Universal Music Group tops fourth-quarter revenue estimates

Universal Music Group NV, the world’s largest record label, on Thursday beat Wall Street’s projections for revenue in its fourth quarter, though fell shy on adjusted pre-tax earnings.

The company said top sellers in the quarter included Drake, Seventeen and Taylor Swift’s “Midnights,” which made history by occupying all top 10 slots in Billboard’s Hot 100 list of most popular songs. Adjusted pre-tax earnings, or EBITDA, were €620-million compared with €568-million in the fourth quarter of 2021. Analysts had forecast EBITDA of €621.25-million, according to Refinitiv data.

Revenue rose 16.7 per cent to €2.94-billion, with streaming revenue up 13.3 per cent from a year ago. That compares with analyst forecasts of €2.87-billion. Subscription and streaming revenue, which accounts for more than half of Universal Music’s revenue from recorded music, was up 18.5 per cent from a year ago to €1.44-billion.The label’s merchandising business brought in €181-million, a gain of 28 per cent from a year earlier.

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