(AOF) – Universal Music Group gained 2.56% to 23.57 euros: the global giant of the music industry revealed quarterly revenues higher than expectations. The stock recorded a historic fall on the stock market at the end of July after reporting a slowdown in growth in turnover from subscriptions and streaming. “Subscriptions (paid streaming) were relatively strong, with growth of 8.2% at constant currencies, above consensus (7.2%) and representing an acceleration compared to the second quarter (6.9%). %)”, underlines UBS.
In the third quarter, revenue of 2.870 billion euros increased by 4.3% or 4.9% at constant exchange rates. UMG emphasizes that all segments are growing. The market expected growth of 3.9% at constant exchange rates. On a like-for-like basis, it increased by 6.3% or 7% at constant exchange rates.
Recorded music subscription revenue increased 7.6% or 8.2% at constant currencies, while streaming revenue decreased 0.8% year-over-year. However, it increased by 0.3% at constant exchange rates.
Top sellers include Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone.
In line with expectations, adjusted Ebitda increased 6% to 621 million euros or 8.2% at constant exchange rates, and adjusted Ebitda margin increased 0.5 percentage points to 21 .6%. On a comparable basis, adjusted Ebitda increased by 8.9% or 10.3% at constant exchange rates.
