The company also pointed to its technology efforts for catalog artists, singling out the “ABBA Voyage” digital avatar concert, Elton John’s “Beyond the Yellow Brick Road” experience on Roblox, and the Beatles’ “Revolver” Spatial Audio release. Merchandising and Other revenue in the fourth quarter of 2022 was €181 million, up 28.4% year-over-year, or 14.6% in constant currency, on growth in touring-related merchandising revenue. Synch revenues were up 18.6%, or 10.3% in constant currency, to $250 million. Performance revenues rose 24.9%, or 18.2% in constant currency, to $393 million. Music publishing revenues overall rose 34.8%, 26.3% in constant currency, to $1.9 billion. Licensing and other revenue rose 19.6%, or 13.4% in constant currency, to $1.06 billion. Physical revenues rose 7.7%, or 4.1% in constant currency, to $1.27 billion. Subscriptions and streaming revenue rose 18.7%, or 9.8% in constant currency, $5.6 billion. Recorded music revenue overall rose 16.3%, or 8.8% in constant currency, to around $8.4 billion. Operating profit rose 14.8%, or 7.9% in constant currency, to $1.69 billion, while net debt dropped 10% to $1.9 billion. EBIDTA was up 20.3%, or 12.5% in constant currency, to $2.15 billion. The call also revealed that ABBA’s “Voyage” virtual concert, the most sophisticated (and expensive) of its kind, will be playing in cities across the globe, after selling more than 1 million tickets in its first nine months at a specially built theater in London.Ĭrunching the numbers, revenue was up 21.6% year over year, or 13.6% in constant currency, to around $10.95 billion for 2022. “As technology advances and platforms evolve, it’s not surprising that there’s also a need for business model innovation to keep pace with change… Under the current model, the critical contributions of too many artists, as well as the engagement of too many fans, are undervalued.” Hopefully artists and songwriters will share the benefits of the company’s blockbuster earnings in 2022 Grainge declined to provide further details in the Q&A at the end of the call. “What’s become clear to us and to so many artists and songwriters - developing and established ones alike - is that the economic model for streaming needs to evolve,” he wrote. Grainge’s annual letter to the UMG staff in January included a strongly worded section wherein he called the streaming economic model drastically outdated.
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