Universal Music Group’s revenues for 2017 were up by 10% over the year prior to a whopping $7.1 billion. The growth was driven by a 35.4% bump in streaming revenue and new licensing deals. Vivendi, the company that owns UMG, released their annual financial report, which contained the data.
Story Continues Below
Music Producers: Overcome "Beat Block" and Finish More Music Today With This Pack of Essential Tools!
Recorded music revenue alone grew by 11.3%, thanks to money from streaming. Digital downloads however were down as were merch sales. Merchandising revenue fell by 7.1% due to lower touring activity. Publishing, on the other hand, grew by almost 10%.
And it looks like 2018 is going to be a great year for the major label. According to HypeBot:
UMG entered into a number of major agreements in 2017. After announcing a landmark deal with Tencent in May 2017, and re-setting its relationship with Spotify in April 2017 and YouTube in December 2017, UMG entered into a deal with Facebook, also in December 2017. This deal, for the first time forged a true commercial partnership between a major music company and the world’s largest social platform.
We’ll see how 2018 shapes up for the home of some of the most successful music in history.