UMG's streaming beat shows paid subscriptions drive the money

Universal Music Group's recorded music subscription revenue grew 9.5% at constant currency in Q3, excluding Downtown, beating the 8.2% analysts expected and sending UMG shares up 7.9% on October 30. Total quarterly revenue reached 3.394 billion euros, and UMG credited price increases and subscriber growth. The takeaway for indie artists: paid streaming is where the money keeps growing, so turning casual listeners into paying fans matters more than ever.