-- on all videos, including music -- dropped about 6% from Q1. Asked about the subscription-advertising revenue breakdown, the company pointed to IFPI’s global data for 2019: 75% of streaming revenue came from subscriptions and 25% from ad-supported audio and video services.
Publishing also carried Universal in the first half of the year, accounting for 52.7% of the company’s revenue growth. Part of the gain came from a €15-million, one-time gain related to a royalties claim that led publishing royalties’ growth from €271 million to €302 million, making it the only division to post a gain from Q1 to Q2. Even without the one-time gain, publishing revenues would have grown 6%.
What is Universal doing with its roughly 4% stake in Spotify? Warner Music Group, Sony Music and Merlin all sold their shares soon after Spotify’s 2018 IPO. Universal will hold its Spotify shares -- worth approximately $1.9 billion at the July 31 closing price -- for the foreseeable future. And judging from de Puyfontaine’s comments, Universal treats the equity stake like a strategic investment; all major rights holders received Spotify shares as part of previous licensing agreements. “We do consider that the long-term relationship is in the best interest of both our shareholders and our artists,” said de Puyfontaine.
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