‘Supercharged’ royalties, Downtown’s margins, and more cost cuts: What I learned from UMG’s Q3 earnings call
- UMG’s third-quarter revenue rose 11.7% to €3.394 billion.
- Subscription growth beat analysts’ expectations, excluding Downtown.
- UMG wants streaming royalties to reflect content’s value more closely.
Universal Music Group reported higher revenue and profit in the third quarter, with subscription income growing faster than analysts expected. Its shares rose as much as 15% after the results, signalling improved investor confidence, although analysts said further strong quarters may be needed. Revenue for the three months…