2023-05-30 09:23:05
Fears relating to artificial intelligence and Bolloré holdings weighed heavily on the action of the European giant of the streaming. A little too much in our opinion, especially since its growth is solid.
For the giant streaming Universal Music Group (UMG), the year 2023 has started well. In the 1st quarter, its sales of 2.45 billion euros increased by 11.5% on a reported basis.
At constant exchange rates, a more relevant measure for this very international group, the increase reached 9.3%. It is therefore higher than it was in the 4th quarter of 2022 (+ 8.8%) as well as than consensus expectations (+ 6.8%, according to the figure quoted by Credit Suisse).
Well-distributed growth
The momentum was driven by the flagship division, Recorded Music, which mainly includes the activities of streaming and the corresponding subscriptions: at 1.92 billion euros, its turnover increased by 9.6%, still at constant exchange rates. And this despite a less favorable advertising environment in the sector, but which should improve.
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It should be noted that the Recorded Music sub-activity, Physical revenue (+ 32.6% to 313 million euros), remains very well oriented thanks to the renewed appetite for historical products…
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