{"id":10726,"date":"2022-06-17T09:00:00","date_gmt":"2022-06-17T06:00:00","guid":{"rendered":"https:\/\/sifterfund.com\/universal-music-group-umg\/"},"modified":"2022-06-17T09:34:10","modified_gmt":"2022-06-17T06:34:10","slug":"universal-music-group-major-owner-of-music-assets","status":"publish","type":"post","link":"https:\/\/sifterfund.com\/en\/universal-music-group-major-owner-of-music-assets\/","title":{"rendered":"Universal Music Group \u2013 Major owner of music assets"},"content":{"rendered":"\n<p class=\"lead-p\">Universal Music Group, or UMG, is one of Sifter Fund\u2019s latest investments. The company entered Sifter\u2019s portfolio in January 2022, but why did Sifter invest in it?&nbsp; In short, UMG operates in a growing market, generates predictable and improving results, has sustainable competitive advantages, and it is available at a reasonable price.<\/p>\n\n\n\n<p>UMG is a Dutch-American music company that was spun off from the French media group Vivendi in 2021. This article will explain how UMG makes its money and what its strengths are.<\/p>\n\n\n\n<p><\/p>\n\n\n<style>.elementor-10778 .elementor-element.elementor-element-428676c .elementor-wrapper{--video-aspect-ratio:1.77777;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"10778\" class=\"elementor elementor-10778 elementor-10775\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e1292c3 elementor-section-full_width ang-section-padding-initial elementor-section-height-default elementor-section-height-default elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"e1292c3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-486b72a elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"486b72a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-428676c elementor-repeater-item-none elementor-repeater-item-none_hover elementor-widget elementor-widget-video\" data-id=\"428676c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=fl3px1I-qqY&quot;,&quot;lazy_load&quot;:&quot;yes&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How does Universal Music Group (UMG) make its money?<\/h2>\n\n\n\n<p>Overall, UMG\u2019s business is to represent artists, songwriters, and composers.<\/p>\n\n\n\n<p>By far the largest portion of UMG\u2019s revenue, about 80%, originates from representing artists. That business is called <em>Recorded Music.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-2021-1024x583.png\" alt=\"\" class=\"wp-image-10772\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-2021-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-2021-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-2021-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-2021.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>The largest portion of UMG\u2019s revenue originates from recorded music.<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Essentially, UMG operates as a record label, discovering and developing artists. In practice, UMG helps the artists succeed by offering them recording studios, expertise, marketing resources, and contacts.<\/p><\/blockquote>\n\n\n\n<p>In return for these investments and risk-taking, UMG typically signs a contract with the artist, granting UMG the copyright to the music recordings that the artist creates. Typically, those contracts cover several albums.<\/p>\n\n\n\n<p>A copyright can be very valuable because the best songs are listened to over and over again. Or have you ever heard someone say \u201cThat\u2019s a great song, but please don\u2019t play it, I\u2019ve heard it before.\u201d?<\/p>\n\n\n\n<p>Once the music recordings are created, UMG offers them to distributors and collects income from them. By far the largest source of that income originates from streaming, including services like <strong>Spotify<\/strong>, <strong>YouTube<\/strong>, and <strong>Apple Music<\/strong>. The rest originates from physical and digital music sales, public performances as well as commercials, movies, and social media.<\/p>\n\n\n\n<p>UMG collects income from these various sources and shares some of it with the artist. UMG also compensates the original songwriter and composer for the use of their work.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Streaming is driving growth in the recorded music market<\/h2>\n\n\n\n<p>The global market for recorded music has been quite a roller coaster. Since the early 2000s, the market was undermined by online piracy.&nbsp;However, since 2015, the market has been growing again, driven by streaming.<\/p>\n\n\n\n<p>This is because streaming offers an exceptionally convenient way to enjoy music: for a fixed monthly fee, the consumer has access to an unlimited amount of music, while algorithms continuously offer content that best fits the consumer\u2019s taste.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021.png\"><img decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021-1024x583.png\" alt=\"\" class=\"wp-image-10731\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/global-recorded-music-market-other-streaming-2001-2021.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Growth in the recorded music market is driven by streaming.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">UMG has a healthy financial track record<\/h2>\n\n\n\n<p>What initially drew our attention to UMG? At first, we noticed its quantitative strengths.