The biggest radio company in the U.S. is mired in an uncertain advertising market, although the 2024 elections will provide a boost.
The NYC-based company says its venues hosted more than 1.5 million guests at over 200 events in its fiscal third quarter.
Hits from Teddy Swims, Benson Boone and Megan Thee Stallion help drive 11% growth in recorded music streaming revenue.
“Global fan demand is stronger than ever, more artists are out on the road, and more venues are being added to bring them together,” CEO Michael Rapino said.
“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.
The French music streamer's latest price hike helped average revenue per user improve 6.4% in Q1 compared to the prior-year quarter.
The German promoter and ticketing company said it expects “a moderate rise” in total revenue in 2024.
The company's 106.7 million paying subscribers contributed to a 39% jump in music subscriptions revenue.
The company gave over $150 million to anti-hate groups from Yeezy sales last year, though North American revenue dropped 16% in part due to "negative Yeezy impact."
