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Universal Music Group Had Revenue of $3.2 Billion in Q3, a Gain of 4.3% Year Over Year
Universal Music's earnings saw revenue grow on new releases and subscriptions in the third quarter, including success for Sabrina Carpenter and more.
Last year, Universal Music Publishing Grou (UMPG) recognized the accrual of a catch-up payment from the Copyright Royalty Board (CRB) Phonorecords III ruling. Muir affirmed UMG’s previously announced guidance of an 8% to 10% compound annual growth rate for recorded music subscription revenue through 2028. In the U.S., Bravado benefitted from the touring activity of such artists as Slipknot, Imagine Dragons, Nicki Minaj, blink-182 and Malone, according to Muir.
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