Universal Music Group NV , the world's largest record label, said quarterly revenue from music streaming surpassed 1 billion euros ($1.06 billion) for the first time in the fourth quarter, a milestone that underscores its continued importance to the music business.
Universal Music Group's chief digital officer Michael Nash declined to comment on talks with "any specific partner."
The company said top sellers in the quarter included releases from Drake, Seventeen and Taylor Swift's "Midnights," which made history by occupying all top 10 slots in Billboard's Hot 100 list of most popular songs. Adjusted pre-tax earnings, or EBITDA, were 620 million euros compared with 568 million euros in the fourth quarter of 2021. Analysts had forecast EBITDA of 621.25 million euros, according to Refinitiv data.
Revenue rose 16.7% to 2.94 billion euros, with streaming revenue up 13.3% from a year ago. That compares with analyst forecasts of 2.87 billion euros. Subscription and streaming revenue, which accounts for more than half of Universal Music's revenue from recorded music, was up 18.5% from a year ago to 1.44 billion euros.The label's merchandising business brought in 181 million euros, a gain of 28% from a year earlier. This reflects the return of concert tours, following a period when the COVID-19 pandemic forced cancellations.
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