Sales by Morgan Wallen, Taylor Swift and other artists boost UMG's recorded music and publishing divisions.
The world’s biggest music company reported revenue from its recorded music division rose 11.7% to 1.92 billion euros in the quarter ending March 31 compared to the same period a year ago. Revenue from subscriptions and streaming rose by nearly 10% to 1.33 billion euros and physical revenue rose a whopping 32% to 313 million euros , while revenue from downloads and other digital revenue — the smallest line item in the division — fell by 19.1% to 55 million euros .
“Our strong start to the year demonstrates our consistency in developing great artists and introducing their music to fans around the world,” UMG chairman and chief executivesaid in a statement. “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.”
Overall earnings before interest, taxes, depreciation and amortization for the quarter fell by nearly 43% to 261 million euros , driven primarily by equity-based compensation expenses UMG began rolling out in the fourth quarter of 2022. Stripping out those compensation expenses, UMG reported adjusted EBITDA rose 14.7% to 522 million euros compared to the year-ago quarter, and adjusted EBITDA margin grew 0.6 percentage points to 21.3%.Revenue rose 11.5%, or 9.3% in constant currency, to 2.
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