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Universal Music Group (UNVGY) is a global leader in music-based entertainment, shaping culture through artistry. With a diverse array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content, UMG boasts the most extensive catalog of recordings and songs across all musical genres.
Committed to fostering artistic innovation and entrepreneurship, UMG identifies and develops talent, producing and distributing critically acclaimed and commercially successful music worldwide. Recent achievements include entering a strategic partnership with Chord Music Partners, acquiring a 25.8% interest valued at US$240 million, building an impressive portfolio of premier music intellectual property from iconic artists.
UMG's Q4 2023 and FY 2023 results demonstrated robust financial performance, with revenue growing across all segments. Recorded Music, Music Publishing, and Merchandising and Other segments all exhibited strong revenue growth, contributing to an increase in EBITDA and Adjusted EBITDA.
The company's strategic organizational redesign aimed at enhancing artist and fan experiences, maximizing efficiencies, and driving long-term growth. By focusing on core creative capabilities, UMG aims to create unparalleled opportunities for artists and fans, while optimizing cost structures to achieve €250 million in annual run-rate savings by 2026.
Universal Music Group N.V. (UMG) has released the results of its 2024 Annual General Meeting (AGM) held on May 16, 2024. All resolutions on the agenda were adopted with a majority vote. Key resolutions included the approval of the 2023 remuneration report and financial statements, re-appointment of several directors, and the appointment of new directors Eric Sprunk and Mandy Ginsberg. The AGM also approved a final dividend of EUR 0.27 per share, bringing the total 2023 dividend to EUR 0.51 per share. Important dates for the final dividend are May 20, 2024 (ex-dividend date), May 21, 2024 (record date), and June 11, 2024 (payment date). Detailed voting results will be available on UMG's website within 15 days.
Universal Music Group N.V. reported a revenue of €2,594 million, a 5.8% increase YoY. Recorded Music subscription revenue grew by 10.7%, and streaming revenue by 8.9%. Music Publishing revenue increased by 16.7%. Adjusted EBITDA rose by 13.2%, and margin expanded to 22.8%. Top sellers included Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande, and Olivia Rodrigo.
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