{"id":9555,"date":"2026-08-03T11:30:00","date_gmt":"2026-08-03T11:30:00","guid":{"rendered":"https:\/\/interspacemusic.com\/blog\/umg-q2-revenue-up-13-but-stock-falls-25-on-subscription-slowdown\/"},"modified":"2026-08-03T11:30:00","modified_gmt":"2026-08-03T11:30:00","slug":"umg-q2-revenue-up-13-but-stock-falls-25-on-subscription-slowdown","status":"publish","type":"post","link":"https:\/\/interspacemusic.com\/blog\/umg-q2-revenue-up-13-but-stock-falls-25-on-subscription-slowdown\/","title":{"rendered":"UMG Q2 Revenue Up 13% but Stock Falls 25% on Subscription Slowdown"},"content":{"rendered":"<p><strong><a href=\"https:\/\/www.universalmusic.com\">Universal Music Group<\/a><\/strong> (UMG) posted double-digit revenue growth for the second quarter of 2026, but its share price tumbled 25% after the company disclosed that organic subscription growth had slowed more than expected.<\/p>\n<h2>Revenue Highlights<\/h2>\n<ul>\n<li><strong>Total revenue<\/strong>: \u20ac3.29 billion, up 13.3% year-on-year at constant currency (YoY cc).<\/li>\n<li><strong>Recorded music revenue<\/strong>: \u20ac2.52 billion, up 16.2% YoY cc.<\/li>\n<li><strong>Subscription and streaming revenue<\/strong>: \u20ac1.76 billion, up 15.4% YoY cc.<\/li>\n<li><strong>Publishing revenue<\/strong>: \u20ac616 million, up 9.8% YoY cc.<\/li>\n<li>Physical, license, performance, and mechanical revenues also increased.<\/li>\n<\/ul>\n<p>UMG also introduced a <a href=\"https:\/\/interspacemusic.com\/blog\/umg-puts-new-releases-in-india-behind-72-hour-paywall\/\">72-hour premium window for new releases in India<\/a> and sold a large tranche of <a href=\"https:\/\/www.spotify.com\">Spotify<\/a> stock for $460 million during the quarter.<\/p>\n<p>&#8220;This quarter demonstrated both the strong fundamentals of our business and the opportunities we see to improve,&#8221; said <strong>Matt Ellis<\/strong>, UMG&#8217;s CFO.<\/p>\n<h2>Subscription Growth and Market Reaction<\/h2>\n<p>Despite the headline figures, UMG&#8217;s share price fell to \u20ac14.61, its lowest since listing. The decline followed the disclosure that subscription revenue growth, excluding the contribution from <strong><a href=\"https:\/\/interspacemusic.com\/blog\/ec-publishes-umg-downtown-deal-approval-decision\/\">Downtown Music Holdings<\/a><\/strong>, slowed to 6.7% from 7.9% in Q1, missing industry forecasts of 9.3%.<\/p>\n<p>The results highlighted the impact of the Downtown acquisition on reported subscription growth, prompting some shareholders to sell. Former UMG SVP of new digital business Tuhin Roy, now a vocal critic of CEO Sir Lucian Grainge, was among those questioning the company&#8217;s performance.<\/p>\n<p>In June, hedge fund <a href=\"https:\/\/www.pershingsquareholdings.com\">Pershing Square<\/a> made an unsuccessful $64 billion bid for UMG, arguing the stock was undervalued. UMG successfully argued the offer undervalued the business.<\/p>\n<p>The slowdown in organic subscription growth is expected to draw close investor scrutiny in the coming months, with implications for other major labels, digital service providers, and the <a href=\"https:\/\/interspacemusic.com\/blog\/spotify-and-umg-plan-paid-ai-remix-feature-prompting-debate-over-platform-integrity\/\">paid streaming model<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"UMG&#8217;s Q2 2026 revenue rose 13.3% to \u20ac3.29bn, but shares dropped 25% after subscription growth excluding Downtown Music slowed to 6.7%.","protected":false},"author":7,"featured_media":9556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[515],"tags":[7424,343,2214,7422,186,217],"class_list":["post-9555","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tech-innovation","tag-financial-results","tag-music-industry","tag-streaming-revenue","tag-subscription-growth","tag-umg","tag-universal-music-group","cs-entry","cs-video-wrap"],"yoast_head":"<!-- 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