State Champ Radio finance
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Stock markets ended the week on a positive note as investors showed optimism believing that Congress can negotiate a deal to increase the nation’s debt limit and avoid a historic default. The S&P 500 increased 1.3% to $4,205.45, up 0.3% on the week, while the Nasdaq composite climbed 2.2% on Friday (May 26) to finish […]
It was a good week for music stocks overall and an even better week for concert promoters, who made the biggest gains on the Billboard Global Music Index ahead of the blockbuster summer touring season.
The index rose 4.4% to 1,256.06 this week, with 15 of the 21 stocks ending in positive territory. It was led by concert promoter Madison Square Garden Entertainment’s (MSGE) 19.4% gain amidst multiple news items that influenced the share price. On Wednesday (May 17), Guggenheim initiated coverage of MSGE with a buy rating, while a report claimed that MSG Entertainment may sell the theater at Madison Square Garden for about $1 billion. On Thursday, the company released first-quarter results that showed a 4% increase in revenue to $201 million, though the company’s executives did not comment on the report during Thursday’s earnings call.
Shares of German promoter CTS Eventim also made big gains, rising 9.2% to 64.30 euros ($68.61). On Thursday, the company’s first-quarter earnings showed a 163% revenue jump to 366.2 million euros ($396 million) — beating pre-pandemic levels from the first quarter of 2019 by 29.5%. Year-to-date, CTS Eventim has sold 18 million tickets online, a 58% increase from the prior-year period. Meanwhile, Live Nation, the world’s largest concert promoter, improved 8.4% to $84.73 and is now up 21.5% year to date. Sphere Entertainment Co., which spun off MSG Entertainment in April, improved 6.1% to $23.61.
The S&P 500 improved 1.6% to 4,191.98 and the Nasdaq composite rose 3% to 12,657.90. The U.K.’s FTSE 100 index was unchanged at 7,756.87, while South Korea’s KOSPI composite index rose 2.5% to 2,537.79.
K-pop companies continued their hot streak this week. Two companies not in the Billboard Global Music Index, JYP Entertainment and YG Entertainment, gained 22.7% and 17.8%, respectively. Year-to-date, shares of JYP Entertainment, home to Stray Kids and Twice, have gained 70.6%. Shares of YG Entertainment, whose roster includes recent Coachella headliner Blackpink, are up 109.8% in 2023. Shares of HYBE dropped slightly by 0.4% but have gained 62% year to date. Likewise, shares of SM Entertainment gained only 1.1% this week but have grown 40% this year.
The New York Stock Exchange (NYSE) has notified radio and podcast giant Audacy of its plan to delist the company’s Class A common stock from the exchange over its consistently low share price, Audacy announced Tuesday (May 16).
According to a press release, “the NYSE will consider commencing delisting procedures when a company’s listed securities experience an abnormally low selling price.” The NYSE abruptly halted trading of Audacy’s stock at 2 p.m. ET on Tuesday, when shares were trading for $.094 — down slightly from $.10 at the start of the day. The company’s share price is down nearly 63% since the beginning of the year.
NYSE rules require a minimum average closing price of $1 per share over 30 consecutive trading days, but Audacy’s share price hasn’t traded above that threshold since July 5, 2022.
The NYSE has applied to the Securities and Exchange Commission (SEC) to delist Audacy’s stock. While that process plays out, trading in the company’s common stock on the exchange will be suspended, though it can still be traded over the counter.
Audacy signaled its intent to appeal the delisting by filing a written request, which it is required to do within 10 days of receiving the delisting notice. If that appeal is successful, the stock may resume trading on the NYSE.
In a statement, Audacy president/CEO David J. Field said that while the company is “disappointed” in the NYSE’s decision, he is “hopeful” that Audacy stock will start trading on the exchange again later this year “as we execute our action plans which include a reverse stock split to satisfy NYSE rules, the continued execution of our liability management plans and working with our financial advisors to refinance our debt.”
Field also stated that the company is confident it “will benefit from a general market recovery and will be able to capitalize on our investments in strategic transformation that position Audacy well for the future.”
Radio companies have been slammed by an advertising slowdown since the second half of 2022, and Audacy has been particularly hard-hit. In its first-quarter earnings released Wednesday (May 10), the company’s net revenue of $259.6 million was down 5.7% year-over-year, while cash operating expenses were up 3%. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $3.5 million, compared to $26 million in the first quarter of 2022.
