(hypebot) — Spotify is worth more than UMG. The streamer is set to surpass Universal Music Group as the music industry’s largest company by market cap in the second quarter of 2024.
According to Omdia’s music industry stock research, Spotify’s market cap in Q2 2024 is expected to be $62.5 billion. hmm‘s $53.7B. Spotify’s market cap increased 18.2% from $52.8bn at the end of Q1, while UMG’s market cap decreased 1.5% from $54.5bn.
“Spotify’s Impressive Q2 Performance “The success of the first quarter of this year continues,” he said. Simon Dyson, Omdia’s senior principal analyst. “The stock is up about 70% so far this year and has doubled since October last year,” Dyson added.
China’s Tencent Music Entertainment (TME) ranked third, with its market cap surging 26.3% to $24.1 billion from $19.1 billion.
Spotify’s share of the combined market cap of the 28 publicly traded music companies tracked by Omdia rose from 24.9% to 28.7%. UMG’s share fell from 25.7% to 24.7%, and TME’s share rose from 9% to 11.1%.
The 28 companies had a market capitalization of $217.5 billion in Q2 2024, compared to $212.4 billion at the beginning of April and $194.2 billion at the beginning of the year. U.S.-listed companies accounted for 63.3% of market capitalization at the end of June, while Dutch-listed companies accounted for 24.7% and South Korean companies accounted for 4.3%.
Streaming services have a 41.2% market share, while record labels/music publishers have 38.8%.
Bruce Horton He is the founder and editor of . hypebotSenior Advisor Band in townpresident Skyline Artist Agencyand Berklee College of Music professor.
