The trend of the new age for listening to music is no long downloads, but streaming music is the face of the future. This results in a decline in download sales. Even though there is a decline in downloads Universal Music Group is actually making roughly $28 million a week in streaming revenues.
Back in May of this year, Music Business Worldwide reported that Universal Music Group generated $3.9 million a day for the first three months of 2016. Recently Vivendi released fiscal results for the first half of the year proving that streaming is on the rise. Within the first six months of the year UMG generated $2.07 billion in recorded music revenue. Vivendi revealed that streaming contributed 36% of this money for the year where as in the past it only contributed for 17%. The 36% accounted for $737 million which equals $28.3 million and over $4 million a day.
What does this all mean? Well, Universal and Sony are now comfortably racking in over $50 million every week just from streaming alone. Vivendi continues to report that iTunes income is in freefall in which download income fell by 29%. Despite this 29% decline, Universal Music Group can thank subscriptions and streaming revenues for their success. Their music publishing had a 4% growth to $407 million and their group wide revenues were up by 1.6% to $2.61 million. Some of the helpful acts that have attributed to this growth are performers like Drake, Rihanna, Justin Bieber, Ariana Grande, and The Weekend. Streaming has proven to be an important factor towards revenue growth during a decline in downloads.