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TIT - Telecom Italia SpA News Story

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Sector
Telecoms
Size
Large Cap
Market Cap £5.57bn
Enterprise Value £28.59bn
Revenue £13.58bn
Position in Universe 54th / 725

UPDATE 1-Vivendi's books, music records propel first-quarter sales

Thu 22nd April, 2021 5:35pm
(Adds details of results, background)
    By Mathieu Rosemain
    PARIS, April 22 (Reuters) - Vivendi's first-quarter revenue
grew 5% from a year earlier, the French media giant said on
Thursday, driven by the prolonged strong performance of its
music unit Universal and a sales jump at its publishing
division.
    The Paris-based group, controlled by billionaire Vincent
Bollore, is seeking to cash in on the music industry's revival
by listing Universal, home to singers such as Lady Gaga and
Taylor Swift, by the end of the year.  urn:newsml:reuters.com:*:nL1N2KL0F0
    The division has generated strong sales growth in recent
quarters on rising streaming revenues, which represents more
than half of the worldwide industry's total revenue overall.
    Group revenue rose to 3.90 billion euros ($4.69 billion),
Vivendi said in a statement. It was propelled by a 9.4% increase
in sales of Universal Music Group, led by a 20% growth in
subscription and streaming revenues.
    Olivia Rodrigo's song "Driver's license" and Justin Bieber's
"Peaches" were among the most-listened tracks on Spotify, the
biggest music streaming platform in the first quarter, Vivendi
said. 
    Revenue also benefited from a 40% jump in sales from
publishing division Editis, thanks to several best-selling
books, including one accusing a top French political commentator
of abusing his stepson.
    The book sparked outrage across the country and prompted a
review of legislation on incest and sexual abuse.  urn:newsml:reuters.com:*:nL8N2K15VM
    Vivendi's quarterly sales were, however, slightly below a
3.94 billion-euro average consensus provided by Visible Alpha
and cited by Jefferies in a note.
    Vivendi, which has become the No. 1 shareholder of French
media group Lagardere  LAGA.PA , did not update markets about
its intentions with the group and speculation that it could be
interested in buying its publishing division Hachette.
 urn:newsml:reuters.com:*:nL8N2LS273
    The group is also a contender for the acquisition of
Bertelsmann's controlling stake in French broadcasting group M6
 MMTP.PA , two sources have told Reuters.  urn:newsml:reuters.com:*:nL8N2LA181
 ($1 = 0.8323 euros)

 (Reporting by Mathieu Rosemain; Editing by Edmund Blair and
Richard Chang)
 ((Mathieu.Rosemain@thomsonreuters.com; +33 1 8098 1239; Reuters
Messaging: mathieu.rosemain.thomsonreuters.com@reuters.net;
Twitter: https://twitter.com/MathieuRosemain))
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