Thats more than the estimated combined 2019 streams, sales and downloads of all the songwriters in the UK. Excluding these items, Adjusted EBITDA for the quarter was 503 million, up 9.8% year-over-year, or 6.8% in constant currency, driven by revenue growth. Net cash provided by/(used for) operating activities Adjustments UMG disclaims any intention or obligation to provide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. European Rights to Sony Music", Universal Music UK Announces Launch of Virgin EMI Records, "H Cobalt Music "" Universal Music Greece", "MINOS-EMI Greek Universal Subsidiary | GreekReporter.com", "Edel kauft legendres Jazzlabel von Universal", "Universal Music Group (UMG) & Disney Music Group (DMG) Expand Agreement Globally", "UNIVERSAL MUSIC GROUP (UMG) & DISNEY MUSIC GROUP (DMG) EXPAND AGREEMENT GLOBALLY", Motown Records and EMI Gospel Announce Joint Venture: Motown Gospel | EURweb Part 1, "Vivendi Declined SoftBank's Lucrative Offer for Universal", "Universal Music Group valuation hits $50bn as Vivendi seeks 'half dozen' investment bank partners", "Universal Music Distribution Owns Record Nine of Top 10 Digital Songs", "Universal a perfect 10 on Billboard 100", "SAG-AFTRA Honors 'Secret Life Of The American Teenager', "SAG-AFTRA Announces American Scene Award Recipients", "Universal Music Group Breaks Up Its Island Def Jam Division", "Amy wins best documentary feature Oscar", "Universal Music Group Taps David Blackman, Scott Landis for Film, TV Development and Production", "Universal Music Group Revives Polygram Label for Film and TV Production", "Grammy Awards bring gold to revitalized Capitol Records", "Universal Music Canada donates EMI Music Canada archive to University of Calgary", "Universal Music Group Buys Digital Marketer Fame House From SFX", "Paul McCartney Signs Worldwide Deal with Capitol Records", "The Bee Gees Ink Worldwide Deal With Capitol Records", "Spotify, UMG finally reach long-term streaming deal", "Universal Music Group Inks Major Licensing Deal With Tencent in China", "China's Tencent seals exclusive music licensing deal with UMG", "Luis Fonsi Breaks Seven Guinness World Records Titles Thanks To 'Despacito', "Universal Music Group Partners With 'Beat Bugs' Producers for Three New Music-Based Series", "Universal Music Group's New Program to Benefit Music-Based Startups", "USC Annenberg launches 'Annenberg Inclusion Initiative', "Universal 'accelerates efforts to promote diversity and inclusion' with new initiative", "Universal Music Acquires Iconic British Labels Stiff Records and ZTT", "Universal Music signs multiyear licensing deal with Facebook", "YouTube signs deal with UMG, Sony over streaming policies", "Rolling Stones Expand Partnership With Universal Music Group", "Vivendi to Sell Up to Half of Universal Music Group", "Why a Partial Universal Music Group Sale Could Spark a Wider Music Biz Selloff", "Rumor Mill - IT'S GOOD TO BE KINGBETTER THAN EVER, IN FACT", "Universal Music to boost its investment in Africa", "The world's biggest music company is setting its sights on Africa", "Elton John signs with Universal 'for the rest of his career', "Taylor Swift's New Record Deal Affects Thousands of Other Musicians", "Taylor Swift Stands to Make Music Business History as a Free Agent", "Taylor Swift Signs New Deal With Universal Music Group", "Queen's "Bohemian Rhapsody" is the most streamed classic rock song of all time", "Universal Music to Acquire Distributor Ingrooves in Move to Strengthen Commitment to Indie Labels", "Universal Music Group on the Forbes America's Best Midsize Employers List", "That Glitchy Music Video on YouTube? EBITDA amounted to 1,686 million, an increase of 13.4%, or 14.7% in constant currency, compared to 2020, also as a result of the growth in revenues. [148], Howard King filed a lawsuit in Los Angeles on June 21, 2019, on behalf of Soundgarden, Hole, Steve Earle, the estate of Tupac Shakur and a former wife of Tom Petty that seeks class action status for artists whose master recordings were believed to have been destroyed in the Universal Studios fire. Nearly all of these mastersin some cases, the complete discographies of entire record labelswere wiped out in the fire. For example, in 2010, Universal Music Group CEO Lucian Grainge stepped down from his role and was replaced by Doug Morris, who had previously worked for Disney. [145][146], A representative for Eminem confirmed that the rapper's master recordings were digitized months before the fire, but could not confirm whether the physical master reels of his recordings were affected. [50][51] Later in February, Sony Music Entertainment acquired UMG's European share in Now That's What I Call Music for approximately $60million. UMGs Recorded Music, Music Publishing and Merchandising and Other segments all had strong, double-digit revenue growth, as discussed further below. Net cash provided by operating activities before income tax paid improved to 1,395 million compared to 1,133 million in 2020, an increase of 23.1%, mainly as a result of the growth in EBITDA and lower royalty advance payments, net of recoupments in 2021 compared to 2020. In May 1998, Seagram purchased PolyGram[25] and merged it with Universal Music Group in early 1999. Universal Music Group CEO and chairman Sir Lucian Grainge has a good shot at topping any music-industry power list in 2019. 