Universal Music Group (UMG) reported revenues of €2.9 billion (approximately $3.39 billion) for the first quarter ended March 31, 2026.
This represents an 8.1% year-on-year (YoY) increase at constant currency, supported by strong streaming growth, physical sales, and strategic acquisitions.
The world’s largest music company said growth was driven by the consolidation of Downtown Music Holdings, early gains from its Streaming 2.0 pricing model, and improved synchronization income across its recorded music and publishing divisions.
An excerpt from its financial statement published on the UMG website on Wednesday, April 29, 2026, reads,
“Revenue of €2,900 million was flat year-over-year, while it grew 8.1% in constant currency, with the consolidation of Downtown Music Holdings (“Downtown”), initial pricing benefits of Streaming 2.0 agreements, strong physical sales and healthy synchronization income contributing to growth in Recorded Music and Music Publishing.
“Recorded Music subscription revenue grew 4.1% year-over-year, or 12.5% in constant currency, benefitting from the consolidation of Downtown, as well as from initial pricing”.
Adjusted EBITDA for the quarter came in at €636 million ($744.3 million), translating to a margin of 21.9%, as the company continued to balance growth investments with profitability.
A major driver of performance was UMG’s recorded music subscription revenue, which rose 12.5% YoY at constant currency to €1.303 billion ($1.52 billion). This growth was supported by both pricing improvements under new streaming agreements and contributions from the Downtown acquisition.
Total recorded music revenue climbed 8.9% YoY to €2.253 billion ($2.64 billion), with streaming revenues including both subscription and ad-supported formats rising 10.9% to €1.642 billion.
Ad-supported streaming revenue grew modestly by 5% YoY to €339 million, as the company noted an ongoing shift in consumer behavior toward short-form platforms, which typically generate lower monetization per stream.
Physical music sales also posted strong growth, increasing 12.7% YoY to €310 million, driven largely by demand in key markets such as the United States and Japan.
