Continued Growth at New Online Platforms Will Drive Top-Line Growth for Universal Music

Spun out of Vivendi in September 2021, Universal Music Group, or Universal Music, is the largest of the three major global record labels with Sony Music in second and Warner Music in third. Like its smaller peers, the majority of Universal’s revenue comes from streaming, which generated 64% of total recording segment revenue in 2020, up from 54% in fiscal 2018. This percentage actually understates the overall impact of streaming, as Universal does not break out the streaming portion of publishing revenue separately.