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Universal Music Reports 4.3% Revenue Growth for Third Quarter, Despite Streaming Decline
Universal, the world's largest music company, posted 4.3% revenue growth for the third quarter despite a streaming dip of .8%.
Top sellers for the quarter included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone. Excluding a prior-year item affecting comparability, detailed below, Adjusted EBITDA grew 10.8% year-over-year, or 12.4% in constant currency. “Even as we continue to grow revenue and Adjusted EBITDA, we are already making progress on the strategic initiatives we outlined at our recent Capital Markets Day,” said Lucian Grainge, UMG’s Chairman and CEO.
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