Universal Music Posts Nearly $11 Billion in 2022 Revenue as Company Expands Efforts for ‘New Streaming Model’
variety.comJem Aswad Senior Music Editor Universal Music Group posted booming results for 2022, with revenues soaring 21.6% to nearly $10.95 billion, driven by streaming and a strong performance from its recorded music and publishing divisions.
Recorded music’s revenues from streaming and subscriptions were up around 19% to over $5.6 billion, while digital revenues form publishing division were up a whopping 50% to $1.05 billion.
Top sellers for the year included Taylor Swift, BTS, the “Encanto” sountrack, Olivia Rodrigo, Morgan Wallen and the Beatles, while top sellers for the fourth quarter were Swift, the Beatles, Drake, Seventeen and Lil Baby.
Also in the announcements and the earnings call, the company revealed that it has expanded its project with Tidal to come up with a new economic model for streaming to include Deezer, which is the no.
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