Roundup by Asset Allocator Journal Staff
Universal Music Group (UMG), the world’s largest music company and home to artists like Taylor Swift, Lady Gaga, and Billie Eilish, has filed for a secondary listing on a U.S. stock exchange, according to Barron’s (July 25, 2025). The Dutch-based conglomerate, already listed on Euronext Amsterdam since 2021, aims to broaden its investor base by gaining exposure on Wall Street.
Analysts told Barrons the move is unlikely to impact day-to-day operations but could significantly improve investor access and valuation. “The best company in this industry has closed itself off to some investors in the U.S.,” said Matthew Dolgin, a Morningstar equity analyst. U.S. listing will enhance visibility and ownership potential among American investors, particularly given that 52% of UMG’s recorded music revenue comes from North America. Since announcing the listing, UMG shares have risen 3.2%, bringing year-to-date gains to around 13%.
UMG commands a dominant 34% share of the global recorded music market, and NYU professor Larry Miller told Barron’s the new listing could raise the company’s valuation by nearly 10%—pushing its worth from roughly €50 billion to €55 billion (about $58.6 billion to $68 billion).
The U.S. IPO aligns with UMG’s broader “Streaming 2.0” strategy, unveiled in January in partnership with Spotify. According to Barron’s, this growth plan focuses on acquiring independent labels in high-growth regions, purchasing song catalogs, and pushing for higher subscription pricing. Song catalogs are a key asset class—accounting for 66% of UMG’s recorded music revenue in 2024—while streaming now generates over 60% of total sales.
Yet, Barron’s notes that growth in streaming subscriptions is slowing. Spotify premium subscriber growth fell to 12% year-over-year in Q1 2025, down from 14% a year earlier. As markets like the U.S. and U.K. mature, firms like UMG are looking to Latin America and Asia Pacific for new expansion—regions that offer growth but come with lower average revenue per user and less Western catalog control.
The capital unlocked from a U.S. listing could accelerate UMG’s expansion into these international markets, as well as fund further catalog acquisitions. The shift from risky artist development toward more stable rights ownership is emblematic of a larger trend in the industry. “They’re artist-first, but they’re also music-rights first,” Berklee’s Chris Wares told Barron’s, adding that greater investor influence could amplify this tilt.
This strategic pivot echoes broader investor enthusiasm for music rights, which intensified during the pandemic as streaming revenue proved resilient. As catalog assets become increasingly viewed as predictable and monetizable, especially in sync licensing and digital platforms, institutional investors have flocked to the space. According to a 2024 Goldman Sachs “Music in the Air” report, the global recorded music market is projected to grow at a compound annual rate of 7% through 2030—driven by streaming, emerging markets, and catalog monetization (source: Goldman Sachs).
UMG’s U.S. IPO could mark a new phase for the company, one where capital markets play a central role in driving strategy—not just signing talent, but owning the past. As Barron’s outlines, this listing could offer investors a more accessible stake in the music industry’s most powerful rights holder.
