Universal Music Group could be heading for an IPO, according to parent company Vivendi.

The world’s largest music company achieved record sales of €5.673 billion (£4.97 billion) last year. The rise in streaming revenues at the major has lifted its value and pushed up the Vivendi share price. 

According to Reuters, Vivendi is reviewing the possibility of listing its wholly-owned music division.

“We have started work that will allow us to present the benefits of a potential listing of UMG to the supervisory board,” said CEO Arnaud de Puyfontaine at Vivendi’s annual general meeting in Paris.

Vivendi’s share price finished up 3.4% following his comments at the AGM.

Goldman Sachs valued UMG at $23.5 billion (£16.7 billion) last August.

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