Any predictions on future $UMG acquisitions after going public?

I was reading one or two articles on Warner Music Group's 2020 acquisitions, and it makes me wonder where the growth opportunities in M&A are for Universal Music Group once they go public. As the market leader they likely have a bigger war chest, can raise money through public markets, and will have have key Tencent & Pershing Square board members.

For example, I could see $UMG acquiring:

  • NFT and digital merchandising companies to continue growing their online monetization
  • Music data analytics to get the data to drive business decisions, like WMG
  • Software that help artists run their businesses, to compete with indie labels
  • Shares in streaming companies (they still own 3.37% of $SPOT), so they have both leverage and a stake in streaming success

Twice this year, Warner has splashed the cash on unorthodox acquisition targets for a traditional music company. In August, WMG acquired media meme-maker IMGN Media for an initial payment of $85m, while back in April it bought HipHopDX, an online hip-hop news and reviews site, for an undisclosed fee.

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Warner, meanwhile, does not plan to use the platform to simply market Warner artists, but to tap it for more insights into where people are going online these days, and what they want to see, so that it can better target its own marketing efforts accordingly.