Universal Music Targets Acceleration in 2021 Earnings, Revenue Growth
August 25 2021 - 12:35PM
Dow Jones News
By Mauro Orru
Universal Music Group expects double-digit percentage growth in
earnings and revenue this year, as the industry continues to
benefit from consumers spending more time listening to music, a
trend accelerated by the coronavirus pandemic.
Management of the record label behind Ariana Grande and Billie
Eilish said Wednesday at its capital markets day that the company
is targeting revenue growth of more than 10% this year, with
earnings before interest, taxes, depreciation, and amortization
expected to grow more than 20%.
The announcement comes as the world's largest music company is
set to list in the Netherlands next month.
Vivendi SE, the French media giant steered by the family of
billionaire Vincent Bollore that controls Universal Music, already
secured approval from its shareholders to distribute 60% of the
record label in a special distribution and list it in Amsterdam, a
development that marks a detachment from Universal's physical base
in Los Angeles and a return to the history of the record label.
More than two decades ago Universal merged with record company
Polygram, which had an established presence in Hilversum,
Netherlands. Universal's holding company is also in Hilversum.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 25, 2021 12:33 ET (16:33 GMT)
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