Universal Music Group reported first-quarter revenue of €1.22 billion, down nearly 5% from €1.28 billion in the year-ago period. Recorded music revenue for the label rose 5.9% at constant currency rates. Most of the growth came from subscription and streaming revenue, which rose 31.5%. That increase offset the declines reported for physical formats, which fell 26.2%, and downloads, which fell 25.6%.
The results, reported by parent company Vivendi, included a note that a proposal for changing the shareholding structure for UMG had been approved. The Management Board will examine and carry out the required preliminary legal operations and present the options. Vivendi has been rumored to be considering an IPO for the music label for about a year.