UMG: The Beatles boost Q4 results
(CercleFinance.com) - Universal Music Group (UMG) said on Thursday evening that its Q4 results were up, driven by strong sales from Taylor Swift, Drake and the Beatles.
The music label posted Ebitda that is up 23.3% at 620 million euros in Q4, including 15.5% growth at constant exchange rates.
Sales rose by 16.7%, or +8.8% at constant exchange rates, to 2.94 billion euros, of which 400 million euros (+13.3%) came from streaming platforms.
In its outlook, UMG said it was well positioned for 2023, adding that it was continuing to work towards achieving its medium-term targets.
However, following this publication, the stock listed in Amsterdam was down 3.2% late Friday morning. It has nevertheless risen by 16% since its demerger from Vivendi in September 2021.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The music label posted Ebitda that is up 23.3% at 620 million euros in Q4, including 15.5% growth at constant exchange rates.
Sales rose by 16.7%, or +8.8% at constant exchange rates, to 2.94 billion euros, of which 400 million euros (+13.3%) came from streaming platforms.
In its outlook, UMG said it was well positioned for 2023, adding that it was continuing to work towards achieving its medium-term targets.
However, following this publication, the stock listed in Amsterdam was down 3.2% late Friday morning. It has nevertheless risen by 16% since its demerger from Vivendi in September 2021.
Copyright (c) 2023 CercleFinance.com. All rights reserved.