Entertainment

Billie Eilish, Drake Help Universal Music Group Earnings – The Hollywood Reporter

Common Music Group posted larger income and earnings for its third quarter on Wednesday amid progress throughout its companies, together with its recorded music unit, which benefited from new releases from Billie Eilish and Drake.

In its first earnings report since its spin-off from French telecom and media conglomerate Vivendi in late September, the music main, led by chairman and CEO Lucian Grainge, touted its momentum.

Common Music Group’s shares jumped of their inventory market debut on Amsterdam’s Euronext change in late September. With the music powerhouse’s market itemizing, French media firm Vivendi cashed in on a bounceback of the music sector due to a increase in streaming income, whereas retaining a stake of about 10 % within the music main for a minimal interval of two years.

Third-quarter earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose 12.1 % to 426 million euros ($494 million). Adjusted EBITDA, which excludes such elements as compensation expense, rose 20.7 % to 461 million euros ($535 million).

Income for the third quarter rose 16.1 % to 2.15 billion euros ($2.49 billion), or 17.4 % when assuming fixed forex change charges because the agency’s recorded music, music publishing and “merchandising and different” segments all contributed to the advance.

In UMG’s recorded music unit, quarterly income rose 15.5 %, or 16.9 % assuming fixed currencies, to 1.71 billion euros ($1.98 billion) as subscription and streaming income grew 14.0 %, or 15.2 % in fixed forex and bodily income grew 8.9 %, or 11.6 %, “pushed by robust vinyl demand in addition to progress in direct-to-consumer gross sales.” UMG additionally famous that different digital income fell 4.7 %, or 3.5 % in fixed forex, “as the worldwide decline in downloads continues.”

High sellers for the quarter included new releases from Billie Eilish, King & Prince and Drake, in addition to continued gross sales of BTS and Olivia Rodrigo.

“Our operational and monetary efficiency this quarter – our first as an unbiased, publicly-traded firm – demonstrates each why UMG is the world’s most profitable music firm, in addition to how our dedication to artists’ profession growth and fostering innovation promotes progress throughout the music ecosystem,” mentioned Grainge.

“Our outcomes this quarter display the continued energy of our artist roster and catalogue, the more and more diversified income streams of our enterprise, and our means to ship progress for our shareholders,” mentioned Boyd Muir, CFO and president of operations.

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