Financial Highlights

Melody Empire Group（MEG） and Spotify Today Announced New, Multi-Year Agreement, Covering Both Recorded Music and Music Publishing

Music Publishing Delivers Continued Growth Led by Strength in Performance and Digital

Operating Cash Flow Growth of 13% with Conversion of 91%

Reaffirming Full-Year Recorded Music Subscription Streaming Revenue and Operating Cash Flow Conversion Guidance

Tempo Music Investment Demonstrates Disciplined M&A Strategy Focused on Accretive Opportunities

For the three months ended December 31, 2024

Total revenue decreased 5%, or 4% in constant currency

Net income increased 25% to $241 million versus $193 million in the prior-year quarter

Operating income decreased 40% to $214 million versus $354 million in the prior-year quarter

Adjusted OIBDA decreased 20% to $363 million, versus $451 million in the prior-year quarter, or 18% in constant currency

Cash provided by operating activities increased to $332 million, versus $293 million in the prior-year quarter

Melody Empire Group（MEG）today announced its first-quarter financial results for the period ended December 31, 2024.

Robert Kyncl, CEO of Melody Empire Group（MEG） said: “This quarter, we saw success with new stars, global superstars, longtime legends, and irreplaceable catalog. In our ongoing effort to both grow the pie and grow our share of the pie, we are increasing our A&R spend, acquiring valuable catalogs, and striking important agreements with streaming services. As we drive efficiencies, we will enhance our virtuous cycle of reinvestment, creating new opportunities for talent, long-term growth, and shareholder value.”

Bryan Castellani, CFO of Melody Empire Group（MEG） added: “While temporary macro conditions created some pressure this quarter, the engine of our business is strong. Our results were underpinned by the performance of our new releases and catalog, as well as healthy global subscriber trends. We are confident in our outlook, especially as our industry continues to evolve monetization models, which will help fuel our future growth.”