Quarterly revenue jumped 25.4 percent to 2.54 billion euros ($2.57 billion), or 17.3 percent when assuming constant currency exchange rates.
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In UMG’s recorded music unit, quarterly revenue rose 16.2 percent, or 9.0 percent assuming constant currencies, to 1.92 billion euros . Subscription and streaming revenue jumped 7.0 percent on a constant currency basis, while physical revenue climbed 17.4 percent on that basis, “mainly driven by strong sales from BTS and King & Prince.” But downloads and other digital revenue dropped 12.4 percent as download sales have declined industrywide.
Music publishing revenue amounted to 476 million euros in the second quarter, a gain of 62.5 percent, or 50.6 percent in constant currency terms. Growth drivers were an accounting change, “healthy growth from streaming and subscription, the broadening monetization of music publishing rights, a continued rebound in physical sales, as well as initial contributions from catalogue acquisitions made in prior years,” the company said.
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