The music giant hit $2.94 billion in the second quarter, thanks in part to a 10.6% year-over-year increase in subscription revenue.
in the United States and other markets on Monday, but the streaming giant shares UMG’s concerns about fairly compensating and promoting “real artists” above lesser content flooding the platform, CEOsaid during Wednesday’s earnings call. “And as part of our newly expanded agreement, [Spotify has] committed to continue to work to address them,” Grainge said.
Grainge continued a recurring theme from recent earnings calls by pitting “real, actual human beings who have real, actual fans” against “those devoted to gaming the system, to committing fraud, to flooding the platform with content that music fans do not want.” He expressed confidence that UMG “will bring those principles to life across the streaming world.
By adjusting EBITDA, UMG removed the impact of non-cash share-based compensation of 85 million euros from the company’s equity compensation plan that began in the fourth quarter of 2022. Subscription revenue grew 10.6% to 1.07 billion euros .Physical revenue grew 18.3% year-over-year to 326 million euros . Music publishing division highlights:
Music publishing revenue was 464 million euros , down 2.5% year-over-year, or 0.6% in constant currency.Daily newsletters straight to your inbox
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