UMG POSTS $2B Q1; IPO IN THE FALL?

Universal Music Group’s revenues grew 9.4% at constant currency in the first quarter of 2021 to €1.81b ($2.17b).

Recorded music revenues grew by 10.8% at constant currency and perimeter thanks to the growth in subscription and streaming revenues (+19.6%). Physical sales were up 14.8% compared to the first quarter of 2020.

Subscriptions and streaming revenues surpassed €1b, a 19.6% spike over 2020. Olivia Rodrigo’s “drivers license” and Justin Bieber’s “Peaches” were singled out as particulalry strong streamers.

Music publishing revenues grew by 6.9% at constant currency and perimeter compared to the first quarter of 2020, driven by increased subscription and streaming revenues.

Parent company Vivendi has moved up its plan to spin off a chunk of UMG, eyeing the fall instead of early 2022. Shareholders will get their chance on 6/22 to weigh in on an exceptional distribution of Universal Music shares.