UMG

By Mauro Orru

Universal Music Group NV--the music major behind the Weeknd, Billie Eilish and Taylor Swift--posted higher revenue for the second quarter as it continued to benefit from the popularity of streaming services offered by the likes of Spotify Technology SA, Apple Inc. and Amazon.com Inc.

The world's largest music company said Wednesday that revenue for the three months to the end of June climbed to 2.54 billion euros ($2.57 billion) from EUR2.02 billion last year.

Universal's recorded music business, which encompasses subscription and streaming, accounted for the lion's share of revenue growth. Subscription revenue rose 7% at constant currency to EUR966 million, while streaming revenue jumped 15.6% to EUR348 million.

Still, streaming growth cooled down when compared to the first three months of the year, when Universal streaming revenue jumped 18.4% at constant currency. Streaming services enjoyed a banner two years as listeners turned to digital when coronavirus restrictions the world over brought live concerts to a standstill.

Adjusted earnings before interest, taxes, depreciation, and amortization--a key profitability measure for Universal--rose to EUR507 million from EUR429 million.

Universal was expected to post revenue of EUR2.41 billion and adjusted earnings of EUR499 million, according to UBS estimates.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 27, 2022 12:20 ET (16:20 GMT)

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