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Universal Music Group N.V. (OTCPK:UMGNF) Q1 2024 Results Conference Call May 2, 2024 12:15 PM ET Company Participants Lucian Grainge - Chairman & Chief Executive Officer Boyd Muir - Executive Vice President, Chief Financial Officer & President of Operations Michael Nash - Executive Vice President & Chief Digital Officer Conference Call Participants William Packer - BNP Paribas Adrien de Saint Hilaire - Bank of America Merrill Lynch Thomas Singlehurst - Citigroup Omar Mejias - Wells Fargo Lisa Yang - Goldman Sachs Conor O'Shea - Kepler Cheuvreux Michael Morris - Guggenheim Partners Operator Good evening, and welcome to Universal Music Group's First Quarter Earnings Call for the period ended March 31, 2024.
Universal Music Group (UMG), Republic Records and Styngr partnered on a solution that helps music labels curate, distribute and monetize music across the Roblox platform. The new solution, Boombox, helps music labels launch playlists and integrate them into the gaming space, the companies said in a Monday (March 18) press release.
Universal Music Group warned Tuesday that it would pull its songs, which include those by Taylor Swift and The Weeknd, from TikTok after a breakdown in talks over issues such as the compensation of artists.
Price rises from the music streamers are providing a healthy tailwind for music companies such as Universal Music, Deutsche Bank suggests. All the major music streaming players have announced price increases on their individual subscription plans over the last 12-18 months, notes the German bank.
Universal Music has struck a deal with a rival of Spotify, and the pact could put artists back at the heart of the music-streaming industry.
Universal Music Group has acquired UAE-based music company, Chabaka, part of the CHBK Group, a label that specialises in digital distribution, marketing, publishing and artists from the Middle East and North Africa (MENA) region. Chabaka has more than 150 independent artists and local labels across the region of its roster and will expand UMG's footprint in the MENA market, where recorded music revenues rose by 23.8% in 2022.