Universal Music Reports 4.3% Revenue Growth for Third Quarter, Despite Streaming Decline

variety.com:

Jem Aswad Executive Editor, Music UPDATED: Universal Music Group, the world’s largest music company, reported revenue of €2,870 million for the third quarter — an increase of 4.3% year-over-year, or 4.9% in constant currency, although it noted that “excluding a prior-year item affecting comparability,” revenue actually grew 6.3% year-over-year, or 7.0% in constant currency.

Top sellers for the quarter included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone. The company also announced that longtime chief financial officer Boyd Muir has been promoted to chief operating officer; the company is currently searching for a new CFO.

According to the report, recorded music subscription revenue grew 7.6% year-over-year, or 8.2% in constant currency while streaming revenue declined 0.8% year-over-year, but grew 0.3% in constant currency.

On Thursday’s earnings call, chief digital officer Michael Nash pointed to a slowdown in advertising growth on streaming services as a primary cause for the decline.