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.