Universal Music Group have reported a rise in revenue despite facing declines in physical sales thanks to music streaming.

Universal Music Group (UMG) reportedly had a 2.4% rise in revenue in 2015, amounting to €5.11 billion/£3.98 billion. According to the report released yesterday by Vivendi UMG have “more than offset” the decline in music sales, that is affecting the whole industry, thanks to the massive rise in music streaming.

According to the report music streaming accounted for 52% of UMG’s digital recorded music revenues in the second half of 2015 as music downloads faced  a 13% decline. Universal’s publishing revenues also saw a rise of 3% in 2015 thanks to music streaming.

In a statement on the company’s outlook a representative said: “We continue to see positive momentum in the business, driven by ongoing growth in streaming and subscription and tempered by continued declines in download and physical, leading to a reasonable increase in results this year – and enhanced results from 2017 and onwards.”