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Universal Music reports 19% rise in 2021 core earnings – Metro US

Universal Music reports 19% rise in 2021 core earnings

Logo of Universal Music Group is seen in Zurich
Logo of Universal Music Group is seen in Zurich

AMSTERDAM (Reuters) – Universal Music Group NV (UMG), the record label behind many of the music industry’s biggest stars, on Thursday reported a 19% rise in full year core earnings for 2021, in line with expectations, and forecast a “strong” 2022 with growing revenue from streaming services and ad-supported social media platforms.

UMG’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 1.79 billion euros ($1.98 billion), compared with 1.50 billion euros in 2020.

Analysts had forecast 2021 EBITDA at 1.78 billion euros, according to Refinitiv data.

($1 = 0.9050 euros)

(Reporting by Toby Sterling; Editing by Kirsten Donovan)

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