92 Customers rate Universal Music Group's Net Promoter Score a 36, which ranks it 1st against its competitors. Keep reading to discover what it's like to work with the best in the business. Copyright 2023 Penske Business Media, LLC. Going forward, we see the industry continuing to grow and with our unique experience, our deep understanding of the business and the vast artist relationships and global creative networks we expect to further strengthen our position as the industry leader as we continue to break new artists and build on our world-class catalogue., We are generating robust Free cash flow even as we continue to opportunistically and selectively invest in artists and catalogues that will be additive to the long-term health of our business, said Boyd Muir, EVP, CFO and President of Operations for UMG. [153][154], UMG denied that the takedown was ordered under the terms of the Digital Millennium Copyright Act, and said that the takedown was "pursuant to the UMG-YouTube agreement," which gives UMG "the right to block or remove user-posted videos through YouTube's CMS (Content Management System) based on a number of contractually specified criteria. [73], In May 2016, UMG acquired Famehouse, a digital marketing agency. Brandi Carlile Net Worth Her net worth has been growing significantly in 2020-2021. Free Cash Flow is not a measure of performance calculated in accordance with IFRS and therefore it should not be considered in isolation of, or as a substitute for cash flow provided by operating activities as a measure of liquidity. Richard Rosenblatt Net Worth. Q1 2022 Results: May 3, 2022 With a gross percentage margin of 25%, to deliver $5.6 billion, Spotify would need to generate annual revenue of $22.4 billion, which in turn would pay the record industry $11.6 billion, based on the net revenue share of 52% that Spotify gives the major record companies., He continued: Now, if we assume that Spotify has a 35%-ish market share, the total music streaming markets annual payouts to the record industry would have to reach $33.1 billion for these projections to make sense. EBITDA margin is EBITDA divided by revenue. The MBW Review is supported by FUGA. [134] After years of litigation, the suit settled in 2018, prior to the court holding a trial on whether UMG had a subjective belief that the video was infringing and not fair to use before sending its request to YouTube. [65], In September 2013, UMG received a SAG-AFTRA American Scene Award for the company's commitment to diversity as exemplified by its "entire catalog and roster of artists. Excluding these items, Adjusted EBITDA for the year was 1,788 million, up 19.4% compared to 2020, or 20.9% in constant currency, driven by revenue growth. Subscribe. Subscribe. [110], In June 2021, Pershing Square Tontine Holdings, a special-purpose acquisition company run by investor Bill Ackman, announced it would acquire 10 percent of UMG before it went public, in a $4 billion transaction. UMG boss Lucian Grainge is due a $201 million payday more than the total income of all UK songwriters and composers put together. [57], On March 20, 2013, UMG announced the worldwide extension of their exclusive distribution deal with the Disney Music Group, excluding Japan. derivative financial instruments, net (assets and liabilities) where the underlying instruments are Financial Net Debt items, as well as cash deposits securing borrowings included in the Consolidated Statement of Financial Position under financial assets; the value of borrowings at amortized cost as reported in the Consolidated Statement of Financial Position. Universal Music Group CEO Lucian Grainge on Wednesday lamented the increasing use of short, low-quality music clips on streaming music platforms, saying they undermine the experience of. Based on IFRS 2, the fourth quarter of 2021 included certain non-cash share-based compensation which, as disclosed in the Companys prospectus dated September 14, 2021, was awarded by UMGs former parent company, Vivendi SE, to several UMG executives in connection with the Companys Admission to the Euronext Amsterdam. These values are the essence of our people which makes UMG the most renowned company in the music industry. [112], In February 2022, Universal Music Group announced