Vivendi’s 2018 revenues up 11.3 pct

Vivendi’s revenues were up 11.3% to EUR13.93 billion ($15.7 billion) in 2018, powered by Universal Music Group, which delivered such hits as the “A Star Is Born” soundtrack and Drake’s new album.

UMG’s revenues climbed by 10% to EUR6 billion ($6.8 billion) compared to 2017. On top of the “A Star Is Born” soundtrack, the year’s bestsellers were new releases from Drake, Post Malone, The Beatles and XXXTentacion.

Recorded music revenues grew by 9.8%, bolstered by the growth in subscription and streaming revenues, which were up 37.3%. This rise in streaming revenues more than offset the continued decline in both download (-23.5%) and physical (-16.1%) sales.

Vivendi is moving ahead with its plan to sell 50% of Universal Music Group’s share capital to “one or more strategic partners” and expects to select the financial advisors that will assist Vivendi in the sale “in the coming weeks,” the company said.

Vivendi’s income from operations also increased by 22.7%, driven mainly by Universal Music Group but also by Canal Plus Group (+$88 million), which Vivendi said “continues its recovery in France.” (RTRS)