Taylor Alison Swift is an American singer-songwriter. She is known for narrative songs about her personal life, which have received widespread media coverage. At age 14, Swift became the youngest artist signed by the Sony/ATV Music publishing house and, at 15, she signed her first record deal.
Her 2006 eponymous debut album was the longest-charting album of the 2000s in the US. Its third single, "Our Song", made her the youngest person to single-handedly write and perform a number-one song on the Billboard Hot Country Songs chart. Swift's second album, Fearless, was released in 2008.
Buoyed by the pop crossover success of the singles "Love Story" and "You Belong with Me", it became the US' best-selling album of 2009 and was certified diamond in the US. The album won four Grammy Awards, and Swift became the youngest Album of the Year winner.
Universal Music Group loses $16B in market value, plunging 24% after weak streaming reveal
nypost.commarket capitalization tumble to $39.9 billion, down from $56.5 billion a day earlier, according to FactSet.The music group’s revenue rose 9.6% year-over-year in constant currency, bringing in 2.93 billion euros.
This came in above analysts’ estimates of 2.89 billion euros, according to Visible Alpha.Music subscription revenue grew 6.9%, as major players like Spotify and Apple Music have raised subscription prices.Meanwhile, streaming revenue dropped 3.9%, which Universal attributed to its other streaming partners’ new subscription numbers falling.
This decline is likely due to streaming platforms coming down from a pandemic boom.While studies show people were actually streaming and consuming less audio during the pandemic, streaming platforms still saw a spike in new subscribers.
Spotify, for example, welcomed 6 million new Premium subscribers and beat expectations during pandemic lockdown in the first quarter of 2020.In addition to the post-pandemic normalization, Universal has faced licensing issues with a few major platforms.
Read more on nypost.com