(News Bulletin 247) – Universal Music Group (UMG) reported on Thursday evening higher results for the fourth quarter, notably under the impetus of good sales of Taylor Swift, Drake and the Beatles.
The music label says it posted adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) up 23.3% to 620 million euros in the last three months of the year, including growth of 15, 5% at constant exchange rates.
Its operating margin improved by 1.1 percentage point to 21.1%.
Turnover increased by 16.7%, or +8.8% at constant exchange rates, to reach 2.94 billion euros, of which 400 million euros (+13.3% ) were pulled from streaming platforms.
In its press release, the group based in the Netherlands explains that it has benefited in particular from the reissue in spatial audio of the Beatles’ album ‘Revolver’.
Regarding its outlook, UMG said it was well positioned for the 2023 financial year, adding that it continued to work towards achieving its medium-term objectives.
Following this publication, the stock listed on the Amsterdam Stock Exchange lost 3.2% late Friday morning. However, it has increased by 16% since its split from Vivendi in September 2021.
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