Universal Music Group reports 11.7% revenue growth in Q3

Universal Music Group (UMG) reported third-quarter revenue of €3.394 billion ($3.9 billion) for 2026, representing an 11.7% year-on-year increase at constant currency. The growth was driven significantly by the Recorded Music division, which generated €2.559 billion, up 14.7% at constant currency.

Subscription streaming was a primary driver, with recorded music subscription revenue increasing 19.2% to €1.422 billion. The company attributed this to wholesale price increases and continued subscriber additions. Physical music sales also saw a strong quarter, rising 17.4% to €392 million.

The reported figures include the contribution of Downtown Music Holdings, which UMG acquired in February 2026. Excluding Downtown, revenue grew 5.3% year-on-year at constant currency. Adjusted EBITDA increased by 9.0% at constant currency to €729 million.

Following the announcement, UMG shares saw positive movement, trading up approximately 3.37% compared to the previous Tuesday's close on the Xetra exchange.