Universal Music Group Q3 Revenue Hits $3.5 Billion on Subscription, Publishing Gains

On the spot of apical sellers from the KPop Demon Hunters soundtrack, Sabrina Carpenter and Morgan Wallen, Universal Music Group’s gross grew 5.3% to 3.02 cardinal euros ($3.53 cardinal astatine the quarter’s mean euro-to-dollar speech rate) successful the 3rd 4th of 2025, the institution announced Thursday (Oct. 30). In changeless currency, which removes the interaction of sizeable overseas speech fluctuations since the opening of the year, UMG’s gross roseate 10.2% successful the quarter. 

With each 3 of UMG’s concern units posting gains, adjusted net earlier interest, taxes, depreciation and amortization (EBITDA), a communal measurement of profitability, accrued 6.9% (11.6% successful changeless currency) to 594 cardinal euros ($694 million). Adjusted EBITDA borderline — EBITDA arsenic a percent of gross — improved to 22.0% from 21.6%.  

CEO Lucian Grainge emphasized the company’s semipermanent worth instauration and strategical efforts that don’t amusement up successful the fiscal results. “Importantly, we continued to thrust advancement connected our strategical plans, including our artists’ and songwriters’ originative and commercialized success, our planetary expansion, the industry’s clasp of our liable AI initiatives and the continued implementation of Streaming 2.0.,” helium said successful a statement. A time earlier, UMG announced a colony and licensing agreement with AI euphony generator Udio. Just hours earlier net were released, UMG trumpeted a concern with Stability AI to make tools for artists and producers that are powered by “responsibly” trained generative AI. 

In the recorded euphony division, gross roseate 3.6% (8.3% successful changeless currency) from the prior-year play to 2.22 cardinal euros ($2.60 billion). Recorded euphony subscription gross improved 3.6% (8.7% successful changeless currency) to 1.52 cardinal euros ($1.78 billion), successful enactment with the company’s projections of 8% to 10% yearly growth. The institution said subscription maturation came chiefly from an summation successful the fig of planetary subscribers. 

Other streaming revenue, which included ad-supported streaming, fell 4.8% (flat successful changeless currency) to 337 cardinal euros ($394 million). The institution attributed the diminution to a displacement successful streaming enactment to poorly monetized short-form videos from much efficaciously monetized video platforms. 

Physical income jumped 18.4% (23.1% successful changeless currency) to 341 cardinal euros ($399 million) owed to archetypal shipments of Taylor Swift’s The Life of a Showgirl, which had a thoroughfare day aft the extremity of the 3rd quarter. Licensing and different gross improved 0.9% (4.1% successful changeless currency) to 328 cardinal euros ($383 million). Digital downloads were down 7.1% (unchanged successful changeless currency) to 39 cardinal euros ($46 million). 

Music publishing gross improved 8.6% (13.6% successful changeless currency) to 543 cardinal euros ($635 million). Publishing’s integer gross grew 10.8% (16.8% successful changeless currency) to 327 cardinal euros ($382 million) owed to streaming maturation and subscription gross gains. Performance gross roseate 13.9% (17.3% successful changeless currency) to 115 cardinal euros ($134 million). Synch gross fell 1.6% (rose 3.3% successful changeless currency) to 63 cardinal euros ($74 million). Mechanical royalties were down 7.1% (3.7% successful changeless currency) to 26 cardinal euros ($30 million). 

Merchandising and different gross grew 9.3% (15.6% successful changeless currency) to 259 cardinal euros ($303 million). Lower direct-to-consumer income were much than offset by maturation successful touring merchandise sales.

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