Universal Music Posts Record Revenue for 2021 as Streaming and Vinyl Soar
variety.comJem Aswad Senior Music EditorThe world’s largest music company, Universal Music Group, posted a record $9.4 billion in revenue for 2021, the company announced in its earnings report on Thursday.
That marks a 14.4% increase over 2020, although comparisons with the pandemic year are obviously skewed.Recorded music revenues were up 14.3% to around $7.52 billion, while streaming soared nearly 17% to just under $5 billion.
Physical revenue is up 18.6% year-over-year to around $1.24 billion, powered mostly by vinyl’s continued growth and a boost in direct-to-consumer sales.Top sellers for the year included new albums from Olivia Rodrigo, BTS, Justin Bieber, Morgan Wallen, ABBA and Taylor Swift, while the Weeknd and Billie Eilish also posted strong sales.
Universal Music Publishing’s revenue was up 12.6% to $1.49 billion, thanks to ongoing growth in streaming as well as synch and catalog acquisition.
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