Universal Music Group Q3 Revenue Grows 11.7% in Constant Currency to €3.394 Billion as Subscription Streaming Jumps 19.2%
Universal Music Group reported third-quarter results on October 29: revenue of €3.394 billion grew 12.3 percent year over year, or 11.7 percent in constant currency, with adjusted EBITDA of €729 million at a 21.5 percent margin.
The figures include Downtown Music Holdings, consolidated from its acquisition date of February 20, 2026. Excluding Downtown, revenue grew 5.3 percent in constant currency and the adjusted EBITDA margin expanded to 22.4 percent.
Recorded Music revenue grew 14.7 percent in constant currency to €2.559 billion. Subscription streaming revenue jumped 19.2 percent to €1.422 billion — up 9.5 percent excluding Downtown — which UMG attributed to wholesale price increases and continued healthy subscriber growth. Ad-supported streaming revenue grew 13.5 percent, physical revenue rose 17.4 percent, and downloads continued to decline.
Top sellers in the quarter included Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande and The Beatles. CEO Lucian Grainge called Downtown the most important acquisition UMG has made since EMI, saying the group is integrating its artist and label services capabilities across the company.
Source: GSM · USA (original Chinese edition)
Photo: 图：位于美国加州圣莫尼卡Colorado大道2105号的环球音乐集团总部办公楼（资料图）。Coolcaesar摄，CC BY 4.0，经Wikimedia Commons。 / Universal Music Group's headquarters building at 2105 Colorado Avenue in Santa Monica, California (file photo). Photo by Coolcaesar, CC BY 4.0, via Wikimedia Commons.
