Universal Music Sales Beat Estimates as Subscription Revenue Up
(Bloomberg) -- Universal Music Group NV's sales beat estimates in 2021, largely driven by the increase in its subscription and streaming revenue.
Revenue rose 14.4% to 8.50 billion euros ($9.4 billion), the world's largest music company said on Thursday. Analysts surveyed by Bloomberg expected sales of 8.39 billion euros, on average, for the period. Adjusted earnings before interest, taxes, depreciation and amortization rose 19.4% to 1.79 billion euros.Â
The company reported growth across all segments, but subscription and streaming revenue, which grew 16.9% to 4.48 billion euros, led the jump.
Spun off from the French media company Vivendi SE, Universal went public in Amsterdam in September. Vivendi sold 60% of the company to its stockholders. The shares have fallen about 23% since IPO and closed down 3.9% Thursday at 19.36 euros.
For the fourth quarter, revenues rose 19% to 2.52 billion euros.
Universal's publishing division bought the career catalogs of Sting and Neil Diamond in the past month. Universal didn't disclose the deals' values, but the company purchased Bob Dylan's entire song catalog in 2020 in a pact worth more than $300 million.Â
©2022 Bloomberg L.P.
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