(Hypebot) — Spotify is extra worthwhile than UMG. The streamer overtook Common Music Group to change into the largest firm within the music trade primarily based on its market capitalization in Q2 2024.
In line with Omdia’s Music Business Sharewatch, 2Q24, Spotify’s market cap is $62.5B in contrast with UMG‘s $53.7B. Spotify’s market cap elevated 18.2% from $52.8bn on the finish of the primary quarter, whereas UMG’s edged down 1.5% from $54.5bn.
“Spotify’s spectacular second quarter efficiency is a continuation of its success from the primary quarter of this yr,” stated Simon Dyson, Senior Principal Analyst at Omdia. “The share value has risen nearly 70% up to now this yr and has doubled since final October,” Dyson added.
China’s Tencent Music Leisure (TME) ranks third after its market cap surged 26.3% to $24.1B from $19.1N.
Spotify’s share of the mixed market cap of the 28 publicly listed music firms tracked by Omdia rose to twenty-eight.7% from 24.9%. UMG’s share decreased to 24.7% from 25.7%, whereas TME’s share was as much as 11.1% from 9%.
The mixed market cap of the 28 firms Q2 2024 at $217.5B in contrast with $212.4B firstly of April and $194.2bn at first of the yr. US-listed firms accounted for 63.3% of the mixed end-June market cap whole, with Netherlands-listed firms producing 24.7%, and South Korean firms 4.3%.
The market share for streaming companies is 41.2%, with document firms/music publishers accounting for 38.8%.
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Company, and a Berklee Faculty Of Music professor.