On a May 10 earnings call, Audacy CFO Richard Schmaeling noted that the company’s network advertising revenue fell 6% year-over-year due to inflation and rising interest rates (though its podcast advertising revenue was up 14%). He warned that advertising demand has “further softened” since the start of 2023 and added that “it could get worse before it gets better,” noting that the company “is continuing to work to accelerate revenue growth, develop and execute added cost reduction actions and to sell other noncore assets.”
“However,” Schmaeling continued, “these actions may not be sufficient to fully mitigate the impact of potential further advertising weakness.”
Cumulus Media’s share price climbed 11.9% to $3.30 on Friday (May 12) after the company announced it commenced a “modified Dutch auction” tender offer to purchase up to $10 million of shares of its common stock at up to $3.25 per share. That news led to a 19.1% improvement this week and made Cumulus, the […]
Warner Music Group reported quarterly revenues grew 1.7% to $1.399 billion (4.6% in constant currency) as strong revenues from its music publishing revenue helped offset a slow quarter for recorded music releases.
WMG, the music industry’s third largest major label, reported revenue from its recorded music revenue was effectively flat at $1.143 billion for the second fiscal quarter ending March 31, compared to $1.147 billion in the year ago quarter. (In constant currency, recorded music revenue rose 2.5%.) Streaming revenue in the quarter was down 0.4% (or, in constant currency 2.2% higher) on fewer releases and a slowdown in ad-supported revenue due to macroeconomic uncertainty.
In contrast, music publishing revenue rose 12% to $257 million from $230 million a year ago.
“While our publishing was best in class, we underperformed in recorded music,” Robert Kyncl, chief executive officer, said on a conference call.
WMG executives have said throughout this fiscal year that the label’s major releases of the year would come in the second half, and on the call, they stressed they are already seeing improvement with the late-April releases of Jack Harlow’s Jackman., Tïesto’s Drive and Ed Sheeran’s Subtract, released in early May.
“Our release slate was a little lighter in the first two quarters of the year and will be weighted to (the third quarter) and (the fourth quarter),” Warner chief financial officer Eric Levin said, flagging releases expected from Dua Lipa with her Barbie soundtrack track, among others.
“We absolutely expect this to improve our results in recorded music streaming in the second half of the year.”
Key Points From WMG’s Q2:
WMG’s revenues grew 1.7% (or 4.6% in constant currency, a measure that standardizes foreign exchange fluctuations) to $1.399 billion
Digital revenue increased 1.2% (or 3.7% in constant currency) to
Streaming revenue increased 1.9% (or 4.5% in constant currency) on growth in music publishing streaming
Music publishing revenue increased 12%, or 14.2% in constant currency
Music publishing streaming revenue grew 16.4% (18.3% in constant currency)
Recorded music streaming revenue decreased 0.4% (an increase of 2.2% in constant currency) on a lighter release schedule, foreign exchange currency fluctuations and slowdown in ad-supported revenue.
Net income was $37 million this quarter, down 60% from $92 million one year ago, primarily driven by the negative impact of currency fluctuations on the company’s Euro-denominated debt. Adjusted net income up 5% to $116 million from $111 million a year ago.
Operating income was $124 million, down 25% from $166 million a year ago, with adjusted operating income up 10% to $203 million from $185 million.
Adjusted net income of $116 million was up 5% from $111 million in the year ago quarter.
Live Nation CEO Michael Rapino’s total compensation package rose to $139 million in 2022, up from $13.8 million the previous year.
Rapino’s compensation included a base salary of $3 million, up from $2.6 million in 2021 (which came as Rapino agreed to take a pay reduction during the pandemic). Live Nation entered into a new employment agreement with Rapino in July 2022, ending Dec. 31, 2027, which meant he also earned a $6 million signing bonus.
The executive also earned a $12 million annual cash performance bonus for 2022 and stock awards of $116 million, some of which vest in early 2024, while others vest in four installments through 2027 if the company reaches certain stock price targets.
CFO Joe Berchtold also saw his overall compensation jump to $52.4 million in 2022, up from $5 million the prior year. His base salary increased slightly to $1.3 million from $1.1 million, and he also earned a signing bonus of $6 million and an annual cash performance bonus of $2.5 million. Berchtold received $42.4 million in stock awards.
These pay bumps come after a rocky year for the company.
