(Bloomberg) -- Taylor Swift's ‘Midnights' album helped the US artist generate $230 million in sales for Universal Music Group N.V. last year, according to JPMorgan Chase & Co.
Swift, 33, represented close to 3% of the company's revenues from recorded music in 2022, with the biggest boost coming in the fourth quarter after the release of the album, analysts including Daniel Kerven wrote in a note. They reiterated a buy-equivalent rating on the stock and raised their organic sales growth estimate for the last three months of the year to 10% from 6%.
“Taylor Swift's Midnights smashed numerous records and should provide a fourth quarter (and a first quarter) boost to UMG's growth,” the JPMorgan analysts wrote. ‘Midnights' sold six million album equivalents in eight weeks and became the first album in history to capture the entire US Billboard Top 10, they added.
Universal Music — which signed a multi-year pact with Swift in 2018 — is expected to report full-year sales of around €10.3 billion ($11.2 billion) including €7.8 billion from recorded music, according to estimates compiled by Bloomberg.
--With assistance from .
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
