Internet & Media: Pinned Post: UMG's Stream Share Rebound

Research evidence excerpt

Internet & Media: Pinned Post: UMG's Stream Share Rebound

Foundation

May 22, 2026 05:00 AM GMT

Morgan Stanley & Co. International plc+MInternet & Media | Europe Ed Young

Equity Analyst

Pinned Post: UMG's Stream Ed.Young@morganstanley.comLuke Holbrook +44 20 7677-1761

Luke.Holbrook@morganstanley.com +44 20 7425-1882

Share Rebound David Nolan

David.Nolan@morganstanley.com +44 20 7425-4297

Constantin P Kollmann

Research Associate

Constantin.Kollmann@morganstanley.com +44 20 7425-3268

Key Takeaways

Internet

I&M stocks within our coverage are +0.4% over the past 2 weeks (EuroStoxx Europe

+1%). Delivery Hero/Evolution/Vivendi led, while Hemnet/Autostore/Trainline Industry View In-Line

Media & Entertainment

dragged.

Europe

2 weeks behind: London MENA & Saudi Conference, Scout24 & Spotify CMDs, Industry View In-Line

Vend virtual 1x1s, Trainline NY Roadshow, S4 Virtual Roadshow, AutosBuzz

Conference, Rightmove, ITV, Allegro, Hemnet, Ubisoft, Jahez, Cirsa, Autotrader

results.

2 weeks ahead: CD Projekt Q1 results.

Subscription growth remains paramount. Our investor discussions on UMG cover

a wide range of topics around AI, margins, capital intensity and shareholder returns.

In the context of music's monetisation story, no single KPI is seen as more important

than constant currency subscription growth. We see wholesale price increases,

artist-centric models and the potential introduction of superfan tiers all helping to

strengthen the earnings power of the music industry and forecast an industry

subscription streaming growing at a ~10% CAGR through 2028.

UMG's Q1 was dragged back by share trends… Q1, however, was dragged back by

weaker streaming market share. Subscription revenue growth of +7.9% ex-

Downtown came in below expectations, with management highlighting an unusually