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25.07.24 - 14:51
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"Create Some Unwelcome" Noise: Universal Music Crashes 30% On Streaming Revenue Woes (ZeroHedge)
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"Create Some Unwelcome" Noise: Universal Music Crashes 30% On Streaming Revenue Woes
Shares of Universal Music Group plummeted up to 30% in Amsterdam on Thursday after the world's largest record label, representing top artists like Taylor Swift, Billie Eilish, Drake, Adele, and Ariana Grande, reported disappointing second-quarter earnings. The report fell short of investor expectations regarding subscription and streaming revenue growth.
Universal's second-quarter report showed subscription revenue in recorded music grew 6.5% year-over-year, or 6.9% in constant currency, missing the Bloomberg estimate of surveyed analysts for growth of 11%.
Recorded Music subscription revenue grew 6.5% year-over-year, or 6.9% in constant currency and 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 curren...
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