Hilversum, The Netherlands, (CelebrityAccess) — Universal Music Group reported solid results during the third fiscal quarter of 2022, with overall revenue of €2,664 million during the period, up by 13.3% year-over-year in constant currency.
According to Universal, the label group saw growth across all of its divisions, including recorded music, where revenue was up by 10.1% from the previous year’s Q3.
UMG’s Music publishing operation also reported revenue growth, posting a 6.9% year-over-year increase at constant currency. Merchandising and other revenue was up sharply for Q3, improving by 101.1% from the previous year, in constant currency.
EBITDA for the quarter grew 26.5% year-over-year, or 15.4% in constant currency, to €539 million, propelled by the companywide revenue growth and further boosted by a legal settlement in a copyright case with a DSP.
“More than ever, we are delivering a diverse and growing range of business and creative opportunities to our recording artists and songwriters,” said Sir Lucian Grainge, UMG’s Chairman and CEO. “Through our innovation, global reach, and unique understanding of the evolution of the market, we are continually improving the monetization of music and music-related content, generating high-quality revenue and recurring income from more sources than ever before.”
“Our vision of success is about maximizing the long-term value of the business. That requires not only growing revenues but also growing a broad diversity of revenue streams that help drive greater absolute EBITDA and greater value for shareholders,” added Boyd Muir, UMG’s EVP, CFO and President of Operations.