Revenue of Universal Music Group grows by 6.9% during the initial six months of 2025
Universal Music Group (UMG), the world's largest music company, has announced its financial results for the second quarter (Q2) and first half (H1) of 2025. The company reported a modest overall revenue growth, strong growth in Music Publishing, and solid increases in subscription and streaming revenues within Recorded Music.
For Q2 2025, UMG's total revenue reached €2,980 million, a 1.6% increase year-over-year (4.5% in constant currency). This growth was mainly driven by the growth in the Recorded Music and Music Publishing segments. The Recorded Music revenue for Q2 was €2,224 million, up 1.1% year-over-year (3.9% in constant currency).
Subscription revenue from recorded music grew 5.3% year-over-year (8.5% in constant currency), and streaming revenue rose 4.4% year-over-year (9.1% in constant currency). Music Publishing revenue grew strongly by 11.5% year-over-year (14.5% in constant currency).
For H1 2025, UMG’s total revenue reached €5,881 million, representing a 6.9% increase in constant currency compared to H1 2024. Recorded Music revenue in H1 2025 was €4,464 million, up 6.5% year-over-year (7.0% in constant currency), while Music Publishing revenue rose 12.1% to €1,125 million. Subscription revenue from Recorded Music increased 8.9% year-over-year and streaming revenue rose 4.6% in H1 2025.
Adjusted EBITDA for Q2 2025 was €676 million, up 4.2% year-over-year (7.3% in constant currency), with the EBITDA margin expanding by 0.6 percentage points to 22.7%. For H1 2025, adjusted EBITDA increased 8.5% to €1,336 million.
UMG's COO, Boyd Muir, and CEO, Sir Lucian Grainge, made statements about the company's strong results. Muir noted the company's growth in revenue and adjusted EBITDA for the quarter, while Grainge praised the company's performance, particularly in the streaming and subscription segments.
Notably, downloads and other digital revenue grew by 50% due to a settlement with an internet service provider. The top sellers in the first half of 2025 included Lady Gaga, Morgan Wallen, Sabrina Carpenter, Kendrick Lamar, and The Weeknd.
In summary, UMG’s Q2 and H1 2025 financial results show a modest revenue growth overall, strong growth in Music Publishing, and solid increases in subscription and streaming revenues within Recorded Music, supported by adjusted EBITDA growth and margin expansion.
[1] Universal Music Group. (2025). Universal Music Group Announces Second Quarter 2025 Results. [Press Release]
[2] Music Business Worldwide. (2025). Universal Music Group Q2 2025 Revenue Grows 4.5% in Constant Currency. [Article]
[3] Variety. (2025). Universal Music Group Posts 6.9% Revenue Increase in First Half of 2025. [Article]
[4] Billboard. (2025). Universal Music Group's Q2 Revenue Grows 4.5% in Constant Currency. [Article]
- The Financial results for Universal Music Group show a strong growth in Music Publishing during Q2 2025, with a 11.5% increase year-over-year.
- The entertainment and business world recognizes the success of Universal Music Group, as their finance department manages and generates substantial revenue from both Recorded Music and Music Publishing operations.
