The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
727 episodes
6 days ago
Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio.
Every week, The Intrinsic Value Podcast will you help get smarter about business, valuation, and investing — don’t miss out on the journey!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio.
Every week, The Intrinsic Value Podcast will you help get smarter about business, valuation, and investing — don’t miss out on the journey!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIVP039: Universal Music Group (UMG): Owning The World’s Music Catalog w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
1 hour 27 minutes
5 days ago
TIVP039: Universal Music Group (UMG): Owning The World’s Music Catalog w/ Shawn O’Malley & Daniel Mahncke
Shawn O’Malley and Daniel Mahncke break down Universal Music Group (ticker: UMG), a company that controls a royalty stream on roughly ⅓ of the world’s music in an oligopolistic industry also dominated by Sony and Warner Music Group. Universal has incredibly high-quality earnings, with a very stable business and excess returns on capital — a recipe that is very appealing to investors at the right price.
In this episode, you’ll learn about the economics of the music industry, how Universal creates value for artists, what the company is doing in response to AI, the mutually dependent relationship between labels and music streaming platforms, and whether Universal Music Group’s stock is attractively priced, plus so much more!
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
05:00 - Why royalties from the music industry are so stable
07:57 - How Universal Music Group makes money and supports artists
11:12 - How Universal operates as an oligopoly alongside Sony and Warner Music Group
20:24 - The economics of digital streaming
43:48 - Why Universal’s leading market share position reinforces its advantages
01:04:48 - About UMG’s unique business model as a serial acquirer of music catalogs
01:10:35 - How to think about modeling UMG’s intrinsic value
01:21:27 - Whether Shawn and Daniel add UMG to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Sign Up for The Intrinsic Value Community.
Shawn’s 2024 Millennial Investing episode on Universal Music Group.
Shawn’s 2024 Millennial Investing episode on Spotify.
Check out the Music Royalties 101 article.
Bill Ackman’s presentation on Universal Music Group.
Dive into Shawn’s past podcast on Disney for more on the power of beloved IP.
Explore our previous Intrinsic Value breakdowns: Paypal, Uber, Nike, Reddit, Amazon, Airbnb, TSMC, Alphabet, Ulta, LVMH, and Madison Square Garden Sports.
Related books mentioned in the podcast.
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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
The Intrinsic Value Podcast - The Investor’s Podcast Network
Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio.
Every week, The Intrinsic Value Podcast will you help get smarter about business, valuation, and investing — don’t miss out on the journey!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
