Universal Music Group Generates $3.15 Billion in Third-Quarter Revenue; Streaming Surges 8.2% Year-on-Year

Universal Music Group (UMG) has reported strong financial results for the third quarter (Q3) of 2024, covering the three-month period from July 1 to September 30. During this time, UMG generated EUR €2.87 billion (USD $3.15 billion) across its divisions, including recorded music, publishing, and merchandising—a 4.9% increase year-over-year at constant currency.

UMG’s growth was driven by top-selling artists like Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan, and Post Malone. Additionally, subscription streaming revenue saw an impressive 8.2% jump compared to Q3 of the previous year, reflecting the increasing demand for digital music.

Commenting on the latest results, UMG Chairman and CEO Sir Lucian Grainge said, “Even as we continue to grow revenue and Adjusted EBITDA, we are already making progress on the strategic initiatives we outlined at our recent Capital Markets Day.”

UMG’s third-quarter success underscores its position as a global music leader, capitalizing on a growing streaming market and a diverse artist roster.