Vivendi - the French conglomerate which owns Universal Music - has hinted that part of the music group could be set for a stock market floatation.

Speaking to The Wall Street Journal, Chief Executive Arnaud de Puyfontaine said a stake of the company may be floated.

"I remember the people a few years ago who explained to us that music was a dying business and would never recover ... I have a good memory, and facts are proving them wrong," he told the US publication.

He added that a floatation is "not a sacred cow," and stated that the company has no immediate plans to carry out an IPO.

These comments reflect the industry's bullish outlook as it has returned to growth following years of decline.

"We are proving day after day that our businesses are working together and that they are creating much greater value for Vivendi than the sum of our parts," the executive continued.

One key change has been the spread of music streaming, which has coincided with a fall in piracy as music fans have shelled out for subscription services.

Universal Music made €1.5bn from streaming last year. A string of hit albums including releases from Drake and Rihanna helped its operating income to grow by 10%.