Universal Music Group (UMG) reported nearly 9% revenue growth in 2025, as the label and publisher represented nine out of the top 10 top-selling acts in the world, including Taylor Swift, UMG executives said on Thursday (March 5).
UMG reported revenue of 12.5 billion ($14.7 billion) for the full year ending Dec. 31, up 8.7% from a year ago on a constant currency basis. Recorded music revenue rose 9.3% to 9.456 billion euros ($11.1 billion), driven by sales of Swift’s latest album, The Life of a Showgirl, and an 8.6% uptick in subscription streaming revenue. Other top sellers for the year included the KPop Demon Hunters soundtrack, Morgan Wallen, Lady Gaga and Sabrina Carpenter.
The company’s closeness with the biggest names in music led to “extraordinary success” this year, UMG CEO and chairman Lucian Grainge said on a call with investors.
“[Last year] was the third year in a row that we have represented nine out of the top 10 best-selling artists on the planet,” Grainge said. “The only recording artist whom we did not represent is Bad Bunny, and he’s represented by our Universal Music Publishing division.”
In other metrics, subscription revenue grew 8.6%, streaming revenue grew 4.7% in constant currency and physical revenue grew 11.4% in constant currency from a year ago.
Recorded music earnings before interest, tax, depreciation and amortization grew 13.5% in constant currency to €2.3 billion ($2.6 billion), while the division’s EBITDA margin increased by 0.8 percentage points to 24.1%, up from 23.3% in 2024.
Music publishing revenue grew by 9.3% to €2.26 billion ($2.6 billion), driven by 11.4% growth in digital revenue — a result of continued growth in subscription and streaming revenue, as well as improvements in synch, performance and mechanical revenue. Music publishing EBITDA rose nearly 12% to €531 million ($624 million), while EBITDA margin for the division increased to 23.5% from 22.9% in 2024.
“Our extraordinary momentum continues to build,” Grainge said on the earnings call.
