HILVERSUM, The Netherlands (CelebrityAccess) — Universal Music Group (UMG) has announced its financial results for the fourth fiscal quarter and full year for 2024, showcasing growth across all business segments.
For the full year 2024, UMG generated total revenue of €11,834 million, marking a 6.5% increase year-over-year, or 7.6% in constant currency. In Q4, the company reported revenue of €3,439 million, reflecting a 7.2% increase compared to the same period last year.
Adjusted EBITDA for Q4 reached €799 million, an 18.0% year-over-year increase (19.1% in constant currency), with a 2.1 percentage point improvement in margin to 23.2%. For FY 2024, Adjusted EBITDA totaled €2,661 million, a 12.3% increase (13.8% in constant currency), with a 1.2 percentage point margin increase to 22.5%.
Net profit attributable to UMG’s parent company surged 65.7% to €2,086 million in 2024, compared to €1,259 million in 2023. Basic EPS for the year was €1.14, up 65.2%, while Diluted EPS reached €1.13, a 66.2% increase from €0.68 in the previous year.
Segment Performance
UMG’s recorded music operations saw strong growth, with subscription revenue rising 7.9% in Q4 (9.0% in constant currency). However, streaming revenue declined by 5.1% (4.1% in constant currency). For FY 2024, subscription revenue increased by 8.2% (9.1% in constant currency), while streaming revenue remained flat in constant currency.
Recorded Music EBITDA for 2024 was €2,073 million, up 28.1% year-over-year (30.5% in constant currency), and the Recorded Music EBITDA margin increased by 4.2 percentage points to 23.3%, compared to 19.1% in 2023. The segment’s EBITDA and margin were impacted by non-cash share-based compensation expenses of €202 million in 2024, down from €424 million in 2023.
Music Publishing also showed strong performance, with revenue of €2,121 million for FY 2024, up 8.4% year-over-year, or 9.0% in constant currency. In Q4, Music Publishing revenue totaled €613 million, reflecting a 6.4% year-over-year increase (7.0% in constant currency). When accounting for a one-time additional revenue boost from the CRB Phonorecords III decision in 2023, Music Publishing revenue grew 11.7% year-over-year in constant currency.
Music Publishing EBITDA reached €486 million in 2024, up 15.7% year-over-year (16.3% in constant currency), with EBITDA margin improving 1.4 percentage points to 22.9%, compared to 21.5% in 2023. The segment’s EBITDA and margin were also impacted by non-cash share-based compensation expenses of €25 million in 2024, down from €50 million in 2023.
“2024 was a year distinguished by the exceptional performance of our artists and songwriters and significant progress on our strategic initiatives,” said Sir Lucian Grainge, UMG’s Chairman and CEO. “Our industry-leading investment in talent continued to produce spectacular results, both from global superstars, as well as developing artists from around the world. We continue to create value for both our artists and shareholders by advancing our artist-centric strategy, ushering the next evolution of streaming—’Streaming 2.0,’ and advancing a responsible and effective approach to AI.”
Boyd Muir, COO and CFO of UMG, said, “Our artist investment has translated into continued strong financial performance in 2024, with healthy growth on both the top and bottom line. We continue to strategically reinvest in the business, while returning cash to our shareholders through meaningful dividends, and are well positioned to meet the growth targets laid out at our recent Capital Markets Day.”
