Universal Music Group has reported its financial results for the second quarter and first half of 2025.
Driven by growth in recorded music and music publishing, the major posted H1 revenue of €5.881 billion – up 6.9% in constant currency for the six-month period ending June 30.
Recorded music revenue increased 7% to €4.464bn, with music publishing rising 12.1% to €1.125bn. Subscription revenue from recorded music grew 8.9% year-over-year, while streaming revenue grew 4.6%. Physical revenue declined 0.5%.
Meanwhile, downloads and other digital revenue ascended 17.2%, and license and other revenue showed an 8.6% improvement on the same period 12 months ago.
Adjusted EBITDA of €1.336bn represented an 8.5% increase.
Top sellers in the first half of the year included Lady Gaga, Morgan Wallen, Sabrina Carpenter (pictured), Kendrick Lamar and The Weeknd.
It is the powerful combination of our artists’ and songwriters’ creative excellence with our strategic vision and execution that continues to deliver UMG’s strong results
Sir Lucian Grainge
“It is the powerful combination of our artists’ and songwriters’ creative excellence with our strategic vision and execution that continues to deliver UMG’s strong results,” said UMG chairman and CEO Sir Lucian Grainge.
For Q2, the company's revenue leapt 4.5% in constant currency to €2.980bn and adjusted EBITDA swelled 7.3% to €676m.
Recorded Music revenue for the second quarter was €2.224bn million, up 3.9%, and subscription revenue soared 8.5%, attributed primarily to the growth in global subscribers. Streaming revenue increased 9.1%, but physical revenue fell 12.4%.
Downloads and other digital revenue grew 50% "due to a settlement with an internet service provider". License and other revenue decreased 6.5%.
Best sellers for the quarter included releases from Morgan Wallen, timelesz, Lady Gaga, Sabrina Carpenter and INI.
“The breadth and diversity of our business has positioned us to deliver solid growth in revenue and adjusted EBITDA again this quarter," added UMG COO Boyd Muir. "We remain confident in our growth trajectory as we continue to invest with a focus on maximising long-term value and driving attractive returns in the coming years.”
