Universal Music Posts $3.2 Billion Revenue in Second Quarter, Publishing up 10% as Streaming Revenue Dips

variety.com:

Jem Aswad Executive Editor, Music Universal Music Group, the world’s largest music company, has reported a mixed second quarter for 2024, with revenue of $3.2 billion, an increase of 8.7% year-over-year, or 9.6% in constant currency.

Recorded music revenue grew 5.8% year-over-year, or 6.8% in constant currency; music publishing grew 10.1% year-over-year, or 10.4% in constant currency; and merchandising grew 44.6% year-over-year, or 43.7% in constant currency, according to the report.

Recorded music top sellers included Taylor Swift, Billie Eilish, Seventeen and Morgan Wallen. While recorded music subscription revenue grew 6.5% year-over-year (6.9% in constant currency), streaming revenue decreased 4.2% year-over-year, or 3.9% in constant currency, while physical revenue grew 9.5% year-over-year, or 14.4% in constant currency and license and other revenue grew 18.0% year-over-year on both a reported and constant currency basis.

The report follows a challenging first quarter that saw UMG fighting a challenging battle over royalties with the social media platform TikTok and undergoing substantial layoffs.