Universal revenues up 22% in first 9 months of 2013

Universal Music Group saw revenues of €3.398 million (£2.84m) in the first nine months of 2013 – up 21.9% at constant currency (17.1% at actual currency) compared to the same period in 2012. Revenue in Q3 2013 alone stood 1.16m – up 27.7% at a constant rate on Q3 2012.

The figures include revenues from EMI, which UMG didn’t own in Q3 2012.

Excluding revenues from EMI Music, which was acquired at the end of September 2012, revenues increased 0.9% at constant currency over the nine months year-on-year and 6.7% in Q3 2013 alone.

Digital sales at the company represented 53.9% of recorded music sales for the first nine months of the year compared to 47.6% in 2012. UMG EBITA stood at €255m – up 12.5% at constant currency and 7.1% actual, compared to the first nine months of 2012.

Excluding restructuring and integration costs, EBITA was up 19.9% in Q3 at constant currency.

UMG parent Vivendi says that cost-saving synergies planned for EMI Music are on track and should reach the target of more than £100m by the end of 2014.

Source: Music Week