Universal Music Group‘s annual fiscal report usually contains information pertaining to how UMG has spent money on “content spend”.
That definition encompasses both music catalog acquisitions and royalty advances. (The latter refers to the gross amount of money advanced to artists in each year, less total recoupments.)
UMG has naturally spent less on catalog acquisitions from its own balance sheet since Q1 2024, when it invested in Chord Music, which is now expected to handle the bulk of its catalog M&A.
