Universal Music’s Scale, Balance Sheet, and Current Artists Will Keep It a Music Industry Titan

Universal Music should be a primary beneficiary of the ongoing growth we expect throughout the music industry. Universal is the largest of the major record companies and currently has an impressive roster of both older and more modern artists. We believe the record companies will remain integral to maximizing recording artists’ earnings, and the moats the major record companies have should enable them to maintain relationships with current stars and continually sign the next generation of talent while also maintaining control of legacy songs and recordings for many years. With Universal’s scale, resources, and current roster, we think it is better positioned than any peer.