Universal Music Group Revenues Up 6%

Universal Music Group (UMG) reported strong financial results for the first quarter of 2024. Here are the key highlights:

Revenue Growth: UMG generated revenue of 2.59 billion euros (approximately $2.8 billion) in Q1 2024. This represents a 5.8% increase (or 7.9% at constant currency) compared to the same period in the previous year1.

Adjusted EBITDA Margin: The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 13.2%, reaching 591 million euros ($640 million). The adjusted EBITDA margin increased to 22.8%, up from 21.3% in Q1 20231.

Product Mix and Margin Improvement: UMG attributed the margin improvement to revenue growth and a change in product mix, specifically a decrease in physical sales. However, executives cautioned against reading too much into any single quarter and emphasized looking at longer-term trends1.

TikTok Licensing Deal: UMG recently announced a new licensing deal with TikTok. While specific details were not disclosed, executives stated that the deal provides fair value relative to other short-form video platforms. The agreement includes aspects of economic value beyond direct revenue, such as ad credits, data, and marketing programs1.

Recorded Music and Subscription Services: UMG’s recorded-music division saw growth, with recorded-music subscription revenue increasing by 10.7% to 1.12 billion euros ($1.2 billion). Subscription services continue to be a driving force for UMG, accounting for 43.3% of total company revenue. Subscriber growth remains a significant driver of year-over-year growth rates1.

Total Streaming Revenue: While total streaming revenue grew at a slower rate (8.9%), it reached 343 million euros ($371 million) in Q1 2024. UMG remains encouraged by improvements in ad-supported streaming but remains cautious about growth until consistent broad-based improvements are seen across all partners and geographies1.

Overall, UMG’s diverse revenue streams, including subscriptions and streaming, contribute to its continued success in the music industry

Concerts Drive Ticket Sales, Live Nation Revenue Beats Estimates

Ticketmaster parent Live Nation Entertainment beat estimates for first-quarter revenue on Thursday, driven by the popularity of live events such as concerts, sending its shares up more than 3% in aftermarket trading.

Reuters reports high ticket prices amid rising demand for live events, at a time when more performers are gearing up for concerts, have benefited companies such as Live Nation.

Revenue rose 21% to $3.80 billion for the first quarter ended March 31, beating estimates of $3.26 billion.

The total estimated events rose about 13% from a year earlier to 11,203, while total estimated fans stood at 22.9 million, compared with 18.9 million a year earlier.

Ticket sales reached an estimated total of about 155 million in the first quarter, compared with 145.5 million a year earlier.

The company's concert business comprising merchandise sales and the production of live music events generated $2.88 billion, making up the bulk of its overall revenue, followed by $723.2 million from ticketing.

The Beverly Hills, California-based company's loss per share in the reported quarter was 53 cents, compared with estimates for a loss of 18 cents per share.

Apple's Share Price Surges After Earnings Report

Apple’s share price experienced a significant surge Thursday following its impressive Q1 earnings announcement. Here are the key details:

Share Price Movement: On that particular day, Apple’s share price soared approximately 7%, reaching $170. This remarkable increase was driven by the news that Apple achieved a staggering $124 billion in revenue during Q1.

Pre-Market Trading: Prior to the market opening, Apple’s share price had already climbed nearly 5% during pre-market trading, opening strongly at $165.

Warren Buffet’s Holdings: The gain in Apple’s share price had a significant impact on Warren Buffet’s Berkshire Hathaway holdings, which grew in value by almost $10 billion in just one day. Berkshire Hathaway owns almost 888 million Apple shares, representing more than 5% of Apple’s total stock.

Earnings Highlights: During the Q1 earnings call, Apple reported a new all-time quarterly revenue record of nearly $124 billion. The company’s quarterly profit stood at $34.6 billion. Growth was observed across all product lines, including strong performance from the iPhone 13. However, iPad sales were impacted by supply constraints.

Dividend for Shareholders: Not only did shareholders witness portfolio growth, but they can also expect a handsome dividend of $0.22 per share.

