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Universal Music Group Announces Impressive Financial Results For Q1 2024

Universal Music Group Announces Impressive Financial Results For Q1 2024

Universal Music Group (UMG) recently unveiled its financial performance for the first quarter of 2024, showcasing remarkable growth across diverse sectors.

UMG's revenue surged by 7.9% year-on-year in constant currency, reaching a substantial €2.59 billion, driven by robust expansion in all operational domains.

A standout highlight was the notable increase in recorded music subscription revenue, soaring by 12.5% in constant currency, signaling a surge in demand for UMG's esteemed music catalog among streaming enthusiasts. Moreover, streaming revenue, encompassing ad-funded streams, witnessed a healthy growth of 10.3% in constant currency.

UMG's music publishing arm witnessed a remarkable revenue surge of 18.4% in constant currency, significantly bolstering the overall financial performance.

UMG's adjusted EBITDA stood impressively at €591 million, marking a notable increase of 15.9% in constant currency, reflecting the efficacy of UMG's strategic initiatives and operational prowess.

Key artists propelling UMG's stellar performance in the quarter include globally renowned names such as Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande, and Olivia Rodrigo. These results encapsulate the period leading up to March 31, predating the release of Taylor Swift's latest album, "The Tortured Poets Department."

In his reflections on the financial outcomes, Sir Lucian Grainge, Chairman, and CEO of Universal Music Group, underscored the company's unwavering dedication to prioritizing artists and credited UMG's ongoing triumphs to its artist-centric ethos and adept teams.

Boyd Muir, Universal Music Group's EVP, CFO, and President of Operations, expressed buoyancy regarding the company's performance, citing buoyant revenue growth across all sectors and robust EBITDA expansion. Muir reiterated UMG's confidence in its strategic blueprints for the current fiscal year and beyond, signaling a bright and promising outlook.

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