Universal Music Group's revenues grew to €1.81 billion ($2.2 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 ($1.8 billion) from €1.432 billion ($1.575 billion), thanks to sustained growth in subscription and streaming revenues -- which on their own increased 19.6% to just over €1 billion ($1.33 billion). Physical music had another solid set, raking in €213 million ($259.2 million), up 9.1% compared to Q1 of 2020 when it was €196 million ($215 million). Meanwhile, licensing and other revenue totaled €181 million ($220.3 million), a 5.2% decline from €191 million ($210.1 million).
As a percentage of recorded music revenue, that breaks out to 68% streaming and 5.5% downloads for total digital of 73.4% (versus last year when those percentages were 63.4% in streaming and 9.6% downloads for a total digital of 73%); 14.4% physical; and 12.2% licensing and other income streams. In the first quarter of 2020, the latter two percentages were 13.7% physical and 13.3% for licensing and other income streams.