Universal Music Group has reported its first quarter revenues for 2022.
For the period ending March 31, 2022, the major increased revenue by 16.5% (at constant currency) year-on-year to €2.2 billion. The performance was driven by strong growth across all segments.
Recorded music revenue grew 11.3% year-on-year, while music publishing revenue grew 32.5%. Merchandising and other revenue was up 69.8%.
Recorded music subscription and streaming revenue increased by 14.6% to €1.21bn.
Top sellers for the quarter included releases from Disney’s Encanto Soundtrack, King & Prince, The Weeknd, Fujii Kaze and Ado.
Physical revenue showed another quarter of strong growth, up by 8.7% in constant currency, with improvements in both CD and vinyl sales. The growth was led by King & Prince, Fujii Kaze, Ado, Stromae and Taylor Swift.
Adjusted EBITDA increased by 14.0% year-on-year in constant currency.
“As important as the positive performance of the business this quarter is its breadth and strength,” said Sir Lucian Grainge, UMG’s chairman and CEO. “Our strategic portfolio approach – creatively, geographically, technologically, and across a broad range of artists, partners, formats, businesses and revenue streams – not only deliver results now but, over the long run, we believe will produce an even better and more stable performance while delivering incredible value to our artists and shareholders.”
“With this quarter’s results, we continue to deliver on our commitment of long-term growth throughout the company’s major business units and across its multiple and growing revenue streams, including ad-supported streaming, subscription, physical, licensing, music publishing, and merchandising, among others,” said Boyd Muir, EVP, CFO and president of operations for UMG. “We remain enthusiastic about the diversified revenue growth that our strategy is producing.”
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