Universal Music Group’s (UMG) financial results for the first half of the year show a 16.9% growth in total revenue.
The major record label reported revenue of €4.7 billion up to June 30, the largest of any music rights company in the world.
The result was driven by growth across all segments, including recorded music revenue, subscription revenue, ad-supported revenue, and physical revenue.
UMG Chairman and CEO Sir Lucian Grainge said the strong performance is “fuelled by the successful partnerships we’ve formed with our artists - both new and established - in markets around the world.”
“The widespread growth we are producing throughout UMG demonstrates that our strategy is progressing as planned, underscoring the strength and resilience of our business and our ability to deliver for our artists and our shareholders alike,” he added.