Universal Music Group: Valuation Has Gotten Cheaper While Fundamentals Have Improved

Universal Music Group remains a buy as Streaming 2.0 agreements are materializing, positioning the company for renewed earnings growth. Core subscription revenue growth is robust, with over 8% growth for six consecutive quarters, even before Streaming 2.0 benefits fully materialize. The Downtown acquisition broadens UMGNF's growth story, expanding reach to over 5,000 business clients and 4 million creators, diversifying revenue streams.