UMG has issued its first set of results as a public company.
The major was listed in Amsterdam last month with CEO & chairman Sir Lucian Grainge predicting a “new wave of music consumption”.
In the third quarter of 2021, Universal Music Group revenues increased 17.4% year-on-year (at constant currency) to €2.15 billion. EBITDA for the quarter grew 12.1% to €426m.
Sir Lucian Grainge said: “Our operational and financial performance this quarter – our first as an independent, publicly traded company – demonstrates both why UMG is the world’s most successful music company, as well as how our commitment to artists’ career development and fostering innovation promotes growth across the music ecosystem.”
“Our results this quarter demonstrate the continued strength of our artist roster and catalogue, the increasingly diversified revenue streams of our business, and our ability to deliver growth for our shareholders,” said Boyd Muir, EVP, CFO and president of operations of Universal Music Group.
Recorded Music subscription and streaming revenue grew 15.2% year-on-year at constant currency to €1.13bn. Overall recorded music revenue was up 16.9% thanks to a 49.3% boost in licensing income, as a result of improvements in broadcast and neighbouring rights collections, audio-visual production income and synchronisation, live and brand deals.
Top sellers for the quarter included new releases from Billie Eilish, King & Prince and Drake, as well as continued sales of BTS and Olivia Rodrigo.
Music Publishing revenue increased 21.4% at constant currency to €363m in Q3. As well as the continued growth in subscription and streaming, revenue from catalogue acquisitions contributed to that increase.