Universal Music Group’s Q3 revenue reaches $3.53 billion, showing a 10.2% increase year-over-year thanks to hits from the KPop Demon Hunters soundtrack, Taylor Swift, and Sabrina Carpenter.

Universal Music Group generated revenues of €3.021 billion ($3.53bn) across all of its divisions (including recorded music, publishing, and more) in Q3.

That’s according to UMG’s fresh set of quarterly results, published today (October 30).

They reveal that UMG’s overall Q3 revenue figure was up 10.2% YoY at constant currency, driven, according to UMG, by growth in all segments.

Adjusted EBITDA weighed in at €664 million ($775m) – a margin of 22%.

Among the highlights within UMG’s latest results was the company’s recorded music subscription streaming revenues, which grew 8.7% YoY at constant currency to reach €1.178 billion ($1.37bn) in Q3, driven “primarily by the growth in global subscribers,” UMG said today.

Another big highlight came in the form of UMG’s physical revenues, which grew 23.1% YoY at constant currency to €341 million ($398.31m), driven, according to UMG, “by initial shipments of Taylor Swift’s The Life of a Showgirl and strength in new releases, particularly in Japan”.

Commenting on the Q3 earnings announcement, UMG’s Chairman and CEO, Sir Lucian Grainge, said: “As we position the company for long-term value creation, we continued to achieve strong results this quarter.”

“As we position the company for long-term value creation, we continued to achieve strong results this quarter.”

Sir Lucian Grainge

He added: “Importantly, we continued to drive progress on our strategic plans, including our artists’ and songwriters’ creative and commercial success, our global expansion, the industry’s embrace of our responsible AI initiatives and the continued implementation of Streaming 2.0.”

Matt Ellis, UMG’s CFO, added: “We’re pleased that our strong quarter was driven by healthy results across all segments of our business: Recorded Music, Music Publishing and Merchandising.

“Our double-digit growth in both revenue and Adjusted EBITDA is a reflection of the breadth and depth of our global roster, the strength of our partnerships, and the consistent execution on our strategic plan.”

RECORDED MUSIC

Universal’s overall Recorded Music revenue for the third quarter of 2025 was €2.223 billion ($2.59bn), up 8.3% YoY at constant currency.

Within the Recorded Music segment, UMG’s ‘Subscription and streaming revenues’ (including ad-supported and subscription streaming revenues) grew 6.6% YoY at constant currency to €1.515 billion ($1.77bn).

Breaking UMG’s recorded music streaming figure down further reveals that the company’s subscription streaming revenues specifically grew 8.7% YoY at constant currency to reach €1.178 billion ($1.37bn), driven primarily, according to UMG, “by the growth in global subscribers”.

Universal’s ad-supported recorded music streaming revenue reached €337 million ($393.64m), which was flat YoY, “as consumption continues to shift from better monetized video platforms to short-form platforms, which are not yet as well monetized,” UMG said today.

Within Universal’s recorded music business, Physical revenue grew 23.1% YoY at constant currency to €341 million ($398.31m), driven, according to UMG, “by initial shipments of Taylor Swift’s The Life of a Showgirl and strength in new releases, particularly in Japan”.

‘License and other’ revenue grew 4.1% YoY at constant currency to €328 million ($383.13m), due to “improvements in live income”.

Downloads and other digital revenue reached €39 million ($45.55m), which was flat YoY (at constant currency).

Top sellers for the quarter included the KPop Demon Hunters soundtrack, Mrs. GREEN APPLE, Taylor Swift, Sabrina Carpenter and Morgan Wallen, while top sellers in the prior-year quarter included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone.

MUSIC PUBLISHING

Universal’s overall Music Publishing revenue for the third quarter of 2025 was €543 million ($634.27m), up 13.6% YoY at constant currency.

Digital publishing revenue grew 16.8% YoY at constant currency to €327 million ($381.96m), reflecting “continued growth of streaming and subscription revenue as well as new business wins”.

Performance revenue grew 17.3% YoY at constant currency to €115 million ($134.33m).

Synchronization revenue grew 3.3% YoY at constant currency to €63 million ($73.58m).

Mechanical revenue declined 3.7% YoY at constant currency to €26 million ($30.37m).

Other revenue reached €12 million ($14m), flat YoY at constant currency.

MERCHANDISING AND OTHER

UMG’s ‘Merchandising and Other’ revenue in the third quarter of 2025 reached €259 million ($302.53m), an increase of 15.6% YoY at constant currency.

According to UMG, this was driven by “higher touring merchandise sales” and was “partially offset by lower direct-to-consumer sales due to the timing of product releases”.

EBITDA ETC.

In Q3 2025, UMG’s EBITDA (earnings before interest, taxes, and depreciation) grew 11.7% YoY at constant currency to €594 million ($693.84m).

EBITDA margin expanded to 19.7%, compared to 19.4% in the third quarter of 2024.

Adjusted EBITDA for Q3 was €664 million ($775.61m), up 11.6% YoY at constant currency.

Adjusted EBITDA margin improved to 22% compared to 21.6% in the third quarter of 2024,

All EUR-USD conversions made at the average rate of the relevant period according to the European Central Bank.Music Business Worldwide