Universal Music Group’s revenues grew to €1.81 billion ($2.17 billion) in the first quarter of 2021, up 9.4% at constant currency and perimeter, thanks to big-selling (and streaming) releases from Justin Bieber and King & Prince, as well as sustained sales from 2020 hitmakers The Weeknd, Ariana Grande and Pop Smoke.
Recorded music revenues jumped 10.8% to €1.483 billion ($1.78 billion) thanks to sustained growth in subscription and streaming revenues — which on their own increased 19.6% to just over €1 billion ($1.21 billion). Physical music had another solid set, raking in €213 million ($255.8 million), up 9.1% compared to Q1 of 2020.
And then you have downloads. A year ago the drop in sales amounted to a 26% decline, while this year the fading format tumbled 40.9% to just €81 million ($97.3 million). Licensing and other revenue, meanwhile, had a flat quarter, down 0.1% to €181 million ($218 million).