By Pierre Bertrand

 

Universal Music Group said its second-quarter earnings rose Wednesday as subscription and streaming revenue increased and subscriber numbers grew in the reporting period.

The music company said that overall revenue for the three months to the end of June rose to 2.7 billion euros ($2.98 billion), compared with EUR2.535 billion a year ago.

Compared with the year prior and in constant currency, second-quarter revenue at its recorded music business, which includes the group's closely watched subscription and streaming revenues, grew 11% to EUR2.08 billion. Subscription revenue grew 13% to EUR1.07 billion while streaming revenue rose 5.3% to EUR358M.

Universal said that the increase in subscription revenue was driven by growth in global subscribers and supported by price increases at certain platforms.

Adjusted earnings before interest, taxes, depreciation and amortization--a key profitability measure for the company-- rose to EUR590 million in the quarter from EUR507 million a year prior.

The company added that it intends to pay a first-half dividend of EUR437 million, or EUR0.24 a share, in October.

 

Write to Pierre Bertrand at pierre.bertrand@wsj.com

 

(END) Dow Jones Newswires

July 26, 2023 12:26 ET (16:26 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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