Universal Music Group (UMG) and its investors are feeling a mix of emotions regarding Spotify's rapid growth in valuation in 2024. Just at the end of 2022, UMG—the world's largest owner of music rights—was valued at three times that of Spotify.
However, this summer, Spotify has emerged as the "king" of the music business, surpassing UMG in market valuation. With a market cap of $92 billion, Spotify is now worth roughly twice as much as Universal.
Currently, UMG's market value stands at €41.73 billion, which translates to approximately $44.1 billion at current exchange rates.
