According to an early guidance report issued by Vivendi, Universal Music Group has experienced about 10 percent revenue growth during the fourth quarter of last year.
The report revealed that the company’s latest deals with Spotify and YouTube have been the key driving factors in the increased revenue. The report pointed that the deals provided “improved flexibility and better monetization of artist content while creating new revenue streams for the years to come.”
This latest report follows the Goldman Sachs report from earlier last August when the firm predicted that streaming services’ rapid growth will continue which will ultimately result in increased revenue for the company. Following the report, Universal Music Group’s valuation went up to $23.5 billion from about $20.1 billion.