Layoffs Reported At Allen Media Divisions

Byron Allen’s Allen Media Group has begun layoffs across every division of the company, which includes The Weather Channel, The Grio and Freestyle Digital Media, a rep for the company told TheWrap on Thursday.

Byron Allen

“Allen Media Group is making strategic changes to better position the company for growth that will result in expense and workforce reductions across all divisions of the company,” read the statement, dated Monday. That’s when cuts at TheGrio, a multi-platform media outlet catering to Black Americans, were first reported.

“Allen Media Group’s brands continue to perform well and in many areas our revenue growth has greatly outpaced the market. We are aligning these changes to drive future business opportunities and support our growth strategies in our rapidly evolving industry,” the statement, which was shared with TheWrap again on Thursday, concluded.

“The axe is falling at TheGrio,” an individual with knowledge of the situation told TheWrap on Monday. Managing editor Christy Oglesby and members of the podcast and video team were laid off, the individual said.

Allen, who founded his company in 1993, offered to buy Paramount Global for $14 billion in January. The deal would have included the assumption of Paramount Global’s debt, bringing the total cost to $30 billion.

What's Going On At ABC News?

ABC News President Kim Godwin reportedly is facing increasing scrutiny from Debra OConnell, who was appointed to oversee the news network earlier this year. OConnell has been evaluating the state of affairs at ABC News and has been less than impressed with what she has found1. In private conversations, OConnell has pointed to a slew of problems that have materialized on Godwin’s watch, faulting the embattled ABC News chief for her hands-off leadership style, which she believes has allowed problems to fester. 

When ABC News staffers phoned into the network's daily editorial meeting on Thursday, they quickly took note of the absence of their ostensible boss, President Kim Godwin. Hours after CNN reported about how Godwin is skating on thinning ice, the embattled news chief was nowhere to be found as staffers assembled to discuss the day's coverage plans.

Meruelo Media Appoints Pio Ferro SVP/Audio

 

Pio Ferro, a seasoned executive in the audio industry, has taken on the role of Senior Vice President (SVP) for Audio Brands at Meruelo Media. His appointment brings a wealth of experience and expertise to the company’s audio division.

Pio Ferro

As SVP for Audio Brands, Ferro will be responsible for overseeing the strategic direction and growth of Meruelo’s audio properties. This includes radio stations, podcasts, and other audio content. His leadership will play a crucial role in shaping the company’s brand identity and expanding its reach in the competitive media landscape.

Meruelo Media, a diversified media company, operates radio stations across various formats, including music, news, and talk. With Ferro’s leadership, the company aims to strengthen its position in the audio market and deliver compelling content to its audience.

Ferro’s track record in the industry makes him a valuable addition to Meruelo Media. His insights and vision will undoubtedly contribute to the company’s success as it continues to evolve in the dynamic world of audio entertainment.

Pio Ferro’s appointment as SVP for Audio Brands at Meruelo Media is an exciting development for the company. His expertise and strategic leadership will likely have a positive impact on the organization’s audio properties. If you have any further questions or need additional information, feel free to ask! 

Radio History: May 3

➦In 1904...Harry Lillis "Bing" Crosby born (some sources list May 2 – Died from heart attack October 14, 1977).

Bind Crosby

He was the first multimedia star, Crosby was a leader in record sales, radio ratings, and motion picture grosses from 1931 to 1954.  His early career coincided with recording innovations that allowed him to develop an intimate singing style that influenced many male singers who followed him, including Perry Como, Frank Sinatra, Dick Haymes, and Dean Martin. Yank magazine said that he was "the person who had done the most for the morale of overseas servicemen" during World War II.   In 1948, American polls declared him the "most admired man alive", ahead of Jackie Robinson and Pope Pius XII.  Also in 1948, Music Digest estimated that his recordings filled more than half of the 80,000 weekly hours allocated to recorded radio music.

