# Universal Music Group Q3 Revenue Up 11.7% YoY

> Universal Music Group's Q3 revenue hit $3.90B, up 11.7% YoY, driven by Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande, and The Beatles.
- Title: Universal Music Group Q3 Revenue Up 11.7% YoY | Shortify
- Summary: Universal Music Group's Q3 revenue hit $3.90B, up 11.7% YoY, driven by Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande, and The Beatles.
- Keywords: universal music group, q3 2026, recorded music revenue, subscription streaming, physical sales, music publishing, downtown music holdings, adjusted ebitda, music, Musicbusinessworldwide
- Source: Musicbusinessworldwide — https://musicbusinessworldwide.com/universal-music-group-generated-3-90b-in-q3-up-11-7-yoy-driven-by-mrs-green-apple-olivia-rodrigo-stray-kids-ariana-grande-and-the-beatles
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- Topics: universal music group, q3 2026, recorded music revenue, subscription streaming, physical sales, music publishing, downtown music holdings, adjusted ebitda, music, business
## Universal Music Group Q3 Results
Universal Music Group generated revenues of EUR €3.394 billion (USD $3.90B) across all divisions in Q3 ending September 30, 2026.
## Q3 Revenue Growth
UMG's Q3 revenue grew 11.7% YoY at constant currency, including Downtown Music Holdings consolidation.
## Excluding Downtown
Excluding Downtown, UMG's Q3 revenue grew 5.3% YoY at constant currency.
## Growth Drivers
UMG's Q3 growth was driven by subscription revenue growth, physical sales, ad-supported streaming, and music publishing digital revenue.
## Subscription Revenue
Subscription revenue grew 19.2% YoY to €1.422 billion ($1.64bn), supported by wholesale price increases and subscriber growth.
## Physical Sales Growth
Physical revenue grew 17.4% YoY to €392 million ($451.0m), with growth across North America, Japan, and Europe.
## Music Publishing Revenue
Music Publishing revenue grew 7.5% YoY to €590 million ($678.8m), with digital revenue up 11.8% YoY.
## Downtown Music Holdings
Downtown Music Holdings contributed €195 million ($224.3m) in Q3 revenue, with Recorded Music at €162 million ($186.4m).
## Adjusted EBITDA
Adjusted EBITDA reached €729 million ($838.7m), a 21.5% margin down from 22.0% in Q3 2025 but up from Q2 2026.
## CFO Statement
UMG's CFO stated Q3 showed progress: subscription revenue growth accelerated and Adjusted EBITDA margin excluding Downtown expanded by 40 basis points.
## Key takeaway

Universal Music Group generated $3.90B in Q3 revenue, up 11.7% YoY, with growth from subscription, physical sales, and digital revenue.