Universal Music Group generated revenues of €2.980 billion ($3.38bn) across all of its divisions (including recorded music, publishing and more) in Q2.
That’s according to UMG’s fresh set of quarterly results, published today (July 31).
They reveal that UMG’s overall Q2 revenue figure was up 4.5% YoY at constant currency, driven, according to UMG, by growth in the Recorded Music and Music Publishing segments.
Adjusted EBITDA weighed in at €676 million ($766m) – a margin of 22.7%.
One big highlight from UMG’s Q2 results was the company’s recorded music subscription streaming revenues, which grew 8.5% YoY at constant currency to reach €1.197 billion ($1.36bn) in Q2.
Commenting on the Q2 earnings announcement, UMG’s Chairman and CEO, Sir Lucian Grainge, said: “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.”
Boyd Muir, UMG’s COO, added: “The breadth and diversity of our business has positioned us to deliver solid growth in revenue and Adjusted EBITDA again this quarter.
“We remain confident in our growth trajectory as we continue to invest with a focus on maximizing long-term value and driving attractive returns in the coming years.”
RECORDED MUSIC
Universal’s overall Recorded Music revenue for the second quarter of 2025 was €2.224 billion ($2.52bn), up 3.9% YoY at constant currency.
Within the Recorded Music segment, UMG’s ‘Subscription and streaming revenues’ (including ad-supported and subscription streaming revenues) grew 8.7% YoY at constant currency to €1.555 billion ($1.76bn).
Breaking UMG’s recorded music streaming figure down further reveals that the company’s subscription streaming revenues specifically grew 8.5% YoY at constant currency to reach €1.197 billion ($1.36bn), driven primarily, according to UMG, “by the growth in global subscribers”.
Universal’s ad-supported recorded music streaming revenue, meanwhile, grew 9.1% YoY at constant currency to reach €358 million ($406m). According to UMG, this result was “supported by growth on several major platforms and an easier comparison”.
Within Universal’s recorded music business, Physical revenue decreased 12.4% YoY at constant currency to €310 million ($352m), due, according to UMG, to “a difficult comparison against last year’s strong release schedule”.
‘License and other’ revenue decreased 6.5% YoY at constant currency to €290 million ($329m), falling “on a difficult comparison against strong live and audiovisual revenue in the second quarter of 2024”.
Downloads and other digital revenue grew 50.0% YoY at constant currency to €69 million ($78m), due, according to UMG, to “a settlement with an internet service provider”.
Top sellers for the quarter included releases from Morgan Wallen, timelesz, Lady Gaga, Sabrina Carpenter and INI, while top sellers in the prior-year quarter included Taylor Swift, Billie Eilish, SEVENTEEN, Morgan Wallen and Ae! group.
MUSIC PUBLISHING
Universal’s overall Music Publishing revenue for the second quarter of 2025 was €570 million ($646.3m), up 14.5% YoY at constant currency.
Digital publishing revenue grew 16.2% YoY at constant currency to €351 million ($398m), due, according to UMG, to “the growth in streaming and subscription revenue”.
Performance revenue grew 13.3% YoY at constant currency to €111 million ($126m).
Synchronization revenue grew 11.9% YoY at constant currency to €66 million ($75m).
Mechanical revenue grew 7.7% YoY at constant currency to €28 million ($32m).
Other revenue grew 7.7% YoY at constant currency to €14 million ($16m).
MERCHANDISING AND OTHER
UMG’s ‘Merchandising and Other’ revenue in the second quarter of 2025 reached €192 million ($217.69m) in Q2, a decrease of 12.7% YoY at constant currency.
According to UMG, this decline was “on a difficult comparison that in the prior year benefited from very strong, release-driven direct-to-consumer sales”.
EBITDA ETC.
In Q2 2025, UMG’s EBITDA (earnings before interest, taxes, and depreciation) grew 8.5% YoY at constant currency to €611 million ($693m).
EBITDA margin expanded to 20.5%, compared to 19.8% in the second quarter of 2024.
Adjusted EBITDA for Q2 was €676 million ($766m), up 7.3% YoY at constant currency.
Adjusted EBITDA margin improved to 22.7% compared to 22.1% in the second quarter of 2024, “as a result of revenue growth, operating leverage and cost savings from the previously announced strategic organizational redesign”, said UMG.
UMG declared an interim dividend for the first half of 2025 of €440 million ($499m).
The dividend payment date will be on October 28, 2025.
All EUR-USD conversions made at the average rate of the relevant period according to the European Central BankMusic Business Worldwide
