Universal Music Group Reports Revenue Growth in Q3 2024

Universal Music Group N.V. ( (UMGNF) ) has released its Q3 earnings. Here is a breakdown of the information Universal Music Group N.V. presented to its investors.

Universal Music Group N.V. (UMG) is a global leader in music-based entertainment, engaged in recorded music, music publishing, merchandising, and audiovisual content, known for its extensive catalog of recordings and songs across various musical genres. In its recent earnings report, UMG revealed a revenue increase of 4.3% year-over-year for the third quarter of 2024, achieving €2,870 million, with growth across all segments, particularly recorded music subscriptions. The company also noted a promotion within its leadership team, with Boyd Muir advancing to Chief Operating Officer, while continuing the search for a new Chief Financial Officer. Key highlights from the report include a 6.9% rise in Adjusted EBITDA to €621 million for the quarter, driven by operating leverage and cost savings, and a 6.3% revenue increase year-to-date. Despite a slight decline in streaming revenue, subscription growth remains robust, supported by price increases on certain platforms. As UMG continues to implement its Artist-Centric strategy and ‘Streaming 2.0’ initiatives, the company positions itself for a new wave of streaming growth and enhanced opportunities for artists and shareholders. Looking ahead, UMG’s management remains focused on maximizing long-term business value, leveraging diverse revenue streams for continued growth.