Crosby won an Academy Award for Best Actor for his role as Father Chuck O'Malley in the 1944 motion picture Going My Way and was nominated for his reprise of the role in The Bells of St. Mary's opposite Ingrid Bergman the next year, becoming the first of six actors to be nominated twice for playing the same character. In 1963, Crosby received the first Grammy Global Achievement Award.  He is one of 33 people to have three stars on the Hollywood Walk of Fame, in the categories of motion pictures, radio, and audio recording.  He was also known for his collaborations with longtime friend Bob Hope, starring in the Road to... films from 1940 to 1962.

Crosby influenced the development of the postwar recording industry. After seeing a demonstration of a German broadcast quality reel-to-reel tape recorder brought to America by John T. Mullin, he invested $50,000 in a California electronics company called Ampex to build copies. He then convinced ABC to allow him to tape his shows. He became the first performer to pre-record his radio shows and master his commercial recordings onto magnetic tape. Through the medium of recording, he constructed his radio programs with the same directorial tools and craftsmanship (editing, retaking, rehearsal, time shifting) used in motion picture production, a practice that became an industry standard. In addition to his work with early audio tape recording, he helped to finance the development of videotape, bought television stations, bred racehorses, and co-owned the Pittsburgh Pirates baseball team.

On September 2, 1931, Crosby made his nationwide solo radio debut. Before the end of the year, he signed with both Brunswick and CBS Radio. Doing a weekly 15-minute radio broadcast, Crosby became a hit.

Chicago Radio: 100.3 Evolves to Throwback 100.3!

Today 100.3 WSHE closed the circle on its musical evolution, which began 24 months ago! Now known as Throwback 100.3, the station that plays all the biggest hits from the greatest era of pop music, the 90s and early 2000s!

“I’m thrilled to be a part of a station brand built around the two decades of the best pop music ever released, the 90s and early 2000s! The New Throwback 100.3 brings back all the good times and great feelings those amazing songs gave us then and now.” stated Jimmy Steal, Vice President of Brand and Content for WTMX and WSHE.

Vice President & Market Manager Keith Lawless added, “Congratulations to everyone in Chicago. Throwback 100.3 is finally here! All the hits of pop music’s most exciting time can now be enjoyed in one place”.

Throwback 100.3 features nonstop throwback hits every Thursday! Every weekday at 9 a.m., 2 p.m., and 5 p.m., one lucky listener will win a throwback artist experience, and one of those 100+ winners will have a chance to win $1,000,000. The winning begins this Monday only on Throwback 100.3. 

📻Listen for more details: HERE

TV Ratings: Trump Trial Props-Up CNN

Two legal matters involving former President Donald Trump last week drove the bulk of cable news coverage last week, and helped third-place CNN make the most significant gains during primetime and total day in both total viewers and the Adults 25-54 demo. Meanwhile, MSNBC—which also provided extensive coverage of both Trump cases—posted gains with total viewers in primetime, as well as with total viewers and in the demo during the total day. Fox News, on the other hand, was the only network to see week-to-week declines across the board.

Nielsen live plus same-day data for the week of April 22 saw FNC average 1.930 million total viewers and 194,000 A25-54 viewers during primetime. The network was down in total viewers by -3% and -9% in the A25-54 demo relative to the week prior (the week beginning April 15).

In total day viewing, Fox News averaged 1.271 million in total viewers and 154,000 in A25-54 viewers for a week-to-week decline of -2% and -1% respectively.

Among all basic cable networks, Fox News fell from first place to third place in total primetime viewers and dropped from fifth place to seventh in the primetime demo. In total day, the network held its No. 1 position in total viewers and remained in third place in the total day demo.

MSNBC averaged 1.438 million total viewers and 133,000 viewers in the A25-54 demo in primetime. While the network was up +6% in total viewers, it experienced a -1% drop in the demo from the week prior. CNN’s primetime line-up averaged 772,000 in total viewers and 125,000 in the A25-54 demo. That translates to a total viewers gain of +30% and an uptick of +7% in the demo compared to the previous week.

