By Mauro Orru
Universal Music Group expects double-digit percentage growth in earnings and revenue this year, as the industry continues to benefit from consumers spending more time listening to music, a trend accelerated by the coronavirus pandemic.
Management of the record label behind Ariana Grande and Billie Eilish said Wednesday at its capital markets day that the company is targeting revenue growth of more than 10% this year, with earnings before interest, taxes, depreciation, and amortization expected to grow more than 20%.
The announcement comes as the world's largest music company is set to list in the Netherlands next month.
Vivendi SE, the French media giant steered by the family of billionaire Vincent Bollore that controls Universal Music, already secured approval from its shareholders to distribute 60% of the record label in a special distribution and list it in Amsterdam, a development that marks a detachment from Universal's physical base in Los Angeles and a return to the history of the record label.
More than two decades ago Universal merged with record company Polygram, which had an established presence in Hilversum, Netherlands. Universal's holding company is also in Hilversum.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires