Universal Music shares soar on stock market debut

Amid the streaming boom Universal - whose other hit singers and catalogues include Justin Bieber and The Beatles - hopes to build on deals with ad-supported sites such as TikTok and YouTube as well as streamers led by Spotify.

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 and performance fees whenever their songs are played. Its flotation carries high stakes for Vivendi, which hopes to rid itself of a conglomerate discount that it believes has weighed on its shares.

Universal has increased sales for six years in a row, with core earnings of $1.6 billion in 2020 on revenue of $8.71 billion. It has forecast revenue growth of at least 10 percent this year and in the high single digits after that.

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