Universal Music Group N.V.

Universal Music Group, based in the Netherlands, is the world's largest music company, home to labels such as Capitol and Def Jam and a vast catalogue of recordings and songs from many of the biggest artists. The lasting boom in music streaming has turned its catalogue into a growing, recurring royalty stream. UMG pays a modest but growing dividend, funded by dependable streaming royalties, though the yield is small as a relatively young listed company focused on growth. The stock is valued mainly for the structural growth of music streaming, with the payout a bonus.