“Global fan demand is stronger than ever, more artists are out on the road, and more venues are being added to bring them together,” CEO Michael Rapino said.
“Subscriber growth is the biggest driver of the year-over-year growth rates we see at UMG,” said CFO Boyd Muir.
First-quarter revenue was down 12.1% year over year and was the lowest mark in two years.
The French music streamer's latest price hike helped average revenue per user improve 6.4% in Q1 compared to the prior-year quarter.
The German promoter and ticketing company said it expects “a moderate rise” in total revenue in 2024.
The company's 106.7 million paying subscribers contributed to a 39% jump in music subscriptions revenue.
The company gave over $150 million to anti-hate groups from Yeezy sales last year, though North American revenue dropped 16% in part due to "negative Yeezy impact."
The company said it expects strength in paid streaming and a resurgence in ad-supported streaming to push organic growth over 20% in 2024.
After fourth-quarter revenue declined 5%, first-quarter revenue will be down 2% to flat, the company announced Thursday.
UMG also reported publishing revenues rose 8.7% for both the full year and the most recent quarter.