MSNBC remained in fourth place among all basic cable networks in total primetime viewers and 15th place in the demo. During total day, it ranked as the No. 2 network in total viewers and moved up one spot from eighth to seventh in the total day demo. CNN finished the week rising from eighth place to fifth place in primetime with total viewers but dropped from 17th place to 18th place in the demo from the week prior. It also fell from No. 4 to No. 5 in total day viewers, but moved up from ninth to eighth place in the total day demo.

Fox had nine out of the 15 most-watched cable news shows of the week, led by The Five (3.079 million viewers at 5 p.m. ET). MSNBC took the remaining six spots, led by Deadline: White House with Nicole Wallace (1.910 million viewers at 4 p.m. ET).

Gutfeld! continued to hold the top spot among A25-54 viewers (270,000 viewers at 10 p.m. ET), and Fox News had 10 of the top 15 cable news shows in the demo overall. The 5 p.m. edition of MSNBC’s Deadline White House (194,000 viewers) helped the network occupy the remaining five spots.

No Deal For Comcast, DSG ‘Massive Disruption’ for MLB, NHL

 

A contract dispute between Comcast and Diamond Sports Group (DSG) has led to a significant blackout of 18 regional sports networks across the United States. DSG, which owns and operates these networks under the Bally Sports brand, failed to reach an agreement with Comcast, resulting in sudden blackouts for Comcast subscribers nationwide.

Here are the key details:

Background: DSG, previously making substantial progress in emerging from bankruptcy, faced a setback when it couldn’t finalize a new distribution deal with Comcast, the nation’s second-largest cable carrier. While DSG successfully reached a carriage agreement with Charter (the largest distributor in the U.S.) and is close to finalizing a deal with DirecTV, Comcast negotiations fell through, and a prior deal expired recently.

Greenville Radio: WORD Revamps Talk Line-Up

Audacy announces weekday lineup updates for News/Talk 98.9 WORD (WYRD-FM) in Greenville, effective May 6.

Mike Gallagher will host “The Mike Gallagher Show” weekdays from 10:00 a.m. to 12:00 p.m. ET. Joey Hudson will host a new show, “Sunrise Carolina with Joey Hudson,” weekdays from 5:00 a.m. to 6:00 a.m. ET and a magazine-style show, “The WORD on the Street,” on Saturdays from 12:00 p.m. to 1:00 p.m. ET.

“I am thrilled to have Mike return to News/Talk 98.9 WORD,” said Steve Sinicropi, Senior Vice President and Market Manager, Audacy Greenville-Spartanburg. “Mike is part of the fabric of Greenville; he connects with our audience and will be a terrific advocate for our advertisers. Having Mike and Joey onboard will enhance our incredible lineup and offer listeners live, locally connected talent.”

R.I.P.: Richard Tandy, Keyboardist For Electric Light Orchestra

Richard Randy (1948-2024)

Richard Tandy, the keyboardist for the British rock band Electric Light Orchestra, who helped shape the futuristic blend of Beatles-esque pop and orchestral arrangements that catapulted the group to global fame in the 1970s, has died. He was 76, reports The NY Times.

His death was announced by Jeff Lynne, the band’s frontman and leader, in a social media post. Mr. Lynne, who called Tandy his “longtime collaborator,” did not specify when Mr. Tandy had died or the cause of death.

Born on March 26, 1948, in Birmingham, England, Tandy joined E.L.O. after the release of its first album in 1972. He initially played bass guitar but became the group’s keyboardist after another member left.

Tandy remained a core member of the band through ever-changing lineups, alongside Mr. Lynne and the drummer Bev Bevan, until it disbanded in 1986. He was Mr. Lynne’s “multi-instrumentalist, co-orchestrator and valued musical partner,” the Rock & Roll Hall of Fame said when it inducted E.L.O. in 2017. When Mr. Lynne revived the band in the 2000s, Mr. Tandy was the only other longtime member to participate.