Universal Music Group Q3 Revenue Rises 11.7% as Subscription Streaming Beats Expectations

Universal Music Group posted third-quarter revenue of 3.39 billion euros, a gain of 11.7% at constant currency, as a rebound in subscriptions and streaming drove results above analyst forecasts. In dollar terms, total revenue reached $3.78 billion for the quarter.

The standout figure was recorded music subscription revenue, which grew 9.5% at constant currency excluding Downtown, topping the 8.2% analysts had expected. The beat signals that the slowdown in streaming growth that had weighed on the company in prior periods is reversing course.