Universal Music chief predicts billions of dollars of growth from digital listening

Record firm's 40bn flotation is just beginning of new wave of music consumption, says Sir Lucian Grainge

• Ruthless but good ears': key architect of music industry revival

The chief executive of Universal Music has said the hotly anticipated 40bn flotation of the world's largest record company this week does not mark the peak of the streaming-led recovery of the music industry, with billions of dollars of growth yet to come from a new wave of digital listening on devices such a smart speakers, connected cars and services such as TikTok.

Sir Lucian Grainge, who stands to make a transaction bonus of at least $170m when the label behind artists such as Taylor Swift and Justin Bieber goes public in Amsterdam on Tuesday, said the listing provided the opportunity to build Universal into the next generation music company".