Vinyl Revival Boosts Revenue Growth for Universal Music’s Irish Division
The resurgence of vinyl records has significantly influenced revenue growth for Universal Music’s Irish division. According to recently filed financial statements, the company reported a revenue increase to €32.4 million for the year ending December 2024, up from €31.7 million the previous year. This growth underscores the ongoing popularity of vinyl as a key driver of the label’s performance.
Financial Highlights of Universal Music Ireland
Universal Music Ireland Ltd has also benefited from the consistent rise in subscribers to music streaming services, which contributed positively to overall revenue. The company maintained its leading market share in the Irish music industry for 2024.
Key Financial Figures
- Revenue: €32.4 million (up from €31.7 million in 2023)
- Operating Profit: €1.48 million (up from €1.2 million)
- Total Profit: €1.35 million (20% increase over the year)
- Administrative Expenses: €6.1 million (down 13%)
- Staff Costs: €2.4 million (decrease of over 21%)
- Directors’ Remuneration: €848,130 (27% decrease)
Operational Insights
The average number of employees at Universal Music Ireland was 22, with an average pay of €110,000 per employee. The company is facing challenges related to the current global economic landscape, which may affect consumer spending in the music market.
To address potential risks, Universal Music Ireland plans to actively explore new business opportunities and ensure sufficient financial support.
Universal Music Group Overview
Universal Music Group, the parent company, is the largest record label globally, featuring prominent artists like Billie Eilish, Harry Styles, Adele, and Taylor Swift. It also represents notable Irish talents such as Hozier, Niall Horan, Erica Cody, and Christy Moore. Last year, Universal Music Group reported a revenue increase of 6.5%, totaling €11.8 billion, with over half derived from subscriptions and streaming services. Additionally, physical music sales, including CDs and vinyl, generated €1.35 billion.
