Oct 30 (Reuters) - Universal Music Group on Thursday reported third-quarter revenue that was above market expectations, citing healthy results across all its businesses.
The world's biggest music label, which counts artists like Taylor Swift and BTS in its portfolio, said third-quarter revenue grew 5% year-on-year to 3 billion euros ($3.5 billion). That was above the 2.95 billion average analyst forecast, according to LSEG data.
Quarterly adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 7% to 594 million euros, Universal said.
Streaming and subscription, which account for more than half of UMG's income, only grew around 2% to 1.52 billion euros. Income from streaming platforms shrunk by 5% as consumer consumption shifted to less profitable platforms, it said.
($1 = 0.8575 euros)
Reporting by Leo Marchandon; Editing by Matt Scuffham
Source: Reuters