Lucian Grainge Says Slowing Ad Market Won’t Shake Universal Music

Sir Lucian Grainge attends the Universal Music Group Hosts 2020 Grammy After Party on January 26, 2020 in Los Angeles.Universal Music Group on Thursday reported its fifth-straight quarter of revenue gains since its public spinoff from Vivendi last year, increasing revenue 13.3% as its many, varied business divisions helped offset slow-downs in areas sensitive to global economic uncertainty.

Subscription revenues grew by 8.7% from a year ago in constant currency — a measure UMG uses to strip out fluctuations in foreign exchange markets. UMG chief financial officersaid subscriber growth among the digital streaming providers remains healthy and “we have not seen any signs of economic related slowdowns.”

The company saw an $80 million increase in touring revenues in the quarter compared to last year from top selling acts like BTS, BLACKPINK, Ado, INI and Morgan Wallen, executives said.

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