Universal Music Group has suffered its biggest one-day share price fall since becoming a publicly listed company in 2021 after investors reacted negatively to weaker-than-expected subscription revenue growth. The decline surpassed the previous record drop of 23.5 per cent recorded in July 2024, when disappointing streaming revenue also unsettled investors. Subscription revenue increased by 6.7 per cent during the quarter, falling short of market expectations of 9.3 per cent and slowing from the 7.9 per cent growth achieved in the previous quarter. While music streaming experienced rapid expansion during the COVID-19 pandemic as consumers turned to digital entertainment, growth has moderated as the market has matured. Expectations that streaming and subscription growth would rebound have so far failed to materialise.