 'a slowdown in the growth of key partner platforms as well as failures on the part of other platforms regarding the timing of agreement renewals'. Umg has long been pushing for platforms to adequately compensate artists and has called for a new model for streaming royalties.
