UMG already made $1B in streaming revenue so far this year

Universal Music Group has made more than $1 billion in streaming revenue so far this year. The label released its financial results for the first nine months of 2016, and revenue from streaming and subscription services hit €1.03 billion ($1.1 billion). That’s a jump of 64.3% over revenue from the first nine months of 2015 at constant currency.

The increases in streaming helped boost total recorded music sales to €2.83 billion ($3.1 billion) for the nine-month period, a 2.9% increase over the same stretch of last year.

The Universal numbers have an edge over Sony, which recently reported its Q2 results. The Japan-based company had a less favorable currency conversion than Universal, but still touted streaming revenue as a key growth driver.