Universal Music Group Q3 Revenue Hits $3.12 Billion Despite Stagnant Streaming Growth
Universal Music Group reported $3.12 billion in total revenue for Q3 2024, marking a 4.3% year-over-year increase. Here's a detailed breakdown of their financial performance:
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Key Financial Highlights:
- Total Revenue: $3.12 billion (€2.87 billion), up 4.3% YoY
- Recorded Music: $2.34 billion, up 5.4% YoY
- Publishing: $544.15 million, up 1.8% YoY
- EBITDA: $605.15 million
Streaming Performance:
- Subscription Revenue: $1.24 billion (remained flat from Q2)
- Ad-Supported Revenue: $385.26 million (slight improvement from Q2)
Notable Revenue Segments:
- Physical Sales: $313.43 million (down 2% YoY)
- Digital Downloads: $45.71 million (down 28.8% YoY)
- Licensing: $353.73 million (up 20.4% YoY)
Publishing Revenue Breakdown:
- Digital Sources: $321.05 million
- Sync: $69.65 million (up 16.4% YoY)
- Performance Royalties: $109.92 million
- Mechanical: $30.47 million
- Other: $13.06 million
Top performing artists for the quarter included Taylor Swift, Billie Eilish, Post Malone, Sabrina Carpenter, and Chappell Roan. The company maintains its forecast of 8-10% annual subscription revenue growth through 2028, despite current streaming plateau concerns.
UMG shares closed at $25.12 per share, down 1.4% following the earnings announcement.