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Universal Music Annual Revenue Crosses $12B After Strong Q4 for Recorded Music
Universal Music's Q4 and annual earnings show strong revenue in 2023 on streaming subscriptions and sales for Taylor Swift, Rolling Stones and more.
Ad-supported streaming “remains strong” but the ad market recovery “has not been uniform” and UMG is “cautious” about near-term growth, CFO Boyd Muir said during Wednesday’s earnings call. Top sellers in the quarter were Taylor Swift, The Rolling Stones, Drake, Jung Kook and Stray Kids. Unadjusted EBITDA eliminates the effects of the Copyright Royalty Board’s Phonorecords III ruling and a 15-million euro ($16 million) legal provision.
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