By Mauro Orru 
 

Universal Music Group NV--the music major behind The Weeknd, Billie Eilish and Taylor Swift--posted higher revenue in the third quarter as it continued to benefit from the growing popularity of streaming services.

The world's largest music company, which started trading on the Euronext Amsterdam stock exchange last month, said Wednesday that revenue for the three months to Sept. 30 climbed to 2.15 billion euros ($2.49 billion) from EUR1.86 billion last year.

Earnings before interest, taxes, depreciation, and amortization--a closely watched profit metric for Universal--rose to EUR426 million from EUR380 million, with a margin of 19.8%.

"Our operational and financial performance this quarter--our first as an independent, publicly traded company--demonstrates both why UMG is the world's most successful music company, as well as how our commitment to artists' career development and fostering innovation promotes growth across the music ecosystem," said Chief Executive Lucian Grainge.

Universal's recorded music business, which encompasses subscription and streaming revenue, accounted for the lion's share of revenue growth. Subscription and streaming revenue jumped 15.2% in constant currency to EUR1.13 billion.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

October 27, 2021 12:20 ET (16:20 GMT)

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