Shares in Universal Music Group (EURONEXT:UMG) crashed 27% after the record label colossus reported slower growth than expected in subscriptions and streaming revenues.
The Amsterdam-based group, which represents acts including Taylor Swift, Adele and warring rappers Drake (pictured) and Kendrick Lamar, reported results showing revenues were up 8.7% to €2.9 billion.
But growth in recorded music subscription revenue of 6.5% was lower than analysts had forecast, with a 4.2% fall in streaming revenue.
This was blamed on "a deceleration in growth at key advertising-based platform partners as well as shortfalls on certain platforms related to the timing of deal renewals".
In other words, the TikTok standoff, which was resolved in May after almost five months with no UMG artists on the social media platform.
Recorded music revenue up 5.8% thanks to top sellers including Swift, Billie Eilish and Korean and Japanese boy bands SEVENTEEN and Ae! Group.
Helped by the vinyl revival, physical revenue grew 9.5%, while merchandising rocketed 44.6%.
Adjusted EBITDA for the half year came in at €649 million, up 10.0% as margins expanded slightly.
UMG chairman and CEO Sir Lucian Grainge said the revenue growth "demonstrates that we are, by design, a multifaceted music entertainment company that places our artists at the center of everything we do."
Finance chief Boyd Muir said the group will "continue to invest into the growth we see ahead of us as we execute against our long-term strategic plan".