Third-quarter 2022 revenues were $6.2 billion — 66.8% greater than the same period in 2019.
Growth in self-pay subscribers helped push quarterly revenues higher, offsetting increased content costs.
Growth in streaming subscriptions, merchandising, touring offset slowdown in ad-supported revenues.
CEO Jeronimo Folgueira was encouraged by Apple's decision to raise prices and Spotify's signal it intends to hike fees in 2023.
UMG reported growth in nearly all segments -- physical excluded -- with recorded music revenues up 10.1% and publishing revenues up 6.9%.
Shares for the streaming service fell 13% following Tuesday’s earnings report.
Gross margin fell two percentage points to 24.7% from 26.7% a year earlier.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
Spotify and Universal Music Group should have much to say about the direction of the music business.
Spotify accounted for 36% of Billboard's Global Music Index’s year-to-date value decrease.
