Subscriptions remain strong, and “music is highly undervalued,” according to Deezer CEO Jeronimo Folgueira.
The iPhone maker’s services business, which includes Apple Music, hit $21.2 billion in the quarter.
The streamer changed its forecast for annual revenue growth for 2023 to a range of 7% to 10% from its previous expectation of more than 10%.
Artificial intelligence “will rapidly be available to elevate the quality of the music,” said CEO Denis Ladegaillerie while delivering midyear earnings.
Revenue grew 21% organically in the quarter ended June 30. The remaining growth came from acquisitions such as The Spinners and Greg Kihn.
With Zoom, Box, Okta and Salesforce reporting this week, we saw mixed results from enterprise SaaS companies operating in a tough environment. Enterprise SaaS companies continue to navigate a complex economic environment by Ron Miller originally published on TechCrunch
UMG also reported publishing revenues rose nearly 35% on the year.
“The macro economic conditions are certainly impacting the entire advertising marketplace,” said CEO Bob Pittman.
Revenue grew 44% from pre-pandemic 2019 levels to $16.68 billion.
Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
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