Universal Music Group’s core earnings up 21per cent, boosted by streaming

AMSTERDAM :Universal Music Group NV , the record label behind many of the music industry's biggest stars, on Wednesday reported a 21per cent rise in third quarter core earnings it attributed to growing revenue from streaming and social media platforms.

"I firmly believe the music industry is only at the beginning of a new wave of growth and evolution," said CEO Lucian Grainge in a presentation. Grainge said the results showed the strength and diversity of Universal's artist catalogue, noting important deals struck in recent months with South Korean pop band BTS, Indian rapper Badshah and German singer Helene Fischer, as well as innovative deals with U.S. rock band Aerosmith and Sweden's ABBA.

Universal's quarterly revenue rose 16per cent to 2.15 billion euros, it said, citing growth in recordings, publishing and merchandising.

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