HILVERSUM, Netherlands (CelebrityAccess) — Universal Music Group announced the financial results of the company’s second quarter, with the label giant seeing growth in both revenue and profit during the period.
According to UMG, the company posted revenue of $2.697bn during the second quarter, up by 6.4% year-over-year, or 8.8% in constant currency. UMG said that the results were driven by growth in multiple segments, including recorded music and merch.
Streaming continued to play a key role in UMG’s results, with recorded music subscription revenue growing by 10.6% year-over-year, or 13.0% in constant currency and streaming revenue grew 2.9% year-over-year, or 5.3% in constant currency.
Top sellers for UMG during the second quarter included King & Prince, Morgan Wallen, Seventeen, Taylor Swift, and Stray Kids.
UMG reported adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) of €590 million increased 16.4% year-over-year, or 19.2% in constant currency, and adjusted EBITDA margin expanded 1.9 percentage points to 21.9%
“As an artist-centric company, we’re not only proud of our continued strong performance, but we’re also particularly excited that it enables us to accelerate our strategy to promote a healthier streaming business—one that rewards real artists and real music—and drive growth opportunities for the broader music ecosystem,” stated UMG Chairman and CEO Sir Lucian Grainge.
“Our strong growth in revenues, Adjusted EBITDA and operating cash flow has enabled our continued strategic investment in the business, further driving long-term shareholder value as we continue to execute on our vision,” added Boyd Muir, UMG’s EVP, CFO and President of Operations.
