Market debut of Universal Music Group is a smash hit

FILE - In this Feb. 24, 2019 file photo, Lady Gaga arrives at the Oscars at the Dolby Theatre in Los Angeles. The market debut of Universal Music Group is a hit with investors optimistic about the future of steaming music. Shares jumped nearly 40% Tuesday, Sept. 21, 2021, to almost $26 per each in trading on the Euronext Amsterdam exchange. Universal has a huge roster of stars including Taylor Swift, Billie Eilish, Lady Gaga, the Beatles and Bob Dylan. (Photo by Jordan Strauss/Invision/AP, File)

FILE - In this Feb. 24, 2019 file photo, Lady Gaga arrives at the Oscars at the Dolby Theatre in Los Angeles. The market debut of Universal Music Group is a hit with investors optimistic about the future of steaming music. Shares jumped nearly 40% Tuesday, Sept. 21, 2021, to almost $26 per each in trading on the Euronext Amsterdam exchange. Universal has a huge roster of stars including Taylor Swift, Billie Eilish, Lady Gaga, the Beatles and Bob Dylan. (Photo by Jordan Strauss/Invision/AP, File)

By THE ASSOCIATED PRESS
 
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The market debut of Universal Music Group was a hit with investors Tuesday with optimism about the future of steaming music running high.

Shares jumped nearly 40% to almost $26 per share in trading on the Euronext Amsterdam exchange.

Universal has a huge roster of stars including Taylor Swift, Billie Eilish, Lady Gaga, the Beatles and Bob Dylan. Universal has rights to that massive catalog of hits and with the pandemic hitting the music industry hard, it has still thrived as music spreads to other platforms like Spotify, YouTube and TikTok.

Part of Universal’s business derives from the rights attached to its huge catalogue, and it also collects royalties for the artists it represents across social media platforms.

The studio was recently spun off by its parent company, Vivendi of France. Vivendi shareholders got a 60% stake in the newly independent label. The conglomerate said it wanted to focus on other sectors of its business.