Universal Music has reported a strong first half of 2015, as parent company Vivendi published its latest financials. UMG’s revenues rose by 15.4% to €2.3bn in the first half of this year, although at constant currency that would mean a 3.1% rise. Taking the latter metric as the most reliable indicator of growth,

UMG’s recorded-music revenues grew 3.6% year-on-year, with a 34% rise in streaming income more than outweighing the company’s decline in digital and physical sales. There’s another story to be told in the more detailed figures: Music Business Worldwide has claimed that the first half of 2015 saw digital income overtake physical sales for Universal’s recorded-music business: €926m of digital revenues versus €573m of physical sales – with licensing contributing a further €348m.

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