HILVERSUM, The Netherlands (CelebrityAccess) — Universal Music Group announced its financial results for the first quarter of 2024 with revenue of €2.59 billion, up by 5.8% year-over-year.
“UMG’s continuing success is in large measure attributable to the fact that we always put artists at the center 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.”
EBITDA for the quarter expanded by 87.7% year-over-year, to €490 million and EBITDA margin was 18.9%, compared to 10.6% in the first quarter of 2023.
Performance revenue increased by 26.7% to 114 million over the previous year while revenue from recorded music rose by 3.4% to €1.98 billion in Q1 2024.
Revenue from music publishing was another bright spot for UMG during the first quarter of 2024, increasing by 16.7% year-over-year to €496 million.
EBITDA for the quarter grew 87.7% year-over-year, or 95.2% in constant currency, to €490 million and EBITDA margin was 18.9%, compared to 10.6% in the first quarter of 2023.
“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,” added Boyd Muir, UMG’s EVP, CFO and President of Operations.
