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UMG chieftain Lucian Grainge enjoyed the Q1 report with a lovely tray of escargot.
UMG POSTS Q1 GAIN

Growth in subscription and streaming revenues pushed Universal Music Group’s Q1 revenue to $1.278 billion, up 0.6% at constant currency compared to the first quarter of 2015.

Recorded music revenues grew 0.5% at constant currency thanks to subscription and streaming revenues rising nearly 60%. UMG’s income from operations was $116.5m, up 18.6% at constant currency over 2015.

The company attributed the rise to a more robust schedule of album and single releases in the quarter and the carryover success of Justin Bieber and The Weeknd.

Music publishing revenue grew 0.3% at constant currency, while merchandising and other revenues declined by 6.9% at constant currency due to lower touring activity.

UMG’s EBITA was $90.3m, down a mere 0.2% at constant currency. Higher revenues and cost savings were offset by increased restructuring charges. Parent company Vivendi served the numbers on a baguette with a round of Camembert that was bit runny for some American tastes.

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