Universal Music's defining moves.
The defining strategic moves at Universal Music — each one explained and grounded in the record.
The Money Machine · Business Model
Universal Music's Real Asset Isn't the Next Hit. It's the Songs Nobody Notices It Owns.
Catalog — music older than three years — now throws off 66% of Universal's recorded revenue, up from 54% in 2018. That's a moat deepening. But it's deepening for the wrong reason: market share has fallen four years running while the back catalog quietly carries the company.
8 min
The Moat Anatomy · Moat Anatomy
Universal's Real Asset Is the Past. Two-Thirds of Its Streaming Money Comes From Songs More Than Three Years Old.
In 2024, catalog — music older than three years — drove 66% of Universal's recorded-music streaming and physical revenue, up from 54% in 2018. The back catalog is a genuine moat. It's also slowly leaking: UMG's market share has fallen four years running.
8 min
The Moat Anatomy · Moat Anatomy
Universal Music's Moat Is Real. It's Also Cracked in Three Places You Were Told Not to Look.
Everyone says UMG owns ~32% of recorded music and dominates publishing. It's slipped four straight years to 31.7%, and Sony just overtook it in publishing at 25.2% to 23.2%. The moat holds — but not where the bulls point.
8 min
The Reversal · Decision Forks
UMG Pulled Its Music From TikTok and Lost Almost Nothing. That Was the Whole Point.
Universal yanked its catalog off TikTok for three months in 2024 over royalties. TikTok was only 1% of UMG's revenue—and an academic study found removing the music actually nudged streams UP 2-3%. This was leverage math, not a moral stand.
7 min