He says that 'streaming has evolved in a way that undervalues the critical contributions of many artists and the engagement of many fans.'
Universal Music Group NV, the world’s largest record label, said quarterly revenue from music streaming surpassed 1 billion euros for the first time in the fourth quarter, a milestone that underscores its continued importance to the music business.
“Streaming has evolved in a way that undervalues the critical contributions of many artists as well as the engagement of many fans,” Grainge said, adding that the company is working with its partners on new models to ensure continued streaming growth and fair compensation for artists. Universal Music Group’s chief digital officer Michael Nash declined to comment on talks with “any specific partner.”
Adjusted pre-tax earnings, or EBITDA, were 620 million euros compared with 568 million euros in the fourth quarter of 2021. Analysts had forecast EBITDA of 621.25 million euros, according to Refinitiv data.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Universal Music Group CEO calls for new streaming modelUniversal Music Group NV said quarterly revenue from music streaming surpassed 1 billion euros for the first time in the fourth quarter, a milestone that underscores its continued importance to the music business. | Reuters
Read more »
Mega Global names new CEO, aims for IPOSTO. TOMAS, Batangas — Food canning giant Mega Global Corp. on Wednesday named its new chief executive officer (CEO) as the firm prepares for a public listing.
Read more »
Week-long transport strike to push through, says groupThe week-long transport holiday being organized by transportation groups will push through despite the LTFRB&39;s decision to extend the deadline for jeepney operators to join or form cooperatives to December 31, 2023.
Read more »
ASTRO's Rocky leaves K-pop group; fans saddened by his departureGet the latest news and exclusive features on your favorite Kapuso programs and celebrities.
Read more »
Transport strike to push through despite consolidation deadline extension — groupThe nationwide transport strike will still push through next week, transport group Manibela said, despite the Land Transportation Franchising and Regulatory Board's (LTFRB) move to extend the franchise consolidation until the end of the year.
Read more »
EVs key to addressing climate issues yet requires gov't intervention - groupElectric vehicles (EVs) are critical in addressing climate-related issues however, it requires more support from the government to sustain them and enable a public infrastructure for people’s mobility.
Read more »