That's according to Universal Music UK's director of digital Paul Smernicki who spoke as part of a digital music panel at today's Guardian Changing Media Summit.

"You can imagine that when Spotify first launched, it sent a lot of people in the music industry into panic mode," he said. "'Let people stream stuff? Just madness!'

"We've looked really really hard for evidence of cannibalisation, almost unobjectively. Across the business, we've been unable to find that evidence.

"And in [European] markets ...