UNVGY - Universal Music Group N.V. - The Music Never Stops

• People want music. That’s not going to change. It's a need. It's essential. It's part of us. It’s how they consume it that’s changing. Streaming is taking over.
• Streaming will continue to grow at a good rate. Consumer spending on music generated an all-time high. This is a huge tailwind.
• Spotify, YouTube Music, Apple Music, Prime and other streamers work from Universal Music. It’s the streamers that bare the cost of attracting subscribers.
• Universal has transfer pricing power. The music streamers' margin goes to the label. If Spotify raises prices, Universal can raise theirs without losing business.
• Bill Ackman: “if you own UMG, you own a royalty on people listening to music”.

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