UMG’s Sir Lucian Grainge. Courtesy Picture.
HILVERSUM, The Netherlands (CelebrityAccess) — Common Music Group introduced its monetary outcomes for the primary quarter of 2024 with income of €2.59 billion, up by 5.8% year-over-year.
“UMG’s persevering with success is in massive measure attributable to the truth that we at all times put artists on the middle of every part we do and encompass them with the trade’s most skilled groups and our broad-based and strategically built-in portfolio of companies,” stated UMG’s Chairman and CEO Sir Lucian Grainge. “Our strategic plan is as soon as once more driving a robust begin to the yr, mirrored in our outcomes, in addition to the distinctive efficiency of our artists world wide.”
EBITDA for the quarter expanded by 87.7% year-over-year, to €490 million and EBITDA margin was 18.9%, in comparison with 10.6% within the first quarter of 2023.
Efficiency income elevated by 26.7% to 114 million over the earlier yr whereas income from recorded music rose by 3.4% to €1.98 billion in Q1 2024.
Income from music publishing was one other shiny spot for UMG in the course of the first quarter of 2024, rising by 16.7% year-over-year to €496 million.
EBITDA for the quarter grew 87.7% year-over-year, or 95.2% in fixed forex, to €490 million and EBITDA margin was 18.9%, in comparison with 10.6% within the first quarter of 2023.
“2024 is off to a wholesome begin, with income development in all segments in addition to robust Adjusted EBITDA development and margin growth. We stay inspired by the trajectory of the enterprise and with the execution of our plans for this yr and the years forward,” added Boyd Muir, UMG’s EVP, CFO and President of Operations.