By Cecilia Butini

Universal Music Group NV on Tuesday reported higher earnings and revenue for the first quarter, driven by growth in all of its segments.

The world's largest music company, which is home to artists such as Justin Bieber and Taylor Swift, posted earnings before interest, taxes, depreciation and amortization of 454 million euros ($477.1 million) for the quarter, up from EUR395 million the previous year. Adjusted earnings before interest, taxes, depreciation and amortization rose to EUR455 million from EUR396 million the year prior. Revenue grew 21.6% and reached EUR2.20 billion, from EUR1.81 billion in the same quarter of 2021, the company said.

Revenue in recorded music amounted to EUR1.72 billion in the quarter, which was up 16% from the previous year, while subscription and streaming revenue grew by 19.9% in the quarter, Universal said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

May 03, 2022 12:23 ET (16:23 GMT)

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