Universal Music Posts 17% Growth in First Post-IPO Earnings Report
variety.comJem Aswad Senior Music EditorIn its first post-IPO earnings report, Universal Music Group posted 17.4% year-over-year revenue growth in the third quarter of 2021, with recorded music subscription and streaming revenue up 15.2% and adjusted EBITDA up 20.7%.Lucian Grainge, UMG’s Chairman and CEO, said, “Our operational and financial performance this quarter – our first as an independent, publicly traded company – demonstrates both why UMG is the world’s most successful music company, as well as how our commitment to artists’ career development and fostering innovation promotes growth across the music ecosystem.”Revenue for the third quarter of 2021 was €2,153 billion (around $2.49 billion), up 16.1% compared to the third quarter of 2020, and.
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