Universal Music Group Revenues Rise In Fourth Quarter 2022

Q4 Results

UNIVERSAL MUSIC GROUP fourth quarter 2022 revenue increaased 16.7% year-over-year (8.8% in constant currency) to €2.942 billion, with Adjusted EBITDA up 23.3% (15.5% in constant currency) to €620 million. Adjusted Net Profit for the full year 2022 was up 14.4% to €1.454 billion. Recorded music revenues rose 13.2% to €2.235 billion, with subscriptions rising 20.6% and streaming up 13.3%; physical revenue rose 6.6%. Music publishing revenue jumped 29.9% to €530 million. The company reported that its top sellers included TAYLOR SWIFT, THE BEATLES, DRAKE, SEVENTEEN, and LIL BABY.

"Today's report demonstrates that, once again, we continue to successfully manage the company for long term growth while driving strong results in our core business -- developing great artists and introducing their music to fans around the world," said Chairman/CEO SIR LUCIAN GRANGE.  "Our roster -- which features four of the top five, and 15 of the Top 20 IFPI Global Artists of the Year -- once again achieved enormous commercial and creative success in markets around the world.  We also worked to evolve and expand relationships with our existing DSP partners as well as establish new ones in fitness, health, gaming and the metaverse, driving the industry forward though leadership, creativity, innovation and collaboration."

EVP/CFO/Pres. of Operations BOYD MUIR added, "2022 has been another year of sustained growth at UMG, with particularly robust growth in Free cash flow, even as we continue to opportunistically and selectively invest in artists and catalogues that will be additive to the long-term health of our business.  We saw revenue growth of 14% in constant currency, Adjusted EBITDA growth of 12% in constant currency and Free cash flow growth of 70%, positioning us well for 2023, as we continue to work towards our mid-term targets."

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