UMG Revenues Up 3.5% Halfway Through 2020, Despite Pandemic Hit

billboard.com:

Universal Music Group’s revenues for the first half of 2020 were up 3.5% at constant currency and perimeter over the first half of 2019, to €3.46 billion ($4.09 billion), even as its quarterly revenue dipped slightly (down 4.7%) from Q1 2020 amid the coronavirus pandemic-caused lockdowns that took hold around the world.

For the first half of the year, recorded-music revenue reached €2.77 billion ($3.27 billion, up 3.7%), boosted once again primarily by a rise in streaming revenue (€1.81 billion/$2.14 billion, up 12.4%) that offset declines in physical sales (down 22.4%) and digital downloads (down 23.1%).

For the first half of the year, the company pointed to new releases from The Weeknd, Justin Bieber, Eminem and Lil Baby, as well as the