UMG: new targets set to 2028
(CercleFinance.com) - Universal Music Group (UMG) has unveiled new medium-term targets through to 2028 on Tuesday, at an investor day held in London.
The music label, which includes Justin Bieber, The Weeknd and Ariana Grande amongst its major artists, says it is aiming for average annual sales growth of 7% over the period.
Growth in subscription revenues is expected to be between 8% and 10%.
Adjusted Ebitda is expected to grow by at least 10% over the period, with an expected free cash flow conversion rate of between 60% and 70% at constant exchange rates.
UMG shares, which had been hit hard in July due to a slowdown in streaming revenues, gained more than 3% on Tuesday morning on the Amsterdam stock exchange in the wake of these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The music label, which includes Justin Bieber, The Weeknd and Ariana Grande amongst its major artists, says it is aiming for average annual sales growth of 7% over the period.
Growth in subscription revenues is expected to be between 8% and 10%.
Adjusted Ebitda is expected to grow by at least 10% over the period, with an expected free cash flow conversion rate of between 60% and 70% at constant exchange rates.
UMG shares, which had been hit hard in July due to a slowdown in streaming revenues, gained more than 3% on Tuesday morning on the Amsterdam stock exchange in the wake of these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.