Universal Music Group's revenues were up nearly 20% in the first quarter of 2019 as the major brought in €1,502 million, up from €1,222m in 2018.
According to the results posted by UMG owner Vivendi this morning (April 15), revenues rose by 18.8% compared with the opening three months of last year.
Streaming revenues helped drive growth, up 28.1% between January and March, while physical sales rose by 20.8% in the same period, offsetting a continuing 18.2% decline in digital sales.
Vivendi ascribe the record label's success in 2019 to strong releases from artists including Ariana Grande, Japanese band Back Number (??????) and Billie Eilish, along with the soundtrack for A Star Is Born and several records released by Queen.
On the publishing side, revenues grew by 4.7%, also drive by driven by increased subscription and streaming revenues, while Universal recorded a 72.7% increased in merchandising and other revenues associated with touring activity and direct to consumer revenues.
Catch up on Music Week's recent editorial on Vivendi's sale process for UMG here.
Read Music Week's Q1 analysis in this week's issue, out now.
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By Paul Stokes