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UMG revenue rises 12% as paid streaming subscriptions grow
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Universal Music Group’s third-quarter revenue rose by more than 12% to €3.4 billion, led by paid streaming subscriptions, which grew faster than in the previous quarter.
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Universal Music Group (UMG) increased third-quarter revenue by more than 12% to €3.4 billion, with paid streaming subscriptions providing the strongest growth, according to figures reported by ANP.
Revenue from subscriptions rose by more than 19% year on year, accelerating from the previous quarter. UMG attributed the increase partly to price rises and what it described as “healthy” subscriber growth. The acquisition of record label Downtown also added to revenue.
The company’s earnings before interest, taxes, depreciation and amortisation rose 13% to €672 million. UMG said cost-saving measures contributed to the increase.
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