Universal Music Group NV’s sales in the first quarter got a boost from music releases by Japanese band King & Prince and American country singer Morgan Wallen.
(Bloomberg) — Universal Music Group NV’s sales in the first quarter got a boost from music releases by Japanese band King & Prince and American country singer Morgan Wallen.
The world’s largest music company’s revenue increased 12% to €2.45 billion ($2.7 billion) in the first three months of the year, it said on Wednesday. That compared to an average estimate of €2.42 billion, according to analysts surveyed by Bloomberg.
The Hilversum-based company’s recorded music revenue rose 12% to €1.92 billion, led by the growth in global subscribers and CD and DVD sales in Japan. Streaming revenue declined by 2.2% in constant currency, “as the advertising industry was impacted by a difficult economic environment,” the company said.
Universal Music, which is the record label for artists such as Taylor Swift and The Weeknd, has been vocal about the need for a new “artist-centric” streaming model. It entered partnerships with TIDAL and Deezer SA to explore new economic models for streaming.
Other top sellers in the quarter included Swift, TOMORROW X TOGETHER and back number.
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