The Ticketmaster, which falls under Live Nation Entertainment, has faced backlash since its site experienced errors and site slowdowns during its Taylor Swift presale for verified fans in fall 2022. Since then, the company has faced pushback from lawmakers over its merger of Ticketmaster and Live Nation and is said to be undergoing an investigation by the Department of Justice. At the same time, concert attendance has been on the rise, as has the company’s revenue.
This article was originally published by The Hollywood Reporter.
Sony Music Entertainment notched one of its most profitable years on record in 2022, as strong growth in streaming subscriptions and a favorable exchange rate propelled the company’s revenue from chart-topping artists like SZA, Harry Styles and Miley Cyrus.
SME’s reported revenue rose by nearly 24% to 1.38 trillion yen ($10.16 billion) and operating income rose nearly 25% to 263 billion yen ($1.94 billion) for the fiscal year 2022, making it the most profitable of the six companies under Sony’s umbrella.
“We have steadily improved our ability to continuously create hits,” Sony chief financial officer Hiroki Totoki said on a webcast, calling out Cyrus’ Flowers release in January. “In Recorded Music, an average of 43 songs ranked in the Spotify weekly global top 100 songs in FY22, increasing our market share significantly year-on-year.”
For the most recent quarter, Sony reported that overall revenues rose 19% to 341.89 million yen ($2.5 billion). Recorded music streaming revenue grew by 23% to 148.9 billion ($1.093 billion) from a year ago. Publishing income rose by 22% to 65.96 million yen ($485 million). SME’s revenues also benefitted from an exchange rate during that period that favored its Japanese parent company’s accounting in yen.
“In recorded music and music publishing, we aim to continue to grow faster than the market and maintain a higher growth rate and profit margin than our competitors by strengthening relationships withinfluential artists, discovering and nurturing new talent, expanding our lineup through The Orchard and AWAL, and growing our business in emerging markets,” said Totoki, who also serves as Sony’s president and chief operating officer.
Executives said on Friday they expect revenues in Sony Music to grow by 2% overall to 1.41 trillion yen ($10.37 billion) for the fiscal year 2023.
LONDON — French music company Believe’s recent investments in Europe, Asia Pacific and Africa helped boost digital sales across its key markets and drive overall revenues up 22% from January through March, despite a slowdown in ad-funded streaming revenue.
The company reported Thursday (April 27) that revenues grew 22.2% to 198.6 million euros ($218.9 million) compared to the prior year’s quarter. The Paris-headquartered company’s premium solutions business — which includes label services, marketing, distribution, promotions and sync — rose 23% year-on-year to 186 million euros ($205 million), while its automated solutions, which includes the TuneCore distribution platform, increased 11.2% to 12.7 million euros ($14 million).
Digital revenue also grew by 22.2% during the quarter, with non-digital sales up 21.8%. Believe didn’t provide financial figures for either market segment, nor an indication of overall net profit or loss for the quarter. The company’s shares, traded on France’s Euronext, fell 2.41% on Thursday to close at 9.70 euros ($10.70).
The company said ad-funded streaming revenue slowed to single digit growth at the start of the year — in line with the challenging global advertising market — but didn’t report financial values or the percentage increase.
Non-digital revenue benefitted from merchandising, branding and live activities in France and India, as well as a film project in Turkey, which Believe said collectively offset the fall in physical sales, most notably in Germany.
Growth of Believe’s core digital business, which focuses on markets and music genres where artist promotion and marketing are predominantly online, was driven by the global rise in paid music steaming and the company’s expanding international portfolio of artists and labels, CEO and founder Denis Ladegaillerie said during Thursday’s earnings call.
Recent investments include partnerships with Filipino label Viva Music and Artists Group (VMAG), India-based imprints Think Music and Panorama Music, French pop label Structure and Germany-based Madizin Music. Last month, Believe acquired U.K.-based publisher Sentric from Switzerland-based Utopia Music in a €47 million ($51 million) deal that marks the French company’s first major entry into the publishing industry. (Sentric is expected to add about 3% to annual revenue growth, the company said Thursday.)
Notable Believe artist signings cited include Thai acts TimeThai and Reinizra, Belgian rapper Hamza and a new multi-album deal with French hip-hop star Jul.
Globally, revenue from Asia Pacific and Africa, which Believe groups together in its earnings report, grew 40% year-on-year to 56.1 million euros ($61.8 million), representing 28.2% of the company’s earnings, compared to 24.7% in the first quarter of 2022.
Within the Asia Pacific and Africa region, Believe said it recorded strong growth in India, Greater China and Southeast Asia, driven by its growing roster of local artists and labels, sustained investment in on-the-ground teams and the rollout of its full label and artist solutions offer in most markets.
