Releases by Sabrina Carpenter and Chappell Roan, subscription revenue gains and lower costs led to revenue growth and improved margins for the music giant.
“Subscriber growth is the biggest driver of the year-over-year growth rates we see at UMG,” said CFO Boyd Muir.
First-quarter revenue was down 12.1% year over year and was the lowest mark in two years.
"Slightly higher churn" from the impact of auto sales in the first quarter overshadowed the company's revenue, which beat analysts' expectations.
The French music streamer's latest price hike helped average revenue per user improve 6.4% in Q1 compared to the prior-year quarter.
