CEO Jeronimo Folgueira was encouraged by Apple's decision to raise prices and Spotify's signal it intends to hike fees in 2023.
UMG reported growth in nearly all segments -- physical excluded -- with recorded music revenues up 10.1% and publishing revenues up 6.9%.
Shares for the streaming service fell 13% following Tuesday’s earnings report.
Gross margin fell two percentage points to 24.7% from 26.7% a year earlier.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
Spotify and Universal Music Group should have much to say about the direction of the music business.
Spotify accounted for 36% of Billboard's Global Music Index’s year-to-date value decrease.
The money will support Stellar Pizza’s first truck, to launch at USC this fall.
Hipgnosis will use the new credit line to refinance existing debt and lower its interest margin.