Universal reported subscription revenues in its recorded music department rose 10.6% in the second quarter.
UMG’s subscription revenue within its recorded music division rose 10.6% to €1.07 billion , compared to streaming revenue from other sources rising by just 2.9% to €358 million .
While price hikes for subscriptions to Apple and Amazon’s streaming services have already started to filter into music company’s accounts, the across-the-board price increases Spotify introduced in 52 markets on Monday will not begin to be felt by consumers until September. Music rights holders like UMG may start reporting the benefits of those price hikes some time next year.
When it does, it could push UMG’s consensus earnings before interest, taxes, depreciation and assets up by as much as 4.7% to €2.641 billion in 2024, according to Goldman Sachs analyst Eric Sheridan. “For 2024, we forecast an acceleration in paid streaming revenue growth to 13.0% where we have baked in c.3% price increase per year in developed markets in our music Industry forecasts,” Sheridan wrote in a note published July 24. “Consensus currently expects a deceleration to 10.6%.”
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