Europe, excluding France and Germany, recorded a revenue increase of 21.1% to 54.4 million euros ($60 million), representing around 27% of total revenue.
Believe’s operations in the Americas rose 25.2% to 29.4 million euros ($32.4 million), representing 14.8% of all income, with the company saying that it had a particularly strong sales quarter in Latin America, most notably in Brazil.
The company’s two strongest individual markets, France and Germany, also grew by 13.2% to 32.1 million euros ($35.4 million) and 3.7% to 26.6 million euros ($29.3 million), respectively. France generates 16.2% of the company’s total revenue, while Believe said its performance in Germany was impacted by a “strong decline in physical sales linked to the lowered exposure to physical sales-heavy contracts.”
Over the past 12 months, Believe has made significant moves into the dance music sector with the launch of global label solutions brand b:electronic, which has signed deals with electronic music imprints Hospital Records and Rinse in the U.K.; Big Top Amsterdam, Blackout Music and Mixmash in the Netherlands; and Cercle and Roche Musique in France.
On Wednesday, the company announced that its TuneCore distribution platform had teamed up with Beatport, enabling TuneCore artists to distribute their songs on the world’s largest electronic music platform for working DJs.
“This great start to the year, marked by strong operational milestones and solid organic performance, shows that we are well on track to deliver another year of profitable growth,” Ladegaillerie says in a statement. Believe’s increasing global reach combined with a “successful investment strategy” was enabling “artists and labels to thrive in the digital ecosystem,” he says.
Ladegaillerie says the company is looking to make further acquisitions in the year ahead. Believe, which operates in more than 50 countries and has over 1,600 employees worldwide, says it expects to generate positive free cash flow for the full year and expects to record organic revenue growth of around 18% in 2023. The company says it will “monitor its investment pace and focus on improving efficiency” to reach an adjusted EBITDA (earnings before interest and taxes, depreciation and amortization) margin of 5% for fiscal year 2023.
The music industry, like investment banking, is built largely on relationships, and Fred Davis and Joe Puthenveetil have built their careers on being relationship brokers to both worlds.
Partners at merchant bank The Raine Group, Davis — who is the son of music industry icon Clive Davis — and Puthenveetil are two of the most influential financial power brokers in the business. Since one of Raine’s earliest music deals advising Abu Dhabi, United Arab Emirates-based Mubadala Investment on its acquisition of EMI, it has advised on or invested in billions of dollars of transactions. In recent years, the pair managed the $230 million sale of CD Baby’s digital operation to Downtown Music Holdings, helped Antonio “L.A.” Reid and Charles Goldstuck raise $75 million to launch the HitCo label and led SoundCloud’s $170 million emergency investment round in 2017, which included recruiting Singapore state fund Temasek to invest alongside it. (Concord acquired Hitco’s entire sound recording catalog and certain additional releases but not the label or brand name in 2022.)
In the past year alone, Davis says the partners have had a hand in more than $1 billion in transactions, including advising Quality Control in its sale to HYBE America, advising private equity firm Francisco Partners in its acquisition of Kobalt and helping Larry Jackson raise $1 billion in capital for his new venture, gamma.
Raine remains an investor in SoundCloud and also helped create Firebird, a conglomerate of independent music labels, publishers and artist management groups that develop and advise artists and help them with business opportunities outside of music.
From left: A photo of Davis’
sons, a memento of Raine’s representation of Providence Equity in its deal with online music technology/instrument retailer Sweetwater, a family portrait with patriarch Clive Davis and a plaque commemorating Raine’s work with Downtown Music to sell its publishing company to Concord.
Paul Stuart
Puthenveetil, a graduate of Georgetown University’s Edmund A. Walsh School of Foreign Service, joined Raine in 2010 and was a driving force behind the CD Baby sale and HitCo fundraising, as well Raine’s investments in SoundCloud, concert/festival producer Blackbird Presents and promoter C3 Presents, which was sold to Live Nation. He sits on SoundCloud’s board of directors, with Davis, and on Blackbird’s board.
Fordham University School of Law-educated Davis (who launched his own law firm, Davis Shapiro & Lewit, before joining Raine) says one of the starkest trends shaping music today is that more money from more sources is flowing into the industry than ever before.
