Taylor Swift helps fuel Universal Music Group’s third-quarter revenue

CULTURAL phenomenon Taylor Swift helped fuel revenue at Universal Music Group in the third quarter, the world’s largest record label said on Wednesday (Oct 25).

Total revenue was 2.75 billion euros (S$4 billion) in the quarter, up 3.3 per cent for the year. Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) stood at 581 million euros, up 5.1 per cent, the company reported.

When adjusting for constant currency, revenue was up nearly 10 per cent in the quarter and adjusted Ebitda rose 11.3 per cent.

Ebitda for the quarter fell 11.3 per cent to 478 million euros, reflecting the impact of non-cash share-based compensation expenses of 103 million euros during the quarter.

Recorded music sales totalled 2 billion euros, down 1.1 per cent from a year ago. Subscription revenue rose 6.7 per cent to more than 1 billion euros in the quarter, though revenue from ad-supported free streaming services declined 1.4 per cent, reflecting a soft advertising market.

Revenue from music publishing rose 17.5 per cent to 491 million euros, while merchandise sales increased 20.1 per cent to 227 million euros.

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The top sellers for the quarter included Taylor Swift, Seventeen, Morgan Wallen, Olivia Rodrigo and King & Prince. REUTERS