Universal Music Group N.V. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024

In This Article:

Announces Promotion of Boyd Muir to Chief Operating Officer, Plans for Chief Financial Officer Transition

Summary Q3 2024 Results1

  • Revenue of €2,870 million increased 4.3% year-over-year, or 4.9% in constant currency, with growth in all segments. Excluding a prior-year item affecting comparability, detailed below, revenue grew 6.3% year-over-year, or 7.0% in constant currency.

  • Recorded Music subscription revenue grew 7.6% year-over-year, or 8.2% in constant currency while streaming revenue declined 0.8% year-over-year, but grew 0.3% in constant currency.

  • Adjusted EBITDA of €621 million increased 6.9% year-over-year, or 8.2% in constant currency, and Adjusted EBITDA margin expanded 0.5 percentage points to 21.6%. Excluding a prior-year item affecting comparability, detailed below, Adjusted EBITDA grew 8.9% year-over-year, or 10.3% in constant currency.

  • Top sellers included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone.

Summary YTD Results1

  • Revenue of €8,396 million increased 6.3% year-over-year, or 7.4% in constant currency, driven by strong growth in all segments. Excluding a prior-year item affecting comparability, detailed below, revenue grew 7.0% year-over-year, or 8.2% in constant currency.

  • Recorded Music subscription revenue grew 8.2% year-over-year, or 9.2% in constant currency and streaming revenue grew 0.9% year-over-year, or 1.8% in constant currency.

  • Adjusted EBITDA of €1,862 million increased 10.0% year-over-year, or 11.7% in constant currency, and Adjusted EBITDA margin expanded 0.8 percentage points to 22.2%. Excluding a prior-year item affecting comparability, detailed below, Adjusted EBITDA grew 10.8% year-over-year, or 12.4% in constant currency.

  • Top sellers included Taylor Swift, Billie Eilish, Morgan Wallen, Sabrina Carpenter and Noah Kahan.

This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board as endorsed by the EU. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Appendix to this press release.

HILVERSUM, The Netherlands, Oct. 31, 2024 /PRNewswire/ -- Universal Music Group N.V. ("UMG" or "the Company") today announced its financial results for the third quarter and nine months ended September 30, 2024.

(PRNewsfoto/Universal Music Group)
(PRNewsfoto/Universal Music Group)

"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 Sir Lucian Grainge, UMG's Chairman and CEO.  "We continue to advance our Artist-Centric strategy, a key pillar of our work to evolve streaming's underlying business model, or what we call 'Streaming 2.0'.  Through these initiatives, we are setting the stage for a new wave of streaming growth and new opportunities to UMG, its artists, songwriters and shareholders."