UMG Reports 13% Quarterly Earnings Increase

The Universal Music Group reported 1.495 billion euros ($1.732 billion) in revenue for the company's third quarter ended Sept. 30, 2018, which represents a strong 13.3 percent increase from the prior year-earlier period when revenues totaled 1.319 billion euros ($1.542 billion).

For the nine-month period, UMG's revenues are reported at 4.123 billion euros ($4.939 billion), which is a 3.5 percent increase but on a constant currency basis represents a 9.1 percent change, according to parent Vivendi.

Billboard reports streaming is driving the company's good fortune, as that channel delivered 662 million euros ($767 million) for the quarter, a 37.6 percent increase from the 481 million euros ($562 million) generated in the prior year's corresponding period.

The company said best sellers for the first nine months of 2018 included new releases from Drake, Post Malone, XXXTentacion and Migos, as well as the soundtrack release from Black Panther (Kendrick Lamar).

For the fourth quarter, the big sellers/revenue generators are expected to be the soundtracks of A Star Is Born and Mary Poppins Returns and albums from Gregory Porter, Imagine Dragons, Jonas Blue, Kris Wu, Mumford & Sons, The 1975, the remastered Beatles White Album and more.