Universal Music Sales Beat Estimates on Subscription Growth

Universal Music Group NV, the world’s largest record label, reported revenue that beat estimates on the back of subscriber growth and price increases at some platforms.

Revenue from recorded music rose to €2.87 billion ($3.1 billion) in the third quarter, the Hilversum, Netherlands-based company said in a statement on Thursday. That compared to the €2.83 billion analysts had forecast in a Bloomberg survey. Subscription income rose 8.2%, also beating expectations.