a partnership with Curio, an NFT platform, to create NFT collections for its record labels and artists. [42], On September 21, 2012, the sale of EMI to UMG was approved in the European Union and the United States by the European Commission and Federal Trade Commission respectively. Popular. The company paid $12million to the state in settlement. [82], In October 2017, UMG announced the launch of its Accelerator Engagement Network, an initiative aimed to help develop music-based startups around the world. Our core business is well positioned for a strong 2022, which aligns with the plan we have set to achieve our previously announced mid-term targets.. If approved by shareholders, this would bring UMGs total dividend for 2021 to 725 million, or 0.40 per share. All of that said, Universals sheer heavyweight power in the music industry with a 30%-plus global market share of total recorded music revenues plus its almighty owned catalog will be the primary factor fuelling investor confidence in its spin-out, and its ultimate valuation. "The vault housed tape masters for Decca, the pop, jazz and classical powerhouse; it housed master tapes for the storied blues label Chess; it housed masters for Impulse!, the groundbreaking jazz label. When it went public on the Euronext Amsterdam exchange, UMG was valued at 45.4 billion euros ($53.2 billion) up dramatically from the $8.5 billion that Softbank had offered for the company in. Are Universal Music Group internships paid? [20][21] In 1995, Seagram acquired 80 percent of MCA from Matsushita. Last rating was a day ago. For Universal Records 19881989, see, 2004: Consolidating into a Vivendi subsidiary, 20072012: UMG acquisitions and EMI purchase, 20122017: EMI integration and divisions reorganization, 2018present: Continued growth and public trading, Last edited on 14 February 2023, at 21:54, following the country's invasion of the Ukraine, United States District Court for the Northern District of California, "Universal Music Group N.V. Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2021", "Universal Music Group Prospectus 14 September 2021", "Tencent in Talks for Stake in Record Label of Ariana Grande, Queen", "Sir Lucian Grainge: After Tencent deal 'our strategic vision remains the same', "Tencent Agrees to Buy 10 Percent of Universal Music Group", "Tencent's Universal Music Group acquisition is now official", "Vivendi: the Tencent-led consortium has completed the exercise of its call option and now owns 20% of UMG's share capital - Vivendi", "Universal hits massive valuation of $54bn as it lists on Amsterdam Stock Exchange", "Universal Music Group shares soar in market debut", "The World's Most Innovative Companies 2019: Music Honorees", "How $33 billion Universal Music Group is redefining the modern music label", "The Origin & Many Uses of Shellac by R.J. Wakeman", "Pioneers' Dream Becomes Reality With Decca", "HITS Daily Double: Rumor Mill - A BRIEF HISTORY OF MCA RECORDS", "It's a Wrap: MCA Sold: Matsushita to Pay About $6.6 Billion", "Seagram heads for Hollywood; Seagram will buy 80% of big studio from Matsushita", "Matsushita, Freed of MCA, Reports a Profit", "MCA changes name to Universal Studios Inc", "Hundreds of Jobs Lost in Universal Mega-Merger", "Universal Music Group Out into the Wild: The Story Behind its IPO BSIC | Bocconi Students Investment Club", "Universal buys troubled Sanctuary for 44.5m", "Maestros of the Concert Merchandise Movement", "Bloomingdale's Teams With Universal Music Group and Bravado for Major Retail Promotion", "A Rolling Stones pop-up shop is coming to Selfridges", "How Spotify Built a $20 Billion Business by Changing How People Listen to Music", "Vivendi Appoints Lucian Grainge Chairman & CEO of Universal Music Group", "Citigroup Sells EMI in Parts for $4.1 Billion to Vivendi, Sony", "EU opens investigation into Universal, EMI deal", "Universal's 1.2bn EMI takeover approved with conditions", "Universal's Capitol takes shape: Barnett in, Beatles on roster", "Universal Closes on EMI Deal, Becoming, by Far, Biggest of Remaining Big Three", "FMQB: Radio Industry News, Music Industry Updates, Nielsen Ratings, Music News and more! 27 would focus on musicians at the age of 27, an age at which several iconic musicians died. Megaupload said that the video contained no infringing content, commenting: "we have signed agreements with every featured artist for this campaign". Bruce Resnikoff is President/CEO at Universal Music Enterprises. 