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Universal Music Group Revenues Up 6% to $2.8B on Subscription Growth, As Execs Talk TikTok Deal
Universal Music Group revenues were up 6% year over year to $2.8 billion, the company announced in an earnings call after striking a deal with TikTok.
CFO Boyd Muir attributed the margin improvement to revenue growth and a change in product mix — namely, less physical sales — but during Thursday’s earnings call he cautioned “not to read too much into any one quarter” and urged investors to look at trends over longer periods. Top sellers in the quarter came from Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande and Olivia Rodrigo. (Taylor Swift’s The Tortured Poets Society, which sold 859,000 vinyl copies in its first week of release, will impact UMG’s second quarter results.)
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