First-half earnings of Universal Music Group swell by 6.9% in the year 2025
Universal Music Group (UMG) has announced impressive financial results for the second quarter of 2025, with revenue growth primarily driven by its Recorded Music and Music Publishing segments.
According to the company's latest report, UMG's total revenue for H1 2025 reached approximately €5.88 billion, marking a 6.4% year-over-year increase (or 6.9% in constant currency). Recorded Music revenues increased around 6.5%-7%, while Music Publishing revenues grew even faster by 12.1% to €1.125 billion.
UMG's COO, Boyd Muir, stated that the company's growth in revenue and adjusted EBITDA for Q2 was solid, with the adjusted EBITDA for Q2 swelling by 7.3% to €676 million. The adjusted EBITDA of €1.336 billion represented an 8.5% increase.
Streaming and subscription services played a significant role in UMG's revenue growth. Recorded Music subscription revenue grew 8.9% year-over-year in H1 2025, and streaming revenue itself increased around 4.6%-8.4%. This growth in streaming and subscription services substantially fueled Recorded Music revenues.
Music Publishing's digital revenue also saw a significant increase, with digital revenue rising by approximately 16.2% year-over-year. This growth was driven by increased streaming and subscription activity, along with performance and synchronization revenues rising as well in Q2 2025.
Downloads and other digital revenue also surged by about 17.2% in H1 2025, compensating somewhat for slight declines in physical sales, which dropped marginally by 0.2%-0.5%.
Strong artist and catalog performance also contributed to UMG's revenue growth. Top-selling artists such as Lady Gaga, Morgan Wallen, Sabrina Carpenter, Kendrick Lamar, and The Weeknd significantly contributed to revenue growth through recorded music sales and publishing royalties.
UMG's chairman and CEO, Sir Lucian Grainge, made a statement about the company's strong results, emphasizing the combination of its artists’ and songwriters’ productivity with strategic vision as central to driving solid financial results in a rapidly evolving music industry landscape.
In addition to streaming and subscription services, licensing revenues also increased by approximately 8.6% year-over-year, adding to total revenue growth.
Some of the best-selling releases in Q2 included Morgan Wallen, timelesz, Lady Gaga, Sabrina Carpenter, and INI. The top sellers in the first half of 2025 also included Lady Gaga, Morgan Wallen, Sabrina Carpenter, Kendrick Lamar, and The Weeknd.
Overall, UMG's growth in H1 and Q2 2025 reflects resilience amid industry shifts, with a clear emphasis on digital revenue streams—particularly streaming, subscriptions, and music publishing—as the core engines driving revenue increases, offsetting declines in physical formats.
The impressive financial results of Universal Music Group (UMG) for the first half of 2025, faced with industry shifts, were bolstered by significant growth in digital revenue streams, with streaming and subscription services, music publishing, and licensing revenues contributing significantly to the 6.4% year-over-year total revenue increase of approximately €5.88 billion.
UMG's Music Publishing segment, in particular, showed a substantial 12.1% growth in revenue, highlighting the importance of this aspect of the business in the entertainment industry.
