@musicbizworld:Streaming is paying Universal $4m a day – but iTunes income is crashing

Cannibalization?  What cannibalization?  Nothing to see here, move along.

Streaming services paid Universal Music Group an average of $3.9m a day in the first three months of this year – comfortably outstripping both download and physical sales.

Revenue for UMG’s recorded music catalogue from the likes of Spotify and Apple Music – across subscription and ad-funded – was up 59.7% in Q1 to €307m ($351m).

However, download income was down by a mammoth 32% year-on-year – providing a comparatively weak Q1 sum of approximately €197m ($225m).

Read it on Music Business Worldwide.