“When I was coming up as a music lawyer, there were maybe three, maybe four check writers,” he says. “The diversity of capital is so enormous in this industry right now. You have HYBE investing in Quality Control from South Korea. Eldridge Capital investing in gamma, along with Apple. Francisco Partners acquiring Kobalt. It’s strategic, private equity, high net worth, sovereign wealth.
“This is a new generation of capital investing in the music industry, “Davis adds. “We’ve never had an era like this ever.” Other investors that Raine has recently advised include pro wrestling giant WWE on its $21 billion combination with Endeavor, Japan’s Softbank Group and the crypto exchange Binance.
For those who aren’t familiar with The Raine Group, please provide some background on the firm and its network of investors.
Fred Davis Raine has nine offices around the world and is very global by its DNA. The network we have now in private equity, sovereign wealth, high net worth, family offices and strategic investors is so complementary to the network a traditional music lawyer has. We can collaborate and do what’s best for the client.
Part of a collection of Nike Air Jordans that Puthenveetil’s wife gifted him.
Paul Stuart
Describe what you do and how your services differ from, say, a music lawyer’s.
Joe Puthenveetil While Fred and I specialize in music, our firm specializes in everything around media and technology. For a lot of our clients, a big part of why they work with us is to access unconventional buyers and pools of capital. Being able to leverage that global expertise and global investors, we’ve got a pretty unique and broad set of relationships across the firm.
How did HYBE America’s acquisition of Quality Control happen?
Davis Last September, we took a trip to South Korea, set up a number of meetings with the best music companies in Korea and went there to uncover opportunities. From that trip, we made the connection between HYBE and our preexisting client Quality Control. We work best with the client’s music lawyer. Quality Control is represented by Damian Granderson, with whom we work extremely well.
A plaque commemorating Davis’ inclusion on Billboard’s 2022 Power List.
Paul Stuart
What does scaling Quality Control look like?
Puthenveetil Quality Control has taken its place in music and expanded it across culture to film and TV, sports, branding, and that’s how we think of the modern music industry. Talent is more than just their music. They are real brands and businesses. And the Quality Control team [COO Kevin “Coach K” Lee and CEO Pierre “P” Thomas] understands that better than anyone. Coach and P have been public about their ambitions to make Quality Control one of the biggest businesses in hip-hop and broader Black culture. Having a partner that can help them do that with capital and expertise, they may scale further into film, TV and video games.
Davis One of the visions that Coach and P have shared with us over the years is how they want to make Atlanta the home of hip-hop and street music the way Nashville is the home of country. HYBE will help them accomplish that vision.
Are Quality Control and gamma similar in that they are both trying to take artists beyond music? What are your views on that?
Puthenveetil One hundred percent. They both approach it in slightly different ways, but fundamentally, it’s driving at the same thesis and reality that artists build their careers through music, but build their brands and communities through everything else they do. That is where we see the industry going more and more. Thinking back to our trip to Korea last September, they have fundamentally understood that for a lot longer than we have in the U.S. On the investing side, we helped create a business called Firebird that has a similar belief and is partnering with the best labels, managers and publishing companies to help them expand beyond music and touring.
What is Firebird building?
Davis We invested in [as opposed to simply advising] Firebird. They are in the process of building a new-generation music company that will be a combination of managers and independent record labels as its core. They’ve done about a dozen transactions and are well on their path to building a great new music company.
How is Firebird different from gamma, which also calls itself a new music company?
Davis Gamma will not be in the management business the same way Firebird is. There will be some elements of crossover, but the essence of each company will be different.
What role did Raine play in the launch of Larry Jackson’s gamma?
Davis We’ve known Larry for many years. Larry approached us with an idea many years ago of what he wanted to build. Our role was to find the capital to invest in gamma. We negotiated the Apple investment, and we sourced the Eldridge investment and negotiated the terms of the deal. Raine represented Chelsea Football Club, which Todd Boehly and Eldridge acquired. Through our partner Joe Ravitch’s relationship with Eldridge, we introduced Eldridge to Larry. [Eldridge is an investor in Billboard.]
Puthenveetil We also helped [Jackson] translate his vision into a business plan and marketing materials and helped educate the investors on what this all means.
Paul Stuart
Why do you think investing in the music industry will be resilient even if market conditions worsen?
Davis Simple metrics of supply and demand. There is an incredible amount of capital that wants to get into music. There are not that many great companies. That market dynamic will keep valuations high and opportunities exciting.
