SOLID Q1 AT UMG

COVID-19 had little effect on Universal Music Group’s first quarter, as revenues rose 12.7% at constant currency to €1.77b ($1.93b) for the three months ended 3/31.

Recorded music revenues grew by 13.1%, owing to growth in subscription and streaming revenues, which were up 16.5% to $990m, and the receipt of a digital royalty claim. Downloads dropped 26.1% to and physical sales were only a bit off from the first quarter of 2019, down 1.4%.

Universal Music Publishing Group was up 17.7% to $295m.