Turns Out Labels Aren’t Pandemic Proof Either

Over the past few years, labels and music publishers have once again become a hot investment — see Warner Music Group’s initial public offering in June or Tencent’s purchase of 10% of Universal Music Group, which valued UMG at a dizzying 30 billion euros ($35.2 billion at current exchange rates) — partly because streaming revenue is expected to continue soaring over the next decade as new markets embrace the format. Even amid the coronavirus pandemic, with the live busine