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UMG, HYBE, Spotify’s Big First Quarters
UMG, HYBE and Spotify all reported earnings this week, and their boffo returns paint a rosy picture for music despite global economic headwinds.
The biggest shock came from HYBE, as the Korean music mega-giant reported revenues of 500.6 billion Korean won ($348.4 million). It’s the first time the company’s gone past KRW 500 billion and represents a jump of 38.7% over the same quarter in 2024. Concert revenue more than tripled year-over-year, surpassing 155.2 billion won ($108 million). That was a major surprise as analysts had predicted live revenues below KRW 75 million. Despite this, on the bottom line, HYBE still missed. Profits of KRW 21.6 billion ($15 million) were up more than 50% over the same quarter last year, but fell well short of analyst expectations, with the consensus set at KRW 53.1 billion ($37 million).
Meanwhile, in Europe, UMG reported first quarter revenues of €2.901 billion ($3.052 billion), up 9.5% year-over-year, with growth in recorded music and publishing. New releases from Kendrick Lamar, Lady Gaga and Sabrina Carpenter helped goose the number.
“Our strong results – and our confidence about the future – reflect the execution of our strategic plan, including consistently developing and breaking the world’s most successful artists and songwriters by connecting them with billions of fans in new and innovative ways,” Sir Lucian Grainge, chairman and CEO, said in a statement.
On the streaming side, Spotify said its paid subscriber base is now 268 million users, surpassing its own guidance by 3 million. First quarter operating profits of €509 million ($535.6 million) were a record, but below guidance nonetheless. The company expects to add another 5 million paid subscribers in Q2 and take its total users to 689 million, adding 11 million over the next quarter.
Ari Emanuel Buys Frieze From Endeavor
No longer CEO at the now-private Endeavor Group (though he remains executive chairman), Ari Emanuel has purchased Frieze, the art fair, magazine and digital media company owned by Endeavor and its predecessor WME-IMG since 2016. He intends to include Frieze in his newly-formed and as-yet-unnamed “global events and experience company,” Endeavor said in a release announcing the sale.
Frieze CEO Simon Fox and the rest of senior management will stay on after the sale, which came just ahead of the company’s flagship Frieze New York event, scheduled for May 7-11.
“Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel said in a statement. “Having worked with the team for nearly a decade, I’ve seen firsthand the strength of their community and the ambition driving their mission to expand the reach and understanding of contemporary art. Frieze is well-positioned for further growth and represents a strategic cornerstone in our new global events platform.”
Obermann, Newman Co-Heads At Apple
Ole Obermann — who left TikTok parent company ByteDance, where he was Global Head of Music Business Development, in February — is one of two new co-heads at Apple Music, sources tell Music Business Worldwide. He’s joined by Apple veteran Rachel Newman, who had been Apple Music’s Global Head of Content and Editorial.
Obermann was lauded for his time at ByteDance, which coincided with TikTok’s emergence as a major music discovery and marketing platform. He was on the frontlines of the negotiation that brought the UMG catalog back to the social media site.
Country’s Getting Bigger In Blighty
Though still a relatively small sector in the country, the country music market is showing impressive growth in the UK.
The genre now accounts for 3.3% of all singles sales and 2.9% of album sales and streams, making it the UK’s sixth most popular genre, according to a report from UK label trade group BPI. Those numbers have more than doubled since 2022.
Stadium News In DC, Arena Changes In Utah
The NFL’s Washington Commanders and the District of Columbia announced the team’s new stadium will be in the footprint of its long-time home, RFK Stadium, in D.C. itself. The franchise played there from 1961 to 1996 when it decamped for Maryland.
The $3 billion stadium will be domed, a prerequisite for a Super Bowl in the nation’s capital. It is expected to be completed in 2030.
Meanwhile, in Salt Lake City, the Delta Center is getting some upgrades to better accommodate the Utah Hockey Club. Primarily designed for basketball, the Delta Center, like many hoops-first arenas that have been breveted into hockey service, offers less-than-ideal sightlines for the stick-and-puck game.
A multi-year renovation at the arena will include a first-of-its-kind seating system which will allow a 12-foot variance for rink- and courtside seats. Under the present configuration, some 400 lower bowl seats only have a view of one goal during hockey games. The new configuration will allow for optimal viewing for both sports and add some 6,000 seats for hockey — Utah blacked out some upper bowl seats in its first season because of an inability to see the ice — and nearly 1,000 for basketball.
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