Universal Music Says Sales Grew 16% in First Report After IPO
(Bloomberg) -- Universal Music Group NV, which was spun off from Vivendi SA last month, said third-quarter sales grew 16%, posting growth in recording, licensing and publishing in its first report as a public company.
Revenue rose to 2.15 billion euros ($2.5 billion), the world’s largest music company said Wednesday. Adjusted earnings before interest, taxes, depreciation and amortization increased 21% to 461 million euros.
Universal is benefiting from growth in music subscriptions and streaming, along with higher royalties from the use of songs in broadcast and other areas. Top sellers included new releases from Billie Eilish, Drake and King & Prince, along with continued sales of BTS and Olivia Rodrigo.
Earlier Wednesday, Spotify Technology SA, the world’s most popular paid audio service, reported a 27% increase in quarterly revenue, sparked by soaring ad sales.
Universal went public in Amsterdam last month, finishing its first day at 25.10 euros. The stock closed little changed Wednesday at 25.14 euros. Vivendi spun off 60% to its stockholders and retained a 10% stake at the time.
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