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UMG: growth again driven by streaming

( - On Wednesday Universal Music Group (UMG) reported an increase in Q1 operating profit, a performance that the music publisher still attributes to the growth of its streaming activities.

UMG's adjusted EBITDA rose by 14% at constant exchange rates to 454 million euros, driven by growth in revenue, which increased 16.5% to nearly 2.2 billion euros.

At over 1.2 billion euros, recorded music revenues rose 11% at constant exchange rates, mainly due to growth in subscription and streaming revenues (+14.6%).

Physical sales increased by 8.7% to 237 million euros, thanks to both higher vinyl and CD sales.

Listed on the Amsterdam Stock Exchange last month, UMG shares were trading up 1.2% on Wednesday at around 22.5 euros, above its IPO price of 18.5 euros in September 2021.

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