Universal Music Group made $1m an hour in Q1 2021
Image Credit: Universal Music Group
There was another rise in revenue for Universal Music compared to the same period in 2020, as the music giant published their Q1 results for 2021.
Universal Music Group has published its Q1 results, showing another rise in revenue for the music giant. The statement follows its parent company Vivendi’s announcement that Universal Music expects to go public at the end of 2021, with its IPO moved up from early 2022.
The results show a rise in total revenue of 9.4% compared to the same period in 2020, with revenues including publishing and recorded music reaching $2.20 billion. Music Business Worldwide equates that to just above $1 million an hour.
Streaming continues to dominate, growing 19.6% compared to Q1 2020, which pushed recorded music revenues up by 10.8%. Interestingly physical sales, always dwarfed by streaming, grew by 14.8%. Music publishing revenues meanwhile grew by 6.9%.
Big hits for Universal Music in the first quarter included teen juggernaut “Driver’s License” by Olivia Rodrigo. Along with Justin Bieber’s “Peaches” the two tracks held number one on the Spotify global chart for 12 out of 13 weeks. And for six consecutive weeks the music company had songs at the top three on the Spotify chart.
In gloomier but not unexpected news, merch and other revenues fell by 10% as tours and gigs continue to be disrupted by the global pandemic.