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Universal Music Posts Solid 2024 Results, Doubles Down on ‘Superfans’ and ‘Streaming 2.0’
Universal Music Group posted strong 2024 earnings, with a 6.5% rise in revenue over 2023 and hits from Taylor Swift, Chappell Roan, 'WIcked' and more.
The company’s bottom line was also enhanced by thousands of layoffs that took place in a “ strategic redesign” throughout 2024 as it continued to emphasize its future growth strategies of a superfan focus and “Streaming 2.0,” although executives shied away from specifics of the plans on the call and instead referred to presentations during its “Investor Day” last fall. The company also pointed to success in the “Introduction of Streaming 2.0… a new era of innovation, consumer segmentation, geographic expansion, greater consumer value and ARPU growth for subscription music”; investments in such international markets as Mavin Global (Nigeria), RS Group (Thailand) and Outdustry (China/India), and notably its focus on growing its artist and label-services business, particularly via the acquisition of the remaining share of [PIAS] and its $775 million agreement to acquire Downtown Music Holdings. “It’s the stickiness of our music and our libraries and our catalog and our global reach [that enables the company] to actually build the ecosystem,” Grainge said on the call.
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