Universal Music Group NV, the world's largest record label, said quarterly revenue from music streaming surpassed €1 billion (US$1.06 billion) for the first time in the fourth quarter, a milestone that underscores its continued importance to the music business. Even as Universal Music's chairman and CEO
Universal Music Group NV, the world's largest record label, said quarterly revenue from music streaming surpassed €1 billion for the first time in the fourth quarter, a milestone that underscores its continued importance to the music business.
"Streaming has evolved in a way that undervalues the critical contributions of many artists as well as the engagement of many fans," Grainge said, adding that the company is working with its partners on new models to ensure continued streaming growth and fair compensation for artists. Universal Music Group's chief digital officer Michael Nash declined to comment on talks with"any specific partner."
Adjusted pre-tax earnings, or EBITDA, were €620 million compared with €568 million in the fourth quarter of 2021. Analysts had forecast EBITDA of €621.25 million, according to Refinitiv data.
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