Universal sees more streaming revenue growth in Q1

UMG logo rectangle canvasUniversal Music Group posted its Q1 financials, which carried on the strong performance by streaming from its full-year 2015 report. Total revenue for the recorded music business edged up a fraction of a percent to €1.119 billion. Streaming and subscriptions secured a 59.7% increase in revenue, clocking in at €307 million for the period.

Physical sales for the quarter fell 16.6 percent, again continuing the trends from the 2015 report. Publishing earned €188 million, up 0.3 percent. The results were bundled in with the announcement of parent company Vivendi’s financial performance.

UMG has announced some big digital hires of late, including the addition of Gracenote founder Ty Roberts as its first chief technology officer and the hire of Jonathan Dworkin as senior vice president of digital strategy and business development.

Anna Washenko