NEW YORK (CelebrityAccess) — The world's largest record label, Universal Music has crossed the rubicon as the company revealed in parent corporation Vivendi's third quarter earnings report that for the first time, their digital revenue from streaming topped 50%.
UMG reported digital revenue in the third quarter of €450 million, with €230 million of that revenue coming from streaming. That figure accounts for 19% of the company's total revenue for the quarter and constituted 25 percent of recorded music revenue for the period.
UMG reported overall revenues of 1,181 million euros for the quarter, up 8.0% at constant currency compared to the third quarter of 2014, with results driven by growth across all of the company's divisions. Recorded music revenues grew 1.9% in the quarter, while revenues from the company's music publishing grew 2.6%.
Earnings before income tax and amortization (EBITA) fell 24.5 percent to €114 million at constant currency. – Staff Writers