Puthenveetil The reason everyone is excited about music is that, structurally, it is healthy. Companies are growing, they’re profitable. There are a lot of opportunities to invest, to acquire. When you look around at the broader landscape, sure, there are a lot of challenging sectors of the broader market. But everyone is still streaming music, everyone is still attending concerts. These companies are all still making record profits.
Historically, periods of economic downturn trigger a risk-off approach to alternative investment areas, which is what music is considered.
Puthenveetil Over the past six to nine months, we have gotten more calls from investors looking to enter this space than ever before.
Where do sovereign wealth funds want to invest in the music industry?
Puthenveetil Because of the growth of these funds, they have more people looking at spaces that might not have fallen in their purview before. That has resulted in GIC [in Singapore] investing in [Universal Music Group]. We brought Temasek into SoundCloud alongside us. We’ve seen sovereign funds in the Middle East looking at this space. In every process and transaction, we see more and more of that and expect it to continue. One of the early deals we did in the music space was advising Mubadala when they acquired EMI. At that time, very few people knew who Mubadala was, let alone expected them to buy that asset.
Globally, where do you see the opportunities?
Puthenveetil All of the developing markets. That’s where streaming growth is, and the audiences are younger. But it’s the innovation we see coming out of those markets that is exciting.
Are there any pockets of vulnerability in the music industry?
Davis From a major label’s perspective, the area of vulnerability is the incredible growth of regional music. The percentage of regional music that non-major labels represent around the world in multiple territories is at an all-time high, whether it’s K-pop in South Korea, Afrobeats in Africa or native music to France that’s not on major labels. This is a huge generational trend. From that perspective, it is a vulnerability for major labels.
Universal Music Group’s revenues rose 11.5% to 2.45 billion euros ($2.71 billion) last quarter, as sales generated by Morgan Wallen, Taylor Swift, TOMORROW X TOGETHER bolstered results in both recorded music and music publishing.
The world’s biggest music company reported revenue from its recorded music division rose 11.7% to 1.92 billion euros ($2.1 billion) in the quarter ending March 31 compared to the same period a year ago. Revenue from subscriptions and streaming rose by nearly 10% to 1.33 billion euros ($1.47 billion) and physical revenue rose a whopping 32% to 313 million euros ($346 million), while revenue from downloads and other digital revenue — the smallest line item in the division — fell by 19.1% to 55 million euros ($60 million).
The publishing division’s overall revenues rose 13.3% to 425 million euros ($469 million), with digital revenue contributing the most, increasing by nearly 21% from a year ago to 231 million euros ($255 million). Synchronization revenue rose around 11% to 69 million euros ($76 million), while performance revenue slipped 1% to 90 million euros ($99 million).
“Our strong start to the year demonstrates our consistency in developing great artists and introducing their music to fans around the world,” UMG chairman and chief executive Lucian Grainge said in a statement. “We look forward to building on this momentum and furthering our track record of transforming disruptive technologies into opportunities to accelerate our business for our artists, fans and shareholders.”
Overall earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter fell by nearly 43% to 261 million euros ($288 million), driven primarily by equity-based compensation expenses UMG began rolling out in the fourth quarter of 2022. Stripping out those compensation expenses, UMG reported adjusted EBITDA rose 14.7% to 522 million euros ($576 million) compared to the year-ago quarter, and adjusted EBITDA margin grew 0.6 percentage points to 21.3%.
UMG’s Earnings Highlights:
Revenue rose 11.5%, or 9.3% in constant currency, to 2.45 billion euros ($2.71 billion) versus the year ago quarter.
EBIDTA fell 42.5% to to 261 million euros ($288 million)
Adjusted EBITDA rose 14.7% to 522 million euros ($576 million)
Adjusted EBITDA margin grew 0.6 percentage points to 21.3%
Recorded Music Division Highlights:
Recorded music revenue overall rose 11.7% to 1.92 billion euros ($2.1 billion)
Subscriptions and streaming revenue rose by nearly 10% to 1.33 billion euros ($1.47 billion)
Physical revenues rose 32% to 313 million euros ($346 million)
License and other revenue rose 9.2% to 226 million euros ($250 million)
Downloads and other digital revenue fell by 19.1% to 55 million euros ($60 million)
Music Publishing Highlights:
Music publishing revenues overall rose 13.3% to 425 million euros ($469 million)
Digital revenues rose by nearly 21% from a year ago to 231 million euros ($255 million)
Performance revenues slipped 1% to 90 million euros ($99 million)
Synchronization revenues rose around 11% to 69 million euros ($76 million)
