Universal Music Posts Higher 3Q Revenue Amid Streaming Push
October 27 2021 - 12:35PM
Dow Jones News
By Mauro Orru
Universal Music Group NV--the music major behind The Weeknd,
Billie Eilish and Taylor Swift--posted higher revenue in the third
quarter as it continued to benefit from the growing popularity of
streaming services.
The world's largest music company, which started trading on the
Euronext Amsterdam stock exchange last month, said Wednesday that
revenue for the three months to Sept. 30 climbed to 2.15 billion
euros ($2.49 billion) from EUR1.86 billion last year.
Earnings before interest, taxes, depreciation, and
amortization--a closely watched profit metric for Universal--rose
to EUR426 million from EUR380 million, with a margin of 19.8%.
"Our operational and financial performance this quarter--our
first as an independent, publicly traded company--demonstrates both
why UMG is the world's most successful music company, as well as
how our commitment to artists' career development and fostering
innovation promotes growth across the music ecosystem," said Chief
Executive Lucian Grainge.
Universal's recorded music business, which encompasses
subscription and streaming revenue, accounted for the lion's share
of revenue growth. Subscription and streaming revenue jumped 15.2%
in constant currency to EUR1.13 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
October 27, 2021 12:20 ET (16:20 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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