36 songs. [121] Universal Music Latin Entertainment is also headquartered in Hollywood. [19], In November 1990, Japanese multinational conglomerate Matsushita Electric agreed to acquire MCA for $6.59billion. But what valuation will Universal reach as a public company? In this execs words: If Spotify investors expect a standard 7% yield from their investment [as per that market cap], they would also expect the company to be generating $3.6 billion in annual profits. Outside of the churn of big-money catalog acquisitions and enthusiasts wibbling on about the potential of Clubhouse and NFTs, the industry (like many of us?) By 2018, the song had broken several Guinness World Records, including Most Weeks at Number 1 on Billboard Hot Latin Songs chart and most-viewed video online. Merchandising and Other EBITDA in 2021 of 16 million decreased by 23.8% compared to 2020, or 27.3% in constant currency, due to higher artist costs. Tencent's ultimate largest controlling corporate shareholder, Naspers, is headquartered in Cape Town, South Africa. The company represents artists such as Justin Bieber, Lady Gaga, and Kanye West, and has partnered with retailers including Barneys, Bloomingdale's and Selfridges. Mixtape had twelve episodes, with each episode connected to a song. More Importantly, Who Should Do It? Subscribe. MySpace Music Completes Acquisition Of iMeem", "Recordings by Elton John, Nirvana and Thousands More Lost in Fire", "Universal Music Disputes Severity of 2008 Fire Cited in New York Times Article", "Hole Say They Were Never Told About Lost Recordings in Warehouse Fire", "Musicians Mourn the Fiery Destruction of Their Recordings: 'I Think They Are Gone Forever', "Nirvana's Krist Novoselic believes Nevermind masters lost in Universal fire", "Eminem Master Tapes Were Digitally Backed Up Just Months Before Universal Fire: Report", "Universal Music Group Archivist: Vault Fire Damage 'Surprisingly Overstated,' But Any Loss Is 'Painful for Us', "Artists Sue Universal Music Group Over Losses in 2008 Fire", "A Universal Music Fire Case Could Break New Legal Ground", RIAA Label Artists & A-List Stars Endorse Megaupload In New Song, Universal Censors Megaupload Song, Gets Branded a "Rogue Label", Megaupload threatens to sue Universal over YouTube video, Megaupload to Sue Universal, Joins Fight Against SOPA, UMG claims "right to block or remove" YouTube videos it doesn't own, File-Sharing Company Sues Record Label, for a Change, UMG, MegaUpload Case Gets Even Stranger; Will.i.am Says He Didn't Authorize A Takedown, "Megaupload Drops Lawsuit Against Universal Music Over Viral Video (Exclusive)", "Music Industry Opposes Copyright Termination; What is it? In accordance with UMGs dividend policy to pay a dividend of 50% of Net profit (subject to agreed non-cash items and applicable law), UMG has proposed to pay a final dividend of 363 million, or 0.20 per share for the year ended December 31, 2021. Universal Music Group may also be known as or be related to Decca Records (USA business) (1934-1971) MCA Records (1971-1989) MCA Music Entertainment Group (1989-1996), UNIVERSAL MUSIC . Perhaps, though, this is the calm before the storm. A $65 million bonus will push Universal Music Group CEO Lucian Granges 2021 income up to $201 million. Subscribe. Revenues benefited from the continued growth in subscription and streaming, an improvement in synchronization income and from the benefit of catalogue acquisitions. On that topic, one senior and fiscally focused industry insider passed me a set of rough numbers the other day that further adds weight to Universals potential of becoming a $100-billion-plus company in the months and years ahead. 3. In addition, it should be noted that other companies may have definitions and calculations for these non-IFRS measures that differ from those used by UMG, thereby affecting comparability. 4150 International Plz Fort Worth, TX 76109 8442 McDaniel Rd Fort Worth, TX 76126 PO Box 174 Strawn, TX 76475. Universal Music Group's revenue grew by more than 1 billion euros in 2021 to 8.5 . Recorded Music EBITDA margin improved by 0.9pp to 23.7% from 22.8% in 2020 due to operating leverage. Although the movie studio and the music business share a common history, today the former is part of NBCUniversal and the latter an independent commercial entity. malinda youtube 5. The same day, UMG announced launch of its new affiliates in Morocco and Israel. [30][31][32][33], In 2008, Universal Music Group agreed to make its catalog available to Spotify, then a new streaming service, for use outside the U.S. on a limited basis. Our success in all these efforts showed in our financial performance revenues increased by 17% on a constant currency basis, Adjusted EBITDA margin expanded and Free cash flow improved significantly. Universal Music Spain is based in Madrid, Spain. "[14] UMG has signed licensing agreements with more than 400 platforms worldwide. [126], Universal Music Group's Universal Music Canada is located in Toronto.