Shares of worlds biggest music label, Universal Music Group, soar in market debut

Shares of worlds biggest music label, Universal Music Group soar high in market debut.

The music recording label which represents great musicians and song catalogues from Justin Bieber, Bob Dylan, Billie Eillish, The Rolling Stones and many other outstanding musicians saw its market value jump to almost $55 billion in Europe’s largest listing of the year.

Universal Chief Executive Officer who happens to be a French man, Lucian Grainge will get $150million. He gets $210million now that valuation hits more than $50billion

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The CEO told Reuters he believes this is the beginning of something very great and he is very optimistic greeter manifestations are underway.

“I believe that we’re only at the beginning of the next wave of growth as music subscription and ad-supported consumption is scaling globally and has long runaway ahead” he told Reuters.

Read more on Reuters

Source: Reuters

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