HILVERSUM, Netherlands (CelebrityAccess) — Universal Music Group announced the financial results for the label giant’s second fiscal quarter, revealing growth in both revenue and net profits.
According to UMG, the company posted overall revenue of €2,932 million, up by 8.7% year-over-year and propelled by the results of all of the label group’s segments.
Revenue from recorded music grew 5.8% year-over-year, or 6.8%, while revenue from music subscriptions 6.5% year-over-year, while streaming revenue slid in Q2 by 4.2% year-over-year.
Physical product continued to be a growth area for UMG’s revenue profile, expanding by 9.5% year-over-year while license and other revenue grew 18.0% year-over-year, accounting for constant currency.
UMG reported EBITDA of 649 million, up by 11.3% in the quarter, while adjusted EBITDA of rose slightly to 22.1% from 21.9% in Q2 2023.
For the full first half of 2024, UMG reported overall revenue of $5.526 billion, up by 7.3%, and adjusted net profits of 809 million, up by 5.8% from the first half of 2023.
UMG´s Chairman and CEO Sir Lucian Grainge said, “Our continued strong revenue growth this quarter demonstrates that we are, by design, a multifaceted music entertainment company that places our artists at the center of everything we do. Our unique structure, which is both innovative and constantly evolving, enables us to support our recording artists and songwriters with an ever-expanding array of revenue sources, reinforced by new products and the exciting next phase of development of streaming services.”
“Our varied revenue streams, across both emerging and established businesses, allowed us to once again achieve high-single-digit revenue growth and double-digit Adjusted EBITDA growth this quarter” said Boyd Muir, UMG’s EVP, CFO and President of Operations. “We continue to invest into the growth we see ahead of us as we execute against our long-term strategic plan.”
