Vivendi, parent company of Universal Music Group and the Canal+ film and television group, released its first-quarter earnings today, seeing 7.5 percent revenue growth over Q1 last year, to €2.49 billion ($2.69 billion).
UMG saw revenues grow by 2.3 percent on a constant currency basis, from €984 million ($1.35 billion) in the corresponding period last year to €1.09 billion ($1.22 billion). It's the third year of Q1 revenue growth for the major.
Notably, the company writes, "growth in subscription and streaming revenues more than offset the decline in both digital download sales and physical sales." (Last year, the company cited "significant growth" in streaming, but suffered a 2 percent drop in revenue due to download and physical sales, pointing to streaming's maturation.) While that falls short of news yesterday that UMG's third-place rival Warner Music Group had generated more revenue from streaming than downloads, the continuing displacement of ownership by access is, now, a given.