Universal Music is the latest major label to publish financial results showing that its business rode out the Covid-19 storm in 2020.
UMG’s revenues for the year grew by 3.8% to €7.43bn (around $8.95bn) – or by 4.7% when calculated as ‘organic growth’. Within that, UMG’s recorded music revenues grew by 5.9% to €5.97bn, although that increase was outgunned by a 12.7% rise in revenues for Universal’s music publishing business, to €1.19bn.
No surprises in what’s driving the recordings growth: streaming and subscriptions revenues grew by 15.3% to €3.83bn in 2020 for UMG, accounting for 64.2% of its overall recorded music revenues. Which, to use the now traditional industry publication metrics for all this, means that UMG averaged €10.5m a day in recorded-music streaming revenues last year. €436.4k an hour, €7.3k a minute, and so on.
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