Universal Music Group has reported its results for the first quarter of 2024.
The results arrived hours after UMG confirmed details of a new deal with TikTok.
The major’s revenue was up 7.9% year-on-year in constant currency to €2.59 billion. The performance was driven by solid growth in all segments.
Recorded music subscription revenue increased by 12.5% in constant currency, and streaming (ad-funded) revenue grew 10.3% in constant currency.
Music publishing revenue increased by 18.4% in constant currency.
Adjusted EBITDA of €591 million represented an increase of 15.9% in constant currency.
Top sellers in the quarter included Taylor Swift, Noah Kahan (including a chart double in the UK), Morgan Wallen, Ariana Grande and Olivia Rodrigo. The results cover the period up to March 31, before Swift dropped new album The Tortured Poets Department.
“UMG’s continuing success is in large measure attributable to the fact that we always put artists at the centre of everything we do and surround them with the industry’s most experienced teams and our broad-based and strategically integrated portfolio of businesses.” said UMG’s chairman and CEO Sir Lucian Grainge. "Our strategic plan is once again driving a strong start to the year, reflected in our results, as well as the exceptional performance of our artists around the world.”
Boyd Muir, UMG's EVP, CFO and president of operations, said: “2024 is off to a healthy start, with revenue growth in all segments as well as strong Adjusted EBITDA growth and margin expansion. We remain encouraged by the trajectory of the business and with the execution of our plans for this year and the years ahead."
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