Universal Music Group Beats The Record In The Second Quarter

The largest music company, Universal Music Group has witnessed a groundbreaking Second-Quarter revenue growth of $3.2 billion, with an increase of 8.7 percent year-on-year, or 9.6 percent in constant currency. The Second-Quarter revenue totaled 2.93 billion euros, beating the 2.89 billion euros predicted by analysts, according to a Visible Alpha consensus. The biggest music company worth $54 billion has been benefiting from its profits driven from the success of the pop sensation Taylor Swift. The recorded music revenue has grown 5.8 percent year-on-year, or 6.8 percent in constant currency, and the music publishing has grown 10.1 percent year-over-year, or 43.7 percent in constant currency. The recorded music subscription revenue has grown 6.5 percent year-on-year, or 6.9 percent in constant currency, streaming revenue has decreased 4.2 percent year-on-year, or 3.9 percent in constant currency, where the physical revenue has grown 9.5 percent year-over-year, or 14.4 percent in constant currency and license and other revenue grew 18.0 percent year-over-year in both the reported and current currency.

After the first quarter which was challenging as Universal Music Group’s top-selling acts including Taylor Swift, the Rolling Stones, Drake, Jung Kook, and Stray Kids had an increase in revenue of 9 percent for a total of 3.5 billion euros in the fourth quarter of 2023. Other highlights according to the announcement include,’ Adjusted EBITDA of 1,240 million euro increased 11.5 percent year-on-year, or 13.4 percent in constant currency and Adjusted EBITDA margin expanded 0.8 percentage points to 22.4 percent. EPS of 0.50 euros per share compared to 0.34 euros in the first half of 2023 and Adjusted EPS of 0.44 euros per share compared to 0.42 euros in the first half of 2023. Interim dividend of 439 million euros, or 0.24 euros per share.’

 The UMG Chairman and CEO Lucian Grainge said, ‘Our continued strong revenue growth this quarter demonstrates that we are, by design, a multifaceted music entertainment company that places our artists at the center of everything we do. Our unique structure, which is both innovative and constantly evolving, enables us to support our recording artists and songwriters with an ever-expanding array of revenue sources, reinforced by new products and the exciting next phase of development of streaming services.’ Boyd Muir, UMG’s EVP, CFO, and President of Operations said, ‘Our varied revenue streams, across both emerging and established business, allowed us to once again achieve high-single-digit revenue growth and double-digit Adjusted EBITDA growth this quarter. We continue to invest into the growth we see ahead of us as we execute against our long-term strategic plan.’

Check out For More News Updates on Google News