BRUSSELS (dpa-AFX) - Universal Music Group N.V. (UMG) reported higher third-quarter revenue and adjusted EBITDA, driven largely by strong subscription growth and physical music sales, along with contributions from its Downtown acquisition.
Revenue for the quarter increased 12.3% to €3.39 billion from €3.02 billion a year earlier. Revenue grew 11.7% at constant currency, while growth excluding Downtown was 5.3%.
Adjusted EBITDA rose 9.8% to €729 million from €664 million, with constant-currency growth of 9.0%. However, the adjusted EBITDA margin declined to 21.5% from 22.0%, reflecting the impact of the Downtown acquisition. Excluding Downtown, the margin expanded 0.4 percentage points to 22.4%.
Recorded Music revenue grew 15.1% to €2.56 billion, supported by subscription revenue growth of 20.7% and a 15% increase in physical sales. Music Publishing revenue advanced 8.7% to €590 million, while Merchandising and Other revenue declined 4.2% to €248 million.
For the first nine months, revenue increased 7.7% to €9.59 billion, while adjusted EBITDA rose 2% to €2.04 billion. At constant currency, revenue and adjusted EBITDA grew 11.1% and 4.8%, respectively.
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