The Santa Monica-based music corporation released the report Oct. 27, announcing revenue of 2.15 billion euros ($2.49 billion) for the period, a 16.1% increase compared to the third quarter of 2020, or 17.4% increase with constant currency rates. UMG’s recorded music, music publishing, and “merchandising and other” divisions contributed to the revenue growth, with adjusted EBITDA up 20.7% year over year.
UMG reported 1.71 billion euros ($1.98 billion) in recorded music revenue, a year-over-year improvement of 15.5%, or 16.9% in constant currency.
Subscription and streaming revenue grew 14%, or 15.2% from the third quarter of 2020 in constant currency, which the company attributed to improvements in monetizing ad-supported streaming and enhanced social media deals.
Physical media grew 8.9%, or 11.6% in constant currency, with 280 million euros ($324 million) year over year, which UMG credited to strong demand for vinyl and increased direct-to-consumer sales.
UMG Announces 16% Growth in First Public Earnings Report
