Both Universal Music Group and Warner Music Group issue quarterly and annual earnings updates to investors.
Within these updates, UMG and WMG offer revenue figures for two distinct yet comparable divisions:
- UMG’s ‘Merchandising & Other’ division covers the firm’s global merch operation centered around Bravado. This division covers merch sold via live venues, via retailers, and via D2C (direct-to-consumer) channels. In addition, it covers D2C sales of VIP fan experiences and other branded products.
- WMG’s ‘Artist Services and Expanded Rights’ operation sits within its Recorded Music division. It covers merchandise sales plus advertising, merchandising including direct-to-consumer sales, touring, concert promotion, ticketing, sponsorship, fan clubs, artist websites, social publishing, and artist and brand management.
You can see how the revenues of these two key divisions/sub-divisions compares each calendar year below.
UMG’s calendar-year results (reported in EUR) have been converted to USD at the prevailing average annual rate in each year as per IRS data.
