As companies like Universal Music Group and SiriusXM hit rough patches on certain metrics, cost-cutting has helped their bottom lines.
The Paris-based company lowered its guidance on revenue growth in the full year to reflect subscription and ad-supported streaming trends.
Though recorded music subscription revenue grew 6.5% in the quarter, ad-supported and "other" streaming revenue declined.
Subscription revenue continued to grow, but other streaming revenue — including ad-supported streaming — declined in the quarter.
As Spotify, Universal Music Group, Live Nation and more prepare to unveil their latest results, here’s what to expect – and what to watch out for.
CEO Golnar Khosrowshahi said the company, which beat full-year guidance, expects a boost from “a regular cadence of price increases” from music subscription services.
Next week’s earnings releases include Spotify (Feb. 6), Reservoir Media (Feb. 7) and Warner Music Group (Feb. 8).
Gains in subscribers and cost control measures helped gross profit margin almost double to 27.2%, the company said.
"Merchants of garbage," live music spending, rosy outlooks and more.
The concert promotion and ticketing giant posted third-quarter revenue of $8.2 billion, up 32% from the prior-year period.
