Universal Music Group Revenue Grows 11.5% Year-Over-Year For First Quarter 2023

 Universal Music Group Revenue Grows 11.5% Year-Over-Year For First Quarter 2023

Revenues Up In Q1

UNIVERSAL MUSIC GROUP N.V. first quarter 2023 revenue rose 11.5% year-over-year to €2.451 billion, with EBITDA falling 42.5% (43.4% in constant currency) to €261 million, driven by €261 million in non-cash share-based compensation expenses in 2023, compared to €1 million in 2022. Adjusted EBITDA was yo 14.6% to €522 million (13% in constant currency).Recorded Music revenue rose 11.7% to €1.923 billion (9.6% in constant currency)., with subscription revenue up 12.7% (10.3% in constant currency), streaming revenue up 1.9% (down 2.2% in constant currency), physical revenue up 32.1% (32.6% in constant currency), downloads and other digital revenue off 19.1%, and license and other revenue up 9.2% (8.1% in constant currency). Top sellers were KING & PRINCE, MORGAN WALLEN, TAYLOR SWIFT, TOMORROW X TOGETHER and back number.Music Publishing revenue was up €425 million (11.5% in constant currency), with digital revenue up 20.9% (19.1% in constant currency), performance revenue down 1.1% (2.2% in constant currency), synchronization revenue up 11.3% (7.8% in constant currency), and mechanical revenue flat.Merchandising and Other revenue was flat at €107 million (down 3.6% in constant currency).”Our strong start to the year demonstrates our consistency in developing great artists and introducing their music to fans around the world,” said Chairman/CEO SIR LUCIAN GRANGE. “We look forward to building on this momentum and furthering our track record of transforming disruptive technologies into opportunities to accelerate our business for our artists, fans and shareholders.””Our results reflect the continued evolution of our business towards consistent and predictable revenue from a growing array of sources,” said EVP/CFO/Pres. of Operations BOYD MUIR. “With revenue up 9% and Adjusted EBITDA up 13%, we’re encouraged by our first quarter and remain on track to meet our plans for the year.”

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