, Universal Music Group grew revenue 3.3% to 2.75 billion euros in the third quarter, the company announced Thursday . . “The fact that more than four decades after its original recording, we can use the latest technology to bring this recording everywhere is truly remarkable and something that we’re very proud of,” said Grainge.
The company’s recorded music segment declined 1.1% to $2.04 billion , a 5.2% increase at constant currency . Subscription revenue grew 6.7% , despite not yet receiving a boost from recent price increases at Spotify and YouTube Music. Those benefits are expected to be felt in the fourth quarter, said CFO, who noted that “each of these services raised prices in certain markets, and on certain plans, not across all subscribers.
Downloads and other digital revenue declined 56.9% due to the prior-year legal settlement and a broad decline in download sales. Licensing and other revenue declined 11.8% due to a strong prior-year quarter that benefitted from artists’ return to touring as the concert business recovered from pandemic-era shutdowns.
Publishing’s digital revenue grew 25.6% on strong streaming and subscription growth and the CRB III catch-up payment. Synch revenue declined 3.5% while mechanical revenue was stable.
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