A Booming Year For Universal Music
2022 has been an excellent year for Universal Music.
The company got $11 Billion in revenue, a soaring 21.6% more than the previous 2021. Jem Aswad on Variety writes that the good results are driven by streaming and a strong performance from its recorded music and publishing divisions: “Recorded music’s revenues from streaming and subscriptions were up around 19% to over $5.6 billion, while digital revenues from the publishing division were up a whopping 50% to $1.05 billion.”
Top sellers for the year included Taylor Swift, BTS, the Encanto soundtrack, Olivia Rodrigo, Morgan Wallen, and The Beatles.
The company also revealed that it had expanded its project with Tidal to develop a new economic model for streaming to include Deezer, the no. 1 streaming service in France and the fifth-largest in the world. “As technology advances and platforms evolve, it’s not surprising that there’s also a need for business model innovation to keep pace with change,” said Lucian Grainge, UMG’s Chairman and CEO. “Under the current model, the critical contributions of too many artists, as well as the engagement of too many fans, are undervalued.”
Universal also revealed that ABBA’s “Voyage” virtual concert, the most sophisticated (and expensive) of its kind, will be playing in cities across the globe after selling more than 1 million tickets in its first nine months at a specially built theater in London.
Source: Variety
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2022 has been an excellent year for Universal Music.
The company got $11 Billion in revenue, a soaring 21.6% more than the previous 2021. Jem Aswad on Variety writes that the good results are driven by streaming and a strong performance from its recorded music and publishing divisions: “Recorded music’s revenues from streaming and subscriptions were up around 19% to over $5.6 billion, while digital revenues from the publishing division were up a whopping 50% to $1.05 billion.”
Top sellers for the year included Taylor Swift, BTS, the Encanto soundtrack, Olivia Rodrigo, Morgan Wallen, and The Beatles.
The company also revealed that it had expanded its project with Tidal to develop a new economic model for streaming to include Deezer, the no. 1 streaming service in France and the fifth-largest in the world. “As technology advances and platforms evolve, it’s not surprising that there’s also a need for business model innovation to keep pace with change,” said Lucian Grainge, UMG’s Chairman and CEO. “Under the current model, the critical contributions of too many artists, as well as the engagement of too many fans, are undervalued.”
Universal also revealed that ABBA’s “Voyage” virtual concert, the most sophisticated (and expensive) of its kind, will be playing in cities across the globe after selling more than 1 million tickets in its first nine months at a specially built theater in London.
Source: Variety
Share:
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