While many public companies are struggling amid the backdrop of macroeconomic uncertainty and the looming threat of global tariffs, music company executives are beating the drum for music as a stable place to invest.
Despite a plateauing of the growth curve, revenue from streaming subscriptions continues to drive relative stability at Spotify, Unversal Music Group and Deezer, companies that each reported earnings on Tuesday (April 29) for the quarter that ended March 31.
Here are the top line results for each of the music companies that have reported as of May 1, 2025. Click on the link in the summary to get the full story for each company.
- Spotify: Spotify’s first quarter revenue rose 15% to 4.2 billion euros ($4.54 billion), as it added a greater-than-projected 5 million net new paying subscribers in the quarter to bring its total to 268 million. That 12% increase in paying streamers was the streaming and podcast company’s highest first quarter subscriber gains since early in the COVID-19 pandemic, showing the “resilient” appeal of music amid the backdrop of global uncertainty, execs said.
- Universal Music Group (UMG): The world’s largest music company reported that strong subscription revenue drove an 11.8% (or 9.5% in constant currency) year over year increase in first quarter revenue, for a result of 2.9 billion euros ($3.05 billion at the average exchange rate in the first quarter). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also rose 11.8%, to 661 million euros ($695 million). Adjusted EBITDA margin was flat at 22.8%. For more, click here.
- Deezer: French streaming company Deezer eked out a quarterly revenue gain to remain on track to achieve profitability in 2025, with a 1.1% increase in revenue of 134 million euros ($145.08 million) in the first quarter. The gains were driven primarily by 6.3% growth in Deezer’s direct subscriber base in France, which brings the total number of subscribers overall to 9.4 million. Read on.
- HYBE: South Korea’s HYBE used artists’ heavy touring schedules and strong merchandise and licensing revenues to offset a dip in recorded music sales to post revenue gains of 38.7%, or 500.6 billion KRW ($350 million). Nonetheless, it was HYBE’s second-lowest quarterly revenue since the first quarter of 2023. For more on HYBE’s J-Hope, click here.
- SiriusXM: The satellite radio company reported a 303,000 decline in subscribers, a 4% drop in revenue (to $2.07 billion) and a 15% decline in net income (to $204 million). Lower operating expenses from staff cuts and the reversal of Sirius’s streaming strategy partly offset the declines. Its podcast business, which launched two Alex Morgan channels in the quarter, reported a 33% revenue increase and 70 million monthly listeners. More details in the full article.
- Live Nation: First quarter revenue declined 11% (8% in constant currency) to $3.38 billion while adjusted operating income fell 6% (or 0.5% in constant currency) to $341.1 million. The first quarter tends to be slow, however, and numerous metrics — ticket sales for Live Nation concerts, event-related deferred revenue and fee-bearing ticket sales — point to the coming quarters being much stronger. Go here for more.
Note: This story will be updated as additional companies report earnings.
