UMG Reports $3.39 Billion in Q1 Revenue, Up 8.1% Year Over Year

Universal Music Group (UMG) has posted revenue of €2.9 billion ($3.39 billion) in the first quarter of 2026, an 8.1% uplift YoY at constant currency.

How they did it:

• The multinational attributes the performance to the consolidation of Downtown Music Holdings, initial pricing benefits of Streaming 2.0 agreements, strong physical sales, and healthy sync income contributing to growth in Recorded Music and Music Publishing.

Q1 highlights:

• Overall Recorded Music revenue was €2.253 billion ($2.64 billion), up 8.9% YoY at constant currency.

• Recorded Music subscription revenue grew 4.1% YoY, or 12.5% in constant currency, to reach €1.303 billion ($1.52 billion), driven by the consolidation of Downtown and initial pricing benefits from Streaming 2.0 agreements.

• Physical revenue grew 12.7% YoY at constant currency to €310 million ($362.8 million), driven by strong performances in Japan and the US.

• Top sellers included BTS, Olivia Dean, Taylor Swift, the KPop Demon Hunters soundtrack, and Morgan Wallen.

• Music publishing hit €552 million ($645.8 million), up 7.0% YoY at constant currency.

• Adjusted EBITDA of €636 million ($744.3 million), a 3.9% increase YoY at constant currency driven by revenue growth, and a margin of 21.9%.

What they said:

• Sir Lucian Grainge, Chairman and Chief Executive Officer of UMG: “We delivered a solid quarter of growth in our core businesses, complemented by our strategic development and investment in fast-growing areas of the industry. We continue to build the most successful music company in history by attracting the world’s top talent, engaging fans globally, and delivering long-term value for stakeholders. Central to that mission is fostering an environment that protects artists and songwriters, champions human creativity, and embraces innovation at a pivotal moment for our industry.”