Universal Music Group has reported its financial results for the second quarter and half year to June 30 – the first quarter since it acquired Downtown Music.
In Q2, revenue of €3.294 billion represented year-on -year growth of 13.3% in constant currency (all figures will be in constant currency). The double-digit growth in the quarter was down to a range of factors: the consolidation of Downtown Music Holdings in February, pricing benefits of Streaming 2.0 agreements, strong physical and licensing and other sales, and healthy performance revenue.
Recorded music Q2 streaming subscription revenue grew 16.6% year-on-year, while physical sales were up 15.9% in the quarter.
Music publishing Q2 revenue grew 9.8%, or 2.7% excluding Downtown’s first contribution to the results.
UMG’s adjusted EBITDA increased 1.5% to €674 million during the quarter.
Top sellers in the quarter included Noah Kahan, BTS, Olivia Rodrigo (pictured), Drake and Olivia Dean.
We’re delivering on our strategic plan, and working to further sharpen our execution, while capitalising on the opportunities presented by new technologies and the ever-evolving music ecosystem
Sir Lucian Grainge
During the first half of 2026, UMG revenue increased 10.8% year-on-year to €6.19bn, driven by the consolidation of Downtown, and underlying growth in the recorded music and music publishing segments.
Recorded music revenue grew 12.7% year-on-year in the first half of 2026, while music publishing grew 8.4%, both benefiting from the consolidation of Downtown. Merchandising and other revenue declined 7.6%.
Recorded music streaming subscription revenue grew 14.5% in the first six months, and (ad-funded) streaming revenue grew 8.3%, both helped by the consolidation of Downtown. Physical sales were up 14.2% compared to the first half of 2025.
Adjusted EBITDA increased 2.7% to €1.31bn in the first six months.
Sir Lucian Grainge, chairman and CEO of UMG, said: “We’re delivering on our strategic plan, and working to further sharpen our execution, while capitalising on the opportunities presented by new technologies and the ever-evolving music ecosystem. Our unique combination of global reach, local expertise, artist development, vast audio and visual IP and entrepreneurial culture positions UMG to deliver long-term growth, sustained value creation, and creative and commercial success for our artists and songwriters."
"This quarter demonstrated both the strong fundamentals of our business and the opportunities we see to improve," said Matt Ellis, UMG’s CFO. "Our focus is on building our market leadership, while driving top and bottom-line growth, improving efficiency, and continuing to invest where we see the greatest returns."
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