The company also reported that it is making progress on its plan to sell 50% of UMG shares "to one or more partners likely to accelerate UMG’s development and increase its value."
"The process of selecting the potential partnering banks and the advisors should be completed shortly," the company siad in a statement. "PwC has been engaged to conduct the Vendor Due Diligence, which is ongoing. It is expected to be completed in the coming weeks and will be provided to the banks selected. This process is being performed with the participation of the UMG management teams, calmly, deliberately and without haste."
UMG Q1 2019 Highlights
- For the first quarter of 2019, UMG’s revenues amounted to €1,502/$1698 million, up 18.8% at constant currency and perimeter compared to the first quarter of 2018 (+22.9% on an actual basis).
- Recorded music revenues grew by 19.2% at constant currency and perimeter driven by higher subscription and streaming revenues (+28.1%), and strong physical sales in the first quarter of 2019 (+20.8%), which more than offset the continued decline in other digital sales (mainly downloads) (-18.2%).
- Recorded music best sellers for the first quarter of 2019 included new releases from Ariana Grande, the Japanese band back number and Billie Eilish, as well as continued sales of the soundtrack from A Star Is Born and multiple albums from Queen.
- UMG songs occupied the No. 1 spot on both the Spotify U.S. and Global Weekly Charts for every week of the first quarter of 2019. In addition, UMG had the No.1 song on the Billboard Hot 100 for 12 out of 13 weeks of the first quarter of 2019.
- During the first quarter of 2019, UMG acquired Ingrooves Music Group, an innovative music distribution and marketing company which complements UMG’s existing relationships with the global independent music community.
- Music publishing revenues grew by 4.7% at constant currency and perimeter, also driven by increased subscription and streaming revenues.
- Merchandising and other revenues were up 72.7% at constant currency and perimeter, thanks to increased touring activity and D2C (Direct to Consumer) revenues.