BUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos

Reuters

Jul 10

BUZZ-TD Cowen flags <a href="https://laohu8.com/S/SPOT">Spotify</a>'s value being higher than recording and publishing cos

** TD Cowen flags a major valuation gap in the music industry

** Spotify SPOT.N , which owns little content, is now valued at $177 bln, more than that of the entire recorded music and publishing industry combined at $169 bln

** "We firmly believe that 'content is king', and it is hard for us to square that belief with the market's current verdict that in the music industry, distribution is worth several times more than content ownership" - brokerage

** Brokerage maintains 'buy' ratings on UMG UMG.AS , WMG WMG.O , Sony 6758.T , and Live Nation LYV.N , and 'hold' on Spotify, citing strong fundamentals and the upside from new "Streaming 2.0" deals

** For SPOT, despite platform leadership, TD Cowen sees limited margin upside due to rising content costs and regulatory headwinds

** LYV remains a standout in live entertainment, with strong demand and new venues expected to drive growth despite weather-related disruptions

** "We also believe that music fundamentals should generally remain strong regardless of macro turbulence"

(Reporting by Rashika Singh in Bengaluru)

((Rashika.Singh@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2550764097"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2550764097\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2550764097?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-07-10 20:18","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2550764097","market":"us","top_or_hot":-1,"title":"BUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos","media":"Reuters","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-TD Cowen flags <a href=\"https://laohu8.com/S/SPOT\">Spotify</a>'s value being higher than recording and publishing cos</title></head><body><p>** TD Cowen flags a major valuation gap in the music industry</p><p>** Spotify <span>SPOT.N</span> , which owns little content, is now valued at $177 bln, more than <span>that of </span>the entire recorded music and publishing industry combined <span>at </span>$169 bln</p><p>** \"We firmly believe that 'content is king', and it is hard for us to square that belief with the market's current verdict that in the music industry, distribution is worth several times more than content ownership\" - brokerage</p><p>** Brokerage maintains 'buy' ratings on UMG <span>UMG.AS</span> , WMG <span>WMG.O</span> , Sony <span>6758.T</span> , and Live Nation <span>LYV.N</span> , and 'hold' on Spotify, citing strong fundamentals and the upside from new \"Streaming 2.0\" deals</p><p>** For SPOT, despite platform leadership, TD Cowen sees limited margin upside due to rising content costs and regulatory headwinds</p><p>** LYV remains a standout in live entertainment, with strong demand and new venues expected to drive growth despite weather-related disruptions</p><p>** \"We also believe that music fundamentals should generally remain strong regardless of macro turbulence\"</p><p>(Reporting by Rashika Singh in Bengaluru)</p><p>((Rashika.Singh@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-10 20:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-TD Cowen flags <a href=\"https://laohu8.com/S/SPOT\">Spotify</a>'s value being higher than recording and publishing cos</title></head><body><p>** TD Cowen flags a major valuation gap in the music industry</p><p>** Spotify <span>SPOT.N</span> , which owns little content, is now valued at $177 bln, more than <span>that of </span>the entire recorded music and publishing industry combined <span>at </span>$169 bln</p><p>** \"We firmly believe that 'content is king', and it is hard for us to square that belief with the market's current verdict that in the music industry, distribution is worth several times more than content ownership\" - brokerage</p><p>** Brokerage maintains 'buy' ratings on UMG <span>UMG.AS</span> , WMG <span>WMG.O</span> , Sony <span>6758.T</span> , and Live Nation <span>LYV.N</span> , and 'hold' on Spotify, citing strong fundamentals and the upside from new \"Streaming 2.0\" deals</p><p>** For SPOT, despite platform leadership, TD Cowen sees limited margin upside due to rising content costs and regulatory headwinds</p><p>** LYV remains a standout in live entertainment, with strong demand and new venues expected to drive growth despite weather-related disruptions</p><p>** \"We also believe that music fundamentals should generally remain strong regardless of macro turbulence\"</p><p>(Reporting by Rashika Singh in Bengaluru)</p><p>((Rashika.Singh@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2290526834.HKD","symbol_name":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250710:nL4N3T70YX:1","article_id":"2550764097","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2550764097","pubTimestamp":1752149936,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"BUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos** TD Cowen flags a major valuation gap in the music industry** Spotify SPOT.N , which owns little content, is now valued at $177 bln, more than that of the entire recorded music and publishing industry combined at $169 bln** \"We firmly believe that 'content is king', and it is hard for us to square that belief with the market's current verdict that in the music industry, distribution is worth several times more than content ownership\" - brokerage** Brokerage maintains 'buy' ratings on UMG UMG.AS , WMG WMG.O , Sony 6758.T , and Live Nation LYV.N , and 'hold' on Spotify, citing strong fundamentals and the upside from new \"Streaming 2.0\" deals** For SPOT, despite platform leadership, TD Cowen sees limited margin upside due to rising content costs and regulatory headwinds** LYV remains a standout in live entertainment, with strong demand and new venues expected to drive growth despite weather-related disrupt","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","BK4108":"电影和娱乐","BK4588":"碎股","SPOT":"Spotify Technology S.A.","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LYV":"Live Nation Entertainment","BK4548":"巴美列捷福持仓","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4561":"索罗斯持仓","WMG":"华纳音乐","LU0056508442.USD":"贝莱德世界科技基金A2","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4571":"数字音乐概念","BK4585":"ETF&股票定投概念","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC"},"translate_title":"BUZZ-TD Cowen表示Spotify的价值高于录音和出版公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LYV":0.9,"SPOT":0.9,"WMG":0.9},"content_text":"BUZZ-TD Cowen flags Spotify's value being higher than recording and publishing cos** TD Cowen flags a major valuation gap in the music industry** Spotify SPOT.N , which owns little content, is now valued at $177 bln, more than that of the entire recorded music and publishing industry combined at $169 bln** \"We firmly believe that 'content is king', and it is hard for us to square that belief with the market's current verdict that in the music industry, distribution is worth several times more than content ownership\" - brokerage** Brokerage maintains 'buy' ratings on UMG UMG.AS , WMG WMG.O , Sony 6758.T , and Live Nation LYV.N , and 'hold' on Spotify, citing strong fundamentals and the upside from new \"Streaming 2.0\" deals** For SPOT, despite platform leadership, TD Cowen sees limited margin upside due to rising content costs and regulatory headwinds** LYV remains a standout in live entertainment, with strong demand and new venues expected to drive growth despite weather-related disruptions** \"We also believe that music fundamentals should generally remain strong regardless of macro turbulence\"(Reporting by Rashika Singh in Bengaluru)((Rashika.Singh@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}