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin.png\"><img decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin-1024x583.png\" alt=\"\" class=\"wp-image-10733\" title=\"\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/umg-revenue-operating-margin.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>UMG\u2019s revenue and operating margin have grown significantly over the past 6 years.<\/figcaption><\/figure>\n\n\n\n<p>By 2021, UMG\u2019s revenue has grown at a ca. 10% annual rate over the past five years, and that growth has been mainly organic. Meanwhile, UMG\u2019s operating margin has improved for many years in a row, driven by economies of scale.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music-1024x583.png\" alt=\"\" class=\"wp-image-10735\" title=\"\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-operating-margin-vs-sony-warner-music.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>UMG\u2019s operating margin was close to competitors in 2021.<\/figcaption><\/figure>\n\n\n\n<p>UMG\u2019s track record is healthy also compared to its main competitors, <strong>Sony Music<\/strong>, and <strong>Warner Music<\/strong>. UMG\u2019s operating margin is in line with the main competitors, but the company\u2019s performance has been more consistent. In addition, UMG\u2019s return on invested capital (ROIC) is clearly above the competition for the last three years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1-1024x583.png\" alt=\"\" class=\"wp-image-10740\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-reuturn-on-invested-capital-vs-warner-music-sony-1.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>UMG\u2019s return on invested capital was well above the competition in 2019-2021.<\/figcaption><\/figure>\n\n\n\n<p>However, these quantitative factors represent history. How do we know if UMG will perform well also in the future? This brings us to qualitative strengths.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">UMG\u2019s content is crucial for streaming services<\/h2>\n\n\n\n<p>Music streaming services, such as <strong>Spotify<\/strong>, <strong>Apple Music<\/strong>, and <strong>Amazon Prime<\/strong> rely heavily on record labels for music content. The supply of that content is very concentrated.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The three major record labels, Sony, Warner and UMG, hold a combined 70% share of the global recorded music market.<\/p><\/blockquote>\n\n\n\n<p>Each of these majors owns rights to certain original music recordings, lyrics, or compositions, that the others don\u2019t have. Therefore, none of them can be easily replaced.<\/p>\n\n\n\n<p>UMG is by far the largest major, holding over 30% market share. It would be particularly difficult for a music streaming service to have a competitive offering without UMG. Or would you pay for a streaming service that lacks about a third of your favorite songs?<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/recorder-music-market-shares-by-revenue-umg-sony-warner-1024x583.png\" alt=\"\" class=\"wp-image-10742\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/recorder-music-market-shares-by-revenue-umg-sony-warner-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/recorder-music-market-shares-by-revenue-umg-sony-warner-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/recorder-music-market-shares-by-revenue-umg-sony-warner-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/recorder-music-market-shares-by-revenue-umg-sony-warner.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>UMG holds the leading market share in the recorded music market.<\/figcaption><\/figure>\n\n\n\n<p>A large part of UMG\u2019s content will also stay relevant for a long time. As mentioned, the best type of music is listened to over and over again, for years, sometimes for decades.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>A large share of UMG\u2019s revenue originates from long-lasting content.<\/p><\/blockquote>\n\n\n\n<p>For example, in 2020, over half of UMG\u2019s recorded physical and digital music revenue originated from songs that were released over 3 years ago. This suggests that UMG will remain an irreplaceable partner for any music streaming service for a long time.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new-1024x583.png\" alt=\"\" class=\"wp-image-10744\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-recorded-music-revenue-old-vs-new.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>UMG sources a large portion of its revenue from music that was released several years ago.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">UMG helps artists stand out<\/h2>\n\n\n\n<p>But what about the artists? Why do they choose to sign to UMG, or to a record label to begin with? Firstly, it is not always practical to do everything on your own. Record labels offer the equipment, services, and expertise for every stage of the music-making process, and cover some related activities, such as merchandising.&nbsp;<\/p>\n\n\n\n<p>Secondly, record labels have marketing resources and industry contacts that are crucially important to the artists. This is because, on average, it is very unlikely that an artist is discovered by the public.