AMSTERDAM : Universal Music Group reported better than expected first quarter sales on Tuesday, driven by 20 per cent growth in subscription and streaming revenue.
A statement from CEO Lucian Grainge said the quarter was remarkable for UMG's strength across artists, geographical regions, and formats. "Top sellers for the quarter included releases from Disney’s ‘Encanto’ soundtrack, King & Prince, The Weeknd, Fujii Kaze and Ado," the company said. Core profit, meanwhile, was in line with expectations, rising to 455 million euros from 396 million euros, as margins dipped slightly.
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