Universal Music Group’s revenues increased by 10% at constant currency in 2017 on the back of streaming growth and successful album campaigns.
The major recorded revenues of €5.673 billion (£5.04 billion) last year, up 7.7% compared to 2016 on an actual basis.
UMG is also confident about its performance in 2018, following a string of deals with Tencent Music Entertainment, YouTube and Facebook, alongside the renewal of its Spotify licence.
Recorded music revenues were up 11.3% at constant currency – and subscription and streaming growth of 35.4% more than offset decline in download and physical sales.
Music publishing revenues increased by 9.6% at constant currency, boosted by streaming as well as growth in sync and public performance revenues. Merchandising and other revenues were down 7.1% at constant currency as a result of lower touring activity.
Big sellers include records by Taylor Swift, Kendrick Lamar, Drake, The Weeknd, The Beatles and soundtrack releases from Moana and La La Land, as well as global hit Despacito.
UMG’s EBITA totalled €761 million (£676.1m), up 20.6% at constant currency.
Both Warner Music Group and Sony Music have recently issued strong quarterly figures.