(Tiper Stock Exchange) – universal musicamong the major music industry majors, closed on first quarter of 2023 with a sales of €2,451 million, up 11.5% year-on-year, or 9.3% at constant currency, driven by strong growth in the Recorded Music and Music Publishing divisions.
L’Adjusted EBITDA of 522 million euros, increased by 14.7% year-on-year, or 13% at constant currency, and the adjusted EBITDA margin increased by 0.6 percentage point to 21.3%.
“Our strong start to the year demonstrates our consistency in developing great artists and introducing their music to fans around the world – said CEO Lucian Grainge – We look forward to building on this momentum and furthering our track record of transforming disruptive technologies into opportunity to accelerate our business for our artists, fans and shareholders.”
The top-selling artists it was King & Prince, Morgan Wallen, Taylor Swift, TOMORROW X TOGETHER, reads a note.
“Our results reflect the continued evolution of our business towards consistent and predictable revenue from a growing range of sources said CFO Boyd Muir – With revenue up 9% and Adjusted EBITDA up 13%, we are encouraged by the our first quarter and we remain in line with our plans for the year“.
(Photo: Photo by Alexey Ruban on Unsplash)