Universal Music Group reported that Taylor Swift’s release of ‘Speak Now (Taylor’s Version)’ has contributed to their revenue in the third quarter. This album made history by being the first time a woman has had four albums in the Top 10 charts simultaneously, and the first time an artist has had songs from three different albums in the Top 10 at the same time since the Beatles. The chairman and CEO of Universal Music, Lucian Grainge, praised Swift’s talent and career during an investor call. He also highlighted Universal’s efforts to improve streaming economics and promote responsible use of artificial intelligence. Universal has signed a new “artist-centric” deal with French music streaming service Deezer, which rewards artists for attracting and engaging fans. Universal Music has partnered with YouTube on a Music AI Incubator to explore how technology can enhance artist creativity. In terms of financial performance, Universal Music reported total revenue of 2.75 billion euros ($2.9 billion) in the quarter, a 3.3% increase compared to the previous year. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were 581 million euros, up 5.1%. Revenue from recorded music sales slightly decreased by 1.1% to 2 billion euros, while revenue from music publishing rose by 17.5% to 491 million euros. Merchandise sales also increased by 20.1% to 227 million euros. The top-selling artists for the quarter included Taylor Swift, Seventeen, Morgan Wallen, Olivia Rodrigo, and King & Prince.
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