Universal Music making $9.3m per day from streaming

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15 April 2019 | | Music Business Worldwide

Universal Music Group’s recorded music operation turned over €1.208bn ($1.37bn) in the first three months of 2019 – up 19.2% year-on-year at constant currency.

Some €737m ($837m) of this money was generated by streaming, according to the latest financial results from UMG parent Vivendi, revealed today (April 15). That means that Universal’s labels are now amassing approximately $9.3m per day from the likes of Spotify, Apple Music, Amazon Music and YouTube.

As such, streaming made up 61% of UMG’s overall recorded music revenues in the quarter.

In a big story for retailers, UMG’s physical sales grew by 20.8% year-on-year in Q1, up to €193m ($219m).

 

Universal parent Vivendi is currently looking for a buyer of up to 50% of UMG. Possible mooted buyers have included Alibaba, Tencent, Disney, Verizon, Apple, Google and Amazon.

In February, JP Morgan slapped a $50bn valuation on Universal.

JPMorgan Cazenove, media analyst Daniel Kerven described UMG as “a unique asset” which owns and controls “undermonetized, must-have, global content that is strategic to the tech giants and can’t be replicated”.

(All % figures used here at constant currency.)Music Business Worldwide

Original Link:  UNIVERSAL CLOSE TO GENERATING $10M PER DAY FROM STREAMING, AS Q1 LABEL REVENUES GROW 19.2%

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