Universal Music Group reported its financial results for the first half of 2015. It was a milestone period for the company, with digital revenue accounting for more than half of its recorded music operation. Digital music was 50.1% of the revenue at €926 million. Total revenue from ad-funded and subscription streaming rose 34%. In contrast, physical sales provided 31% of recorded music revenue, falling 7.4% on-year to €573 million, while licensing was 18.8% of the company’s revenue.
Over the past year, Universal and leader Lucian Grainge have been reportedly working on ever-more lucrative deals with online services. There are rumblings that the company is working on an arrangement with SoundCloud, and leaked emails alleged that Universal could see $1 billion in payouts from Spotify. UMG also recently hired a senior exec to focus exclusively on streaming marketing for its artists.