Billie Eilish, Drake Help Universal Music Earnings Rise in First Report Since Spin-Off
Shoots at 3 a.m., Drunken Merrymakers and Inspiration From Quentin Tarantino: How Edgar Wright Made 'Last Night in Soho' in London's Busiest Neighborhood
Revenue for the third quarter rose 16.1 percent to 2.15 billion euros , or 17.4 percent when assuming constant currency exchange rates as the firm’s recorded music, music publishing and “merchandising and other” segments all contributed to the improvement. ubscription and streaming revenue grew 14.0 percent, or 15.2 percent in constant currency and physical revenue grew 8.9 percent, or 11.6 percent, “driven by strong vinyl demand as well as growth in direct-to-consumer sales.” UMG also noted that other digital revenue fell 4.7 percent, or 3.5 percent in constant currency, “as the global decline in downloads continues.”
“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 Grainge.
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