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>For example, there were as many as 8 million creators on Spotify in 2020, but only about 13 thousand artists that generated more than 50k USD in annual royalties.<\/p><\/blockquote>\n\n\n\n<p>That ratio has become more and more challenging over the past three years, suggesting that standing out requires ever more effort.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd-1024x583.png\" alt=\"\" class=\"wp-image-10746\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/spotify-royalties-by-artists-2020-usd.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Only a small share of artists on Spotify earns large royalty streams through the service.<\/figcaption><\/figure>\n\n\n\n<p>In other words, artists have the incentive to look for maximum support, and major record labels can provide that.<\/p>\n\n\n\n<p>The majors have industry-leading risk-taking capacity and networks. In addition, their content is crucial to music streaming services. That crucial role might allow the majors to subtly influence how music is showcased in those services, including the content of editor-created playlists.<\/p>\n\n\n\n<p>Obviously, the more successful an artist becomes, the less dependent that person will be on record labels. Once the contract with UMG expires, the artist may choose to continue without UMG or sign a much more favorable deal for themselves.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Fortunately for UMG, no single superstar poses a material risk.<\/p><\/blockquote>\n\n\n\n<p>In 2020, even the most successful artist generated less than 1% of UMG\u2019s recorded music revenue, while the top 50 generated a bit less than a quarter.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist-1024x583.png\" alt=\"\" class=\"wp-image-10748\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-per-artist.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>UMG\u2019s revenue is not dependent on any single superstar.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Room for growth in paid music streaming penetration<\/h2>\n\n\n\n<p>What does UMG\u2019s future look like? In our view, the penetration of paid music streaming services still has plenty of room to grow.<\/p>\n\n\n\n<p>The penetration is 38% in the US, 24% in other developed markets, and just 4% in high-growth markets, according to the research company Midia.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>By comparison, the penetration is as high as 45% in Sweden, which is the mature home market of Spotify. This suggests that the global penetration rate still has some meaningful upside potential.<\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services-1024x583.png\" alt=\"\" class=\"wp-image-10750\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/penetration-of-paid-music-streaming-services.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>The penetration of paid music streaming services is still low in many developed markets when they are compared to Sweden and the US.<\/figcaption><\/figure>\n\n\n\n<p>UMG\u2019s own medium-term target is to grow revenue at a high single-digit annual rate from the 2020 level and expand the adjusted EBITDA margin by about 5% points from the 2020 level to the mid-twenties.<\/p>\n\n\n\n<p>Sifter\u2019s current top-line estimates are slightly more cautious than UMG\u2019s targets. We expect UMG\u2019s top line to expand at a ca. 6% annual rate from the 2020 level until 2026, driven by the growing penetration rate of paid streaming services.<\/p>\n\n\n\n<p>Meanwhile, we expect operating margin to expand by a low single-digit amount in 2020-2026, driven by sales mix and scale economies. Over a five-year period, our estimates imply an acceptable valuation relative to Sifter\u2019s portfolio.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast-1024x583.png\" alt=\"\" class=\"wp-image-10752\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast-1024x583.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast-500x285.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast-768x437.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/universal-music-group-revenue-and-operating-margin-forecast.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>We forecast continued revenue growth and margin expansion for UMG.<\/figcaption><\/figure>\n\n\n\n<p>Overall, we see that UMG fits Sifter\u2019s quality criteria. UMG operates in a growing market, generates predictable and improving results, has sustainable competitive advantages, and it is available at a reasonable price.<\/p>\n\n\n\n<p><strong>Olli P\u00f6yh\u00f6nen<\/strong><br>Analyst<br>Sifter Capital Oy<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Universal Music Group (UMG) is one of Sifter Fund\u2019s latest investments. The company entered Sifter\u2019s portfolio in January 2022, but why did Sifter invest in it?\u00a0<\/p>\n","protected":false},"author":11,"featured_media":10755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-10726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Universal Music Group \u2013 Major owner of music assets - Sifter Fund<\/title>\n<meta name=\"description\" content=\"Universal Music Group (UMG) is one of Sifter Fund\u2019s latest investments (1\/2022). 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