universal music group reports stronger than expected revenue driven by subscriptions

Universal Music Group NV, the largest record label globally, has reported third-quarter revenue of €2.87 billion ($3.1 billion), surpassing analyst expectations.

The increase in revenue is attributed to strong subscriber growth and price hikes across various platforms. Recorded music revenue saw an 8.2% rise in subscription income, also exceeding forecasts. This performance highlights the ongoing strength of the music industry amid evolving consumer preferences and market dynamics.

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