Key facts
- Subscription revenue growth accelerated in the third quarter.
- Recorded Music subscription revenue grew 9.5% at constant currency, excluding Downtown.
- Total revenue rose 11.7% at constant currency to 3.39 billion euros.
- Adjusted EBITDA increased 9% at constant currency to 729 million euros.
Universal Music Group reported on Thursday that its subscription streaming revenue picked up in the third quarter, with growth accelerating beyond analyst expectations. The company stated that pressures on market share have moderated. CFO Matt Ellis highlighted clear progress this quarter, with subscription revenue growth accelerating and adjusted EBITDA margin expanding by 40 basis points, primarily driven by stronger margins in Recorded Music. Top sellers during the quarter included artists such as Mrs Green Apple, Olivia Rodrigo, and Stray Kids.