Vivendi reported first-quarter financials for Universal Music Group. The label generated €1.769 billion in revenue, up 12.7% on-year in constant currency. Actual growth for the period was 17.8%. Its recorded music revenue rose 13.1% from the year-ago period. UMG’s recorded music results included a 16.5% jump for subscription and streaming revenue. Download revenue dropped 26.1%, and physical revenue fell at a more gradual 1.4%.
Universal also saw subscription and streaming revenue drive growth for its music publishing revenue. That figure grew 17.7% in constant currency.
Vivendi said that overall, it has not seen much impact from the COVID-19 pandemic on its results. The company acknowledged that it would be hard to predict the longer-term consequences for its financials. “Vivendi is confident in the resilience of its main businesses,” it said in its press release. “It makes every effort to ensure the continuity of its activities, as well as to best serve and entertain its customers and its audiences while respecting the instructions of the authorities in each country in which it operates.”