Universal Music Group reported $3.12 billion in revenue for Q3 2024, with key highlights showing streaming subscription revenue remaining flat while ad-supported revenue showed slight improvement.

Key Financial Highlights:

• Total revenue: $3.12 billion (up 4.3% YoY)
• Recorded music revenue: $2.34 billion (up 5.4% YoY)
• Publishing revenue: $544.15 million (up 1.8% YoY)
• EBITDA: $605.15 million

Streaming Performance:

• Subscription revenue remained flat at $1.24 billion quarter-over-quarter
• Ad-supported revenue improved to $385.26 million (up from Q2's $373.29 million)
• Digital publishing revenue: $321.05 million (slight YoY increase, 5.1% quarterly decrease)

Notable Developments:

• Physical revenue declined 2% YoY and 19% quarterly to $313.43 million
• Top performers included Taylor Swift, Billie Eilish, Post Malone, Sabrina Carpenter, and Chappell Roan
• Boyd Muir promoted to COO
• Company maintains 8-10% annual subscription-revenue growth forecast through 2028

Market Response:

• Shares decreased 1.4% to $25.12 per share
• Previous quarter saw 20% share value loss due to streaming plateau concerns

The company remains focused on superfan monetization and premium tiers, expressing confidence in long-term streaming growth despite quarterly fluctuations.

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