UMG POSTS ANOTHER QUARTER OF STRONG GROWTH

Universal Music Group recorded another strong quarter, with double-digit growth for the company and its Recorded Music division. Revenue of €2.66b ($2.61b) represented a 13.3% spike in constant currency over 2021’s Q3.

Recorded-music revenue grew 10.1% year-over-year in constant currency to €2.06b. Streaming, which was up nearly 8%, was responsible for €1.353b of the total. Downloads and other digital revenue and licensing were also up. Merchandising and other revenue more than doubled to €189m in the quarter, while music publishing was up nearly 7% to €418m.

“More than ever, we are delivering a diverse and growing range of business and creative opportunities to our recording artists and songwriters," said UMG Chairman and CEO Sir Lucian Grainge. "Through our innovation, global reach and unique understanding of the evolution of the market, we are continually improving the monetization of music and music-related content, generating high-quality revenue and recurring income from more sources than ever before."

Top sellers for the quarter included BTS, BLACKPINK, Ado, INI and Morgan Wallen.

UMG adjusted its accounting policy in relation to certain revenues that are collected through societies, which resulted in a €21 million negative impact. Excluding the accounting change, music-publishing revenue was up 12.3% in constant currency.

Revenue includes a €71 million benefit to recorded music from the settlement of a copyright-infringement lawsuit with an Internet service provider.

In the first nine months of the year, UMG is up 15.6% in constant currency on revenue of €7.4b. Streaming has brought in €3.88b of that total as the Recorded Music division’s revenue sits just under €5b.