Universal Music’s streaming and subscriptions revenues (now 56% of UMG’s business for the first 9m) were up by 38.6% yoy in Q3, an impressive number which more than offset the decline in physical and download sales which represent now less than 30% of UMG’s business. UMG’s EBITDA could double in two years and reached $2bn in 2020. So a valuation at $40bn (€35bn) at mid-2019 is not so unreasonable. We maintain our opinion at Add on the stock.
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A nearly 40% yoy growth for UMG's streaming revenues in Q3
- Published:
16 Nov 2018 -
Author:
Jean-Michel Salvador -
Pages:
3
Universal Music’s streaming and subscriptions revenues (now 56% of UMG’s business for the first 9m) were up by 38.6% yoy in Q3, an impressive number which more than offset the decline in physical and download sales which represent now less than 30% of UMG’s business. UMG’s EBITDA could double in two years and reached $2bn in 2020. So a valuation at $40bn (€35bn) at mid-2019 is not so unreasonable. We maintain our opinion at Add on the stock.