UMG reports 9.5% subscription revenue growth excluding Downtown and currency effects

Universal Music Group published its third-quarter results on October 29, 2026. Recorded Music subscription revenue increased 9.5% year over year at constant currency and excluding Downtown. Including the acquired business, growth in the same category was 19.2%. Those are different comparison bases: the larger figure cannot be described as organic growth of the pre-existing business.

Total quarterly revenue reached €3.394 billion, rising 12.3% as reported or 11.7% at constant currency. Excluding Downtown, the latter growth rate was 5.3%. Reuters compares the subscription result with analysts’ expectation of 8.2%. Morningstar also notes an acceleration from 6.6% in the previous quarter on a comparable basis excluding the acquisition and currency effects.

Recorded Music physical revenue rose 17.4% at constant currency. The company lists Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande and The Beatles among its leading sellers for the quarter. These results describe a reporting period at a major international music business. They do not reveal any individual artist’s income and do not guarantee the same trajectory in the following quarter.