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Universal Music Group has reported its financial results for the first quarter ended March 31, 2025.
Revenue increased 9.5% year-on-year in constant currency to €2.9 billion, driven by “solid growth in Recorded Music and Music Publishing”, according to UMG.
“Our strong results – and our confidence about the future – reflect the execution of our strategic plan, including consistently developing and breaking the world’s most successful artists and songwriters by connecting them with billions of fans in new and innovative ways,” said UMG’s chairman and CEO Sir Lucian Grainge.
Boyd Muir, COO and CFO of UMG, said: “2025 is off to a strong start, with multi-faceted revenue growth in recorded music and music publishing as well as healthy Adjusted EBITDA growth. Our focus on our key strategic initiatives positions us to achieve our mid-term financial objectives.”
Top sellers in the quarter included Kendrick Lamar (pictured), Sabrina Carpenter, Lady Gaga, The Weeknd and Mrs Green Apple.
Our strong results reflect the execution of our strategic plan, including consistently developing and breaking the world’s most successful artists and songwriters by connecting them with billions of fans in new and innovative ways
Sir Lucian Grainge
Recorded Music subscription revenue grew 9.3% year-on-year in constant currency (all figures will be stated in constant currency). Streaming revenue (ad-funded) grew 0.3%, as consumption continues to shift from better monetised video platforms to short-form platforms.
Physical revenue increased by 15.4%, driven by vinyl sales growth in the U.S. and Europe.
License and other revenue increased 29.8% year-on-year, driven by particularly strong live income in certain markets, as well as by growth in synchronisation income.
Adjusted EBITDA of €661 million represents an increase of 10.0% year-on-year.
Music publishing revenue for the first quarter of 2025 was €555 million, up 9.5% year-on-year. Digital revenue grew 16.9%, driven by continued growth in streaming and subscription publishing revenue.
Performance revenue declined 1.7%, with a difficult comparison against higher society payments in the US and stronger live activity in Europe in the prior year quarter. Synchronisation revenue was flat, while mechanical revenue grew by 4.0%.
Merchandising and other revenue in the first quarter of 2025 was €112 million, a decrease of 5.1% in constant currency, as timing-related declines in touring merchandise sales were partially offset by healthy growth in direct-to-consumer sales.
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