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The record label also welcomed continued positive growth in subscribers to legal music streaming services, which it said also boosted the company's revenue. Universal Music, whose principal activities include the marketing, sale and distribution of recorded music, added that it maintained its leading market share in the Irish music market in 2024. Speaking on its uptick in revenue, the company said it was underpinned by "continued positive growth in subscribers to legal music streaming services and also due to the significant resurgent growth in popularity of vinyl records." Administrative expenses fell by 13% in the period to €6.1m, while the company's operating profit rose to €1.48m, up from €1.2m compared to the same period last year. Staff costs at the Universal Music's Irish arm also fell significantly in the last 12 months, falling by more than 21% to €2.4m. The company employed an average of 22 people in the year, with the average pay per employing equating to €110,000. Directors remuneration also fell in the 12 months, dropping by 27% to €848,130, which was shared by two directors. Total profit for the financial year, after providing for depreciation and taxation, amounted to €1.35m, reflecting an increase of 20% over the 12 month period. Looking forward, the company said it faces multiple risks, including the current world and economic downturn and its effect on consumer spending in all areas of the Irish music market and its effect on discretionary consumer spending in general. It added that it would counteract these uncertainties by actively seeking out new business opportunities and ensuring it has adequate current financial support. Universal Music Group is the world's largest record label, boasting artists such as Billie Eilish, Harry Styles, Adele, Drake, and Taylor Swift, as well as Irish artists Hozier, Niall Horan, Erica Cody and Christy Moore. Last year, the parent company of Universal Music Ireland recorded a 6.5% increase in revenues, rising to €11.8bn in the twelve months, where subscription and streaming revenues accounted for more than half of overall revenues. Meanwhile, revenues generated by the sale of physical music, such as CDs and vinyls totalled €1.35bn.
