UMG hits €3B as Taylor drives boom
Universal Music Group reported third-quarter 2025 revenues of €3.021 billion ($3.53 billion), a 10.2 percent increase year-over-year at constant currency. Adjusted EBITDA rose 11.6 percent to €664 million ($775 million), with a margin of 22 percent.
Recorded Music revenue reached €2.223 billion ($2.59 billion), up 8.3 percent. Subscription streaming grew 8.7 percent to €1.178 billion ($1.37 billion), driven by global subscriber growth. Ad-supported streaming remained steady at €337 million ($394 million), although UMG noted a shift toward less monetized short-form video platforms. Physical sales jumped 23.1 percent to €341 million ($398 million), boosted by initial shipments of Taylor Swift’s The Life of a Showgirl and strong new releases in Japan. License and other revenue rose 4.1 percent to €328 million ($383 million), aided by higher live income.
Music Publishing revenue climbed 13.6 percent to €543 million ($634 million). Digital publishing grew 16.8 percent to €327 million ($382 million), while performance revenue rose 17.3 percent to €115 million ($134 million). Synchronization revenue increased 3.3 percent, but mechanical revenue fell 3.7 percent.
Merchandising and Other revenue rose 15.6 percent to €259 million ($303 million), driven by touring merchandise, partly offset by delayed direct-to-consumer product releases.
Chairman Lucian Grainge cited strong execution of UMG’s strategy, including artist success, global expansion, responsible AI initiatives, and progress on Streaming 2.0. CFO Matt Ellis highlighted balanced growth across all business segments.