[127]. $49 Billion? Note: % YoY indicates % change year-over-year; % const. Read More Universal Music Group N.V. Corporate Headquarters - Hilversum, Netherlands [91][92], In Nielsen's 2018 US Music Mid-Year report, UMG made history with eight of the Top 10 artists, including all of the top five, as well as all of the top eight artists ranked by on-demand audio streams. The rise of the DIY artist sector, which by sheer volume is now nibbling into the overall streaming market share of the three major record companies. Lucian Grainge- Net worth, Salary. Free Cash Flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. [40] In March 2012, the European Union opened an investigation into the acquisition[41] The EU asked rivals and consumer groups whether the deal would result in higher prices and shut out competitors. [70] On February 11, 2017, PolyGram Entertainment was relaunched as a film and television unit of Universal Music Group under David Blackman. Bruno lives in a lavish mansion thanks to his . Universal's revenue jumped from 6bn in 2018 to 7.4bn in 2020. UMG-signed artists claimed no less than eight of the top 10. In September 2021, IPO, Euronext Amsterdam announces an introduction price of 18,50[clarification needed] and Vivendi set an initial valuation for UMG at 33 billion ($38.3 billion). 100% Approve of CEO. License and other revenue improved 11.6% year-over-year, or 5.1% in constant currency, as a result of improvements in synchronization, non-recorded direct-to-consumer and live revenues. Adjusted net profit, which adjusts for the revaluation of investments amongst other items, amounted to 1,271 million in 2021, compared to 1,028 million in 2020, resulting in Adjusted EPS of 0.70 in 2021, compared to 0.57 in 2020. [9] These non-IFRS measures (also known as alternative performance measures) are presented because management considers them important supplemental measures of UMGs performance and believes that they are widely used in the industry in which UMG operates as a means of evaluating a companys operating performance and liquidity. Accordingly, UMG cautions readers against placing undue reliance on such forward-looking statements. [72], In March 2016, Universal Music Canada donated the archives of EMI Music Canada to the University of Calgary. Erika Begun investorrelations@umusic.com, Upcoming Calendar Some think Tencent got an absolute bargain. DMX. On 1 January 2011 he became CEO of Universal Music Group, and then chairman on 9 March 2011, succeeding Doug Morris. [151] The music video was also uploaded to YouTube, but was removed following a takedown request by UMG. Found 92 of over 1K reviews. UMG considers free cash flow, a non-IFRS measure, to be a relevant indicator of the groups cashflow generated to fund dividend payments and repayment of debt. announced they would investigate the effects the fire may have had on the band's archival materials, while Hole, Steely Dan, Rosanne Cash and Geoff Downes made statements on their possible losses from the fire. This non-cash share-based compensation amounted to 45 million. pre-order now. One Thing At A Time - the new album. CEO Lucian Grainge Stock Symbol AMS: UMG It moved in 2002 from Hamburg to the district Friedrichshain at the river Spree. [We] have suggested a blue sky valuation of 100 billion, wrote Kerven of UMG. [1] This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as endorsed by the EU. Whilst hailing the opportunities that the accessibility of streaming offers, Bevan called for an urgent need for the levelling out of the way revenue from a song is divided up. [102], In June, YouTube and UMG announced that they were upgrading more than 1,000 popular music videos to high definition, releasing them through 2020. We exist to shape culture through the power of artistry. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Appendix to this press release. We helped our artists achieve extraordinary success including 8 of the IFPIs top 10 global artists of the year. [37], In 2011, EMI agreed to sell its recorded music operations to Universal Music Group for 1.2billion ($1.9billion) and its music publishing operations to a Sony-led consortium for $2.2billion. Last year as part of the UK streaming inquiry pop songwriter Fiona Bevan said shed earned only 100 from writing a song for a 2020 Number 1 album. [13][14] UMG was named by Forbes as one of America's Best Midsize Employers in 2019. Universal Music Group operates a secondary office in Woodland Hills that includes finance, royalty, and operations functions.