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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Truecaller revenue more than doubles in first earnings report after IPOSTOCKHOLM : Swedish mobile phone directory and caller identification service Truecaller reported a 129per cent rise in quarterly revenue in its first earnings report as a public company.Revenue rose to 312.8 million Swedish crowns (US$36.48 million) from 136.5 million crowns a year earlier.(US$1=
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Thai economy to grow more than 1per cent this year - finance ministerBANGKOK : Thailand's economy is expected to grow by more than 1per cent this year, helped by improved exports and government measures as well as a gradual recovery in tourism, the finance minister said on Wednesday.The government also plans to introduce additional economic measures, finance minister Arkho
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »