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Universal Music Group generated $3.90B in Q3, up 11.7% YoY – driven by Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande, and The Beatles
Universal Music Group reported third-quarter revenue of €3.394 billion (US$3.90 billion), up 11.7% year on year at constant currency. The results point to continued growth in recorded music and publishing, supported by streaming and physical sales, while the headline increase also reflects the acquisition of Downtown Music Holdings.
Revenue growth was 5.3% excluding Downtown, whose results have been included since 20 February 2026. Recorded Music revenue rose 14.7% to €2.559 billion, or 7.4% excluding Downtown; subscription revenue increased 19.2% to €1.422 billion, and physical revenue grew 17.4% to €392 million. Adjusted EBITDA was €729 million, with a 21.5% margin, down from 22.0% a year earlier.
In short
- UMG Q3 revenue reached €3.394bn, up 11.7%.
- Growth was 5.3% excluding Downtown Music.
- Subscription and physical sales both increased strongly.
Explained simply
Universal Music Group is one of the world’s largest music companies. It earns money from recorded music, such as songs and albums, and music publishing, which covers the rights to use songs in recordings, performances and other settings.
Artists and songwriters typically work with record labels or publishers that help release, promote and license their music. Universal’s roster includes performers such as Olivia Rodrigo, Stray Kids and Ariana Grande, as well as established acts including The Beatles; its figures also reflect music by Japan’s Mrs. Green Apple.
The company’s results matter because they show how income from music is changing as listeners use paid streaming services and buy physical formats such as records and CDs. Universal’s reported growth also includes revenue from Downtown Music Holdings, a music services company it acquired, so the figures reflect both its existing business and an expanded group.
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