Hotspot Engine Program
The first phase of the plan, effective immediately, aims to save €125 million in 2025, including €75 million in 2024, Universal Music Group said on Wednesday (Feb. 28).
When asked about the dispute with TikTok, Lucian Grainge, chairman and CEO of Universal**, said he hoped a solution could be found. "We are friendly and like a win-win situation. My**....Unobstructed 24 hours a day. ”
Global** Group announced layoffs and streamlining operations, saving €250 million (S$364 million) by 2026.
The Group proposes to distribute 0. per shareThe year-end dividend of 27 euros brings the total dividend payout for 2023 to 051 euros.
The Universal Music Publishing Group, the parent company of Universal Music Publishing Group, has artists such as Taylor Swift, Jon Batiste, Boygenius and Ariana Grande.
Michael Nash, the group's executive vice president and chief digital officer, said at the earnings conference** that if consumer spending is shifted from TikTok to other short** platforms, such as Reels or YouTube Shorts, it is believed that some of the lost revenue could be recovered.
Previously, the licensing agreement signed by the group with the social media platform TikTok expired on January 31. This agreement represents approximately 1% of the total annual revenue of the world**. Due to disagreements over issues such as the remuneration of artists and songwriters, the two parties failed to renew the contract.
Global** results showed that adjusted core profit for the fourth quarter increased 9% year-over-year2% to 677 million euros, with revenues up 90% to 3,210 million euros.
Universal** believes that there will be no "significant negative impact" from not renewing the contract at this time, and is focusing on partnerships with YouTube, Facebook parent Meta, Snap and other social ** platforms, which are more profitable to convert.