while its members pursue solo projects. Universal Music Group dropped 22.8% and shed $10.4 billion of market capitalization — the second-largest loss among the total group of 22 music companies.
Once high-flying music streaming companies have also since fallen to earth as investors prioritized value over growth. Spotify, the industry leader, shed $27.4 billion in market capitalization after its stock fell 59.9%; overall, the five publicly traded, stand-alone music streaming companies declined an average of 44.0%. Arab music streamer Anghami declined 54.5%, followed by Chinese companies Cloud Village and Tencent Music Entertainment, which fell 45.7% and 26.7%, respectively.
Four radio companies collectively had the worst six months among all 22 companies, losing an average of 48.9%. IHeartMedia and Audacy dropped 62.5% and 63.4%, respectively. Cumulus Media, which, and Townsquare Media fared better with declines of 31.3% and 38.6%, respectively.
Market cap is not a true reflection of intrinsic value though