The music company, led by CEO Lucian Grange, reported a 21.6 percent quarterly revenue growth to $2.32 billion.
Universal Music Group on Tuesday reported higher sales and revenue for the first quarter amid growing deals. Including a recorded music unit leveraging the Encanto soundtrack and releases. Such as The Weeknd and Japanese idol group King & Prince.
In the fall, French media and telecommunications group Vivendi separated the music companies led by Chairman also CEO Lucian Grange. Benefiting from a recovery in the music sector thanks to a surge in streaming revenue. Vivendi said he would retain a 10 percent stake in the company for at least two years. Universal Music Group on Tuesday reported higher sales also revenue for the first quarter amid growing business. Including a recorded music unit using the Encanto soundtrack and publications. Such as The Weeknd and Japanese idol group King & Prince.
In the fall, French media and telecommunications group Vivendi separated the music companies led by Chairman and CEO Lucian Grange. Benefiting from a recovery in the music sector thanks to a surge in streaming revenue. Vivendi said he would retain a 10 percent stake in the company for at least two years.
Grange highlighted UMG’s “portfolio approach” to investments made throughout the artist’s career while developing and diversifying alternative income streams in the analyst call. “These very different revenue streams, each with their unique characteristics, are critical to our success. “Over the years, we have designed UMG also our strategic roadmap to generate a recurring and stable income,” he told investors.