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Universal music revenue hits $3.8bn as streaming push grows
Published 01:53 31 Jul 2026 BST
Updated 07:53 31 Jul 2026 BST
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A huge rise year on year
Universal Music Group has posted €3.294bn ($3.8bn) in revenue for the second quarter of 2026, a 10.5% rise year on year, as the world’s biggest record company leaned further into streaming. The results, published on Thursday, were flattered by its recent acquisition of Downtown Music; stripping that out, revenue was just over €3bn.
Where Universal Music made its money
Recorded music revenue grew about 13% to €2.516bn, while publishing rose around 8% to €616m. Merchandising was the weak spot, dropping 13% to €167m — a second straight quarterly decline. The label, home to artists such as Ariana Grande, blamed this on the timing of its roster’s tours and lower direct-to-consumer sales.
"We’re delivering on our strategic plan, and working to further sharpen our execution, while capitalizing on the opportunities presented by new technologies and the ever-evolving music ecosystem."
Lucian Grainge, UMG chairman and CEO
Universal Music's new India strategy
On the earnings call, Grainge also unveiled a new approach for India, where UMG’s new releases will be exclusive to paid streaming for their first 72 hours before reaching free, ad-supported tiers — mirroring a strategy already rolled out in China. Chief digital officer Michael Nash called India “a key high potential market”, The Hollywood Reporter reported.
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