Spotify Increases Music Industry Market Cap Market Share In Omdia's Third Quarter Music Industry Share Review


(MENAFN- PR Newswire) LONDON, Oct. 2, 2024 /PRNewswire/ --
According to new analysis from Omdia , Spotify has increased its market share of the leading music companies' combined market capitalization in the third quarter of this year.

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Spotify Increases Music <a target="_blank" href="https://menafn.com/MenaGoogleSearch.aspx?cx=partner-pub-1786942026589567%3Asao396-3ere&cof=FORID%3A10&ie=ISO-8859-1&q=industry&sa=Search#1141" class ="search_links_in_body">industry</a> Market Cap Market Share In Omdia

Market cap by share leading music companies end Sept 2024

After overtaking Universal Music Group (UMG) to become the biggest music industry company in the second quarter, Omdia's Music Industry Sharewatch, 3Q24 has revealed that Spotify's market share of the 28 companies tracked ended September at 32.9%, up from 28.7% at the end of June. Spotify's market cap over the three-month period increased, to $72.2bn from $62.5bn. UMG remained in second place, but the company's market share was down, to 21.8% from 24.7%.

In a strong quarter for live music promoters, Live Nation took third spot in the rankings. It's market cap ended the quarter at $25.4bn compared with $21.7bn at the end of June, boosting the company's market share to 11.6% from 10%. Chinese music streaming service Tencent Music Entertainment slipped to fourth place with a market share of 8.7%. Rounding out the top five, WMG's market cap share edged up, to 7.4% from 7.3%.

In a good quarter for music overall, 15 of the 28 tracked companies registered an increase in their share prices over the quarter with 13 recording a negative performance. US broadcast group iHeartMedia was the top performer. Its share price opened on July 1 at $1.09 and closed on September 30 at $1.85. The company's market cap in the quarter increased, to $289m from $196m. At the other end of the scale, US music and entertainment service LiveOne suffered the biggest decline, with its share price dropping 38.4%, to $0.95 from $1.54.

The combined market cap of the 28 companies ended September at $219.6bn compared with $217.5bn at the start of July and $194.2bn at the beginning of the year. Of the total, US-listed companies accounted for 65.6% of the combined end-September market cap total, with Netherlands-listed companies generating 21.8%, and German-listed companies 4.6%. The market cap share for streaming services stood at 43.4%, with record companies/music publishers accounting for 35.4%.

"Spotify's performance in the third quarter is a continuation of the company's strong showing in quarters one and two," said Simon Dyson, Senior Principal Analyst at Omdia . "So far this year the share price has almost doubled. In contrast, UMG's share price has struggled to regain the losses following the release of the company's midyear results," Dyson added.

ABOUT OMDIA:

Omdia, part of Informa Tech , is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Fasiha Khan – [email protected]

SOURCE Omdia

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