The following is a summary of the Universal Music Group N.V. (UMGNF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Universal music group reported an 8% increase in revenue, reaching €2.59 billion.

• The three main business segments i.e., Recorded Music, Music Publishing and Merchandising experienced growth.

• Recorded Music revenue grew 6%, driven by a 13% rise in subscription revenue and a 10% increase in ad-supported streaming revenue.

• Music Publishing grew by 18%, largely due to a 25% increase in digital revenue and a 28% growth in performance revenue.

• Merchandising revenue increased by 8%, largely because of growth in touring revenue.

• The adjusted EBITDA increased by 16%, reaching €591 million for the quarter, primarily driven by revenue growth.

• The company's adjusted EBITDA margin expanded 1.5 percentage points to 22.8%.

Business Progress:

• Universal Music Group is focusing on the development of new artists and strengthening its global partnerships for better financial success.

• The company has signed a new partnership agreement with TikTok, which includes opportunities in e-commerce, data, and marketing programs.

• Significant strides have been made for shaping a responsible and ethical use of AI in music.

• UMG is targeting a partnership with Roland Corporation to establish principles for the responsible use of AI in music creation and distribution.

• The company aims to deliver €75 million of cost savings in 2024.

• UMG is scaling up in emerging markets and leveraging the power of the internet, Data Service Providers (DSPs), and data to uncover new business opportunities.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.