[122]. [135][136][137] In April 2016, UMG had the audio muted of a video clip showing Katherine Jenkins singing the British national anthem. Pershing Square Holdings held 10% of UMG shares. In addition to strong performance in streaming, we drove new areas of opportunity for our artists ranging from merchandise to brand management, sponsorship, ecommerce, and film & television. Popular; COVID-19 Related; 319 Million. [11][12], In 2019, Fast Company named Universal Music Group the most innovative music company and listed UMG among the Top 50 most innovative companies in the world[13] and "amid the music industry's digital transformation, Universal is redefining what a modern label should look like. UMG considers the use of Adjusted net profit appropriate as UMG uses it as the basis for the Adjusted net profit per share (in EUR) diluted, both of which are non-IFRS measures. That's 340% greater than the $6.7 billion in revenue Universal reported for 2013. [55][56] Edel AG acquired the MPS catalogue from Universal in January 2014. [140], According to Jody Rosen of The New York Times, the fire which swept through Universal Studios Hollywood on June 1, 2008, caused "the biggest disaster in the history of the music business". He writes a regular column for Rolling Stone. Once again, though, Daniel Kerven has trumped all-comers. Taylor Swift is one of the many hit artists signed to Universal Music's umbrella. In addition, veteran songwriters can apply for the termination of publishing copyrights in the US 56 years after their songs were released (see: Paul McCartneys battle with Sony Music Publishing a few years back). Universal Music Group's CEO Score Ranks 2nd. For more information on Universal Music Group N.V. visitwww.universalmusic.com, Media The music business is kind of bored. [58] The exclusive deal also saw UMG granted unlimited access to all rights pertaining to Disney's 85-year back catalog of soundtracks and albums. Sort. Universal, which is the largest. To calculate EBITDA, the accounting impact of the following items is excluded from the income from Operating Profit: Adjusted EBITDA and Adjusted EBITDA margin. EBITDA and Adjusted EBITDA margin were also impacted by revenue mix, as revenues were more heavily weighted towards merchandising revenues and music publishing revenues in the fourth quarter of 2021 compared to the prior-year quarter, which carry a lower EBITDA margin than streaming and subscription revenues. [22][23] On December 9, 1996, the company was renamed Universal Studios, Inc.,[24] and its music division was renamed Universal Music Group; MCA Records continued as a label within the Universal Music Group. Kerven also pointed to the first time monetization of emerging markets by streaming services (as demonstrated by Spotifys recent expansion into over 80 new territories)as well as the potential for UMG to earn more money from the use of its music in social media and fitness applications (as noted in this column in December). UMG is the largest record company worldwide and parent company . [10] Pershing Square Holdings later acquired ten percent of UMG prior to its IPO on the Euronext Amsterdam stock exchange. A $65 million bonus will push Universal Music Group CEO Lucian Grange's 2021 income up to $201 million. (C) 2006 Roc-A-Fella Records, LLC. UMG's first major film production was Amy, which won an Oscar for Best Documentary,[69] while taking part in Kurt Cobain: Montage of Heck and The Beatles: Eight Days a Week documentaries. [131] It was estimated that consumers were overcharged by $500 million and up to $5 per album. As a result of this deal DMG's labels and artists have access to UMG's roster of producers and songwriters on a worldwide basis. [94][95] In September 2018, singer Elton John signed a global partnership agreement with UMG across recorded music, music publishing, brand management, and licensing rights. This, he said, was due to UMGs undermonetized, must-have, global content that is strategic to the tech giants and cant be replicated. Kerven was notably more bullish on UMG than other analysts at the time, including Morgan Stanley, who estimated UMG might be worth somewhere between $29 billion and $42 billion. EBITDA and EBITDA margin were impacted by certain non-cash share-based compensation and one time direct-listing related expenses during the fourth quarter of 2021, which amounted to 65 million. [124] Company's legal headquarters are in the Netherlands. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties, many of which are related to factors that are outside UMGs control, including, but not limited to, UMGs inability to compete successfully and to identify, attract, sign and retain successful recording artists and songwriters, failure of streaming and subscription adoption or revenue to grow or to grow less rapidly than anticipated, UMGs reliance on digital service providers, UMGs inability to execute its business strategy, the global nature of UMGs operations, UMGs inability to protect its intellectual property and against piracy, UMGs inability to attract and retain key personnel, changes in laws and regulations and the other risks that will be described in the annual report.
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