Universal Music Group has released its financial results up to the third quarter of 2024 (the period to September 30).
For Q3, UMG reported revenue of €2.87 billion, a year-on-year increase of 4.9% in constant currency (all figures will be constant currency), with growth in all segments.
Excluding a prior-year item affecting comparability (a €53 million catch-up payment from DSPs related to the Copyright Royalty Board Phonorecords III ruling in 2023), revenue grew 7.0% year-on-year.
Recorded music revenues for the third quarter were €2.146bn, up 6.2% year-on-year. Recorded music subscription revenue grew 8.2%, while streaming revenue (ad-funded) inched up by 0.3%.
Music Publishing revenue amounted to €500m in the third quarter of 2024, up 2.2% year-on-year.
Adjusted EBITDA of €621m represented an increase of 8.2%. Excluding that prior-year item affecting comparability, adjusted EBITDA grew 10.3%.
Top sellers in the quarter included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone.
We are already making progress on the strategic initiatives we outlined at our recent Capital Markets Day
Sir Lucian Grainge
For the nine months, revenue was up 7.4% year-on-year to €8.396bn, driven by strong growth in all segments. Excluding the DSP payments one-off in the prior year, revenue grew 8.2%.
For the nine months, recorded music revenues were €6.335bn, up 6.3% year-on-year. Recorded music subscription revenue grew 9.2% year-on-year and streaming (ad-funded) revenue grew 1.8%.
In the nine months to September 30, music publishing revenue amounted to €1.508bn, up 10.0% year-on-year.
Adjusted EBITDA of €1.862bn was an increase of 11.7%.
Top sellers for the nine months included Taylor Swift, Billie Eilish, Morgan Wallen, Sabrina Carpenter and Noah Kahan.
“Even as we continue to grow revenue and adjusted EBITDA, we are already making progress on the strategic initiatives we outlined at our recent Capital Markets Day,” said Sir Lucian Grainge, UMG’s chairman and CEO. "We continue to advance our artist-centric strategy, a key pillar of our work to evolve streaming’s underlying business model, or what we call ‘Streaming 2.0’. Through these initiatives, we are setting the stage for a new wave of streaming growth and new opportunities to UMG, its artists, songwriters and shareholders.”
Boyd Muir, UMG’s EVP, CFO and president of Operations, said: “Our focus remains on maximising the long-term value of the business. The diversity of our revenue is not only driving attractive results in revenue and adjusted EBITDA growth for UMG this quarter, but also positioning the company for strong continued growth in the coming years.”
PHOTO: Austin Hargrave
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