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Universal Music Group Revenue Up 7% to $12.8 Billion in 2024

Universal Music Group's earnings show that 2024 revenue was up 7% on streaming subscriptions, merch and more, landing at $12.8 billion for the year.

UMG COO/CFO Boyd Muir said the revenue growth reflected “robust superfan demand that is driving strong growth in both direct-consumer and touring revenue.” The lower EBITDA resulted from lower-margin touring merchandise sales, said Muir, though UMG expects merchandise margins to improve as the company ramps up its direct-to-consumer business. Muir said the company will provide an update on the second phase of the program at a later date and added the implementation “remains on — if not slightly ahead of — schedule.” When UMG announced its cost-savings plan in February 2024, Grainge said the redesign “carefully preserves what we’re best at: creative A&R, marketing independence, unique label brand identities” and an entrepreneurial and competitive spirit. UMG had a busy M&A year, buying the remaining share of [PIAS] and investing in Chord Music Partners, NTWRK and Mavin Global.

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