Universal Music Group (UMG) reported €11,834 million in consolidated revenue for FY 2024, with recorded music, publishing and merchandising showing different growth patterns. The figures below define each period, geography and company reporting measure so revenue growth is not confused with streams, subscribers, listeners, units or artist population.
Key Universal Music Group Statistics
The most broadly useful UMG statistics are:
- In FY 2024, UMG consolidated revenue was €11,834 million, up 6.5% year over year.
- In FY 2024, UMG’s constant-currency consolidated revenue growth was 7.6%.
- In FY 2024, adjusted EBITDA was €2,661 million, up 12.3%, for UMG consolidated.
- In FY 2024, adjusted EBITDA margin was 22.5%, 1.2 percentage points above 2023 for UMG consolidated.
- In FY 2024, net profit attributable to equity holders was €2,086 million, up 65.7%.
- In FY 2024, adjusted net profit was €1,782 million, up 9.6% for UMG consolidated.
- In FY 2024, Recorded Music revenue was €8,901 million, up 5.2%.
- In FY 2024, Recorded Music subscription revenue grew 8.2% in reported currency.
- In FY 2024, Recorded Music downloads and other digital revenue declined 13.0%.
- In Q2 2024, consolidated revenue was €2,932 million, up 8.7% year over year.
- In H1 2024, consolidated revenue was €5,526 million, up 7.3% year over year.
- In H1 2024, Music Publishing revenue grew 13.4% year over year.
- In H1 2024, Merchandising revenue grew 29.2% year over year.
- In FY 2024, free cash flow was €523 million for UMG consolidated.
- In FY 2024, the proposed total dividend was €951 million, or €0.52 per share.
- In Q3 2024, consolidated revenue was €2,870 million, up 4.3% year over year.
- In the nine months ended September 30, 2024, Recorded Music subscription revenue was €3,397 million, up 8.2%.
- In the nine months ended September 30, 2024, downloads and other digital revenue declined 21.8%.
Contents
- 2024 revenue and profitability
- Recorded Music revenue streams
- Quarterly and half-year growth
- Publishing and merchandising
- Cash flow, earnings and shareholder measures
- Format shift and catalog performance
Universal Music Group Revenue and Profitability Statistics
UMG’s FY 2024 consolidated results show growth in revenue and adjusted profitability, while reported net profit and earnings per share increased more sharply. The source describes adjusted EBITDA, adjusted net profit and adjusted EPS as alternative measures, so they should not be read as IFRS figures.
| FY 2024 consolidated measure | Result | Year-over-year change |
|---|---|---|
| Revenue | €11,834 million | +6.5% |
| Revenue, constant currency | — | +7.6% |
| Adjusted EBITDA | €2,661 million | +12.3% |
| Adjusted EBITDA margin | 22.5% | +1.2 percentage points |
| Net profit attributable to equity holders | €2,086 million | +65.7% |
| Adjusted net profit | €1,782 million | +9.6% |
Source: Universal Music Group N.V. Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2024. The net-profit result includes investment revaluation effects described by UMG; adjusted measures exclude items listed in the company’s appendix.
For shareholders, FY 2024 basic EPS was €1.14, up 65.2%, and diluted EPS was €1.13, up 66.2%. Adjusted diluted EPS was €0.96, up 9.1%; basic and diluted EPS are reported measures, while adjusted diluted EPS is a non-IFRS measure.
Universal Music Group Recorded Music Revenue Statistics by Stream
Recorded Music generated €8,901 million in FY 2024, up 5.2% year over year. UMG reports subscription, streaming, physical, downloads and other digital, and license and other as distinct categories; these are revenue measures, not equivalent measures of users, streams, shipments or audience size.
| FY 2024 Recorded Music category | Reported change | Constant-currency change where supplied |
|---|---|---|
| Subscription revenue | +8.2% | +9.1% |
| Streaming revenue | -0.8% | +0.1% |
| Physical revenue | -1.6% | +1.1% |
| Downloads and other digital | -13.0% | — |
| License and other | +12.9% | — |
Source: Universal Music Group FY 2024 results. Constant-currency figures are company alternative presentations, and license and other includes legal-settlement effects.
The contrast between subscription growth and the decline in downloads and other digital revenue is central to interpreting the format mix. Physical revenue also declined in reported currency, but UMG’s constant-currency presentation showed modest growth; neither measure gives physical-unit volume.
Universal Music Group Quarterly and Half-Year Growth Trends
UMG’s Q2 and H1 2024 results provide period-specific views rather than additional full-year totals. Overlapping quarterly, half-year and nine-month figures should not be added together.
| Period and geography | Revenue | Reported change | Constant-currency change |
|---|---|---|---|
| Q2 2024, consolidated UMG | €2,932 million | +8.7% | +9.6% |
| H1 2024, consolidated UMG | €5,526 million | +7.3% | +8.8% |
| Q2 2024, Recorded Music | — | +5.8% | — |
| Q2 2024, subscription revenue | — | +6.5% | — |
| Q2 2024, streaming revenue | — | -4.2% | — |
| Q2 2024, physical revenue | — | +9.5% | — |
| Q2 2024, license and other | — | +18.0% | — |
H1 2024 adjusted EBITDA was €1,240 million, up 11.5%, and adjusted EBITDA margin was 22.4%, up 0.8 percentage points. H1 EPS was €0.50 versus €0.34 in H1 2023; the comparison is reported EPS and is separate from adjusted profitability measures.
Universal Music Group Music Publishing and Merchandising Data
Publishing and merchandising grew faster than consolidated revenue in the supplied 2024 periods. The figures below describe segment revenue growth, not counts of songs, writers, products, customers or fans.
| Segment and period | Reported growth | Constant-currency growth |
|---|---|---|
| Music Publishing, Q2 2024 | +10.1% | +10.4% |
| Music Publishing, H1 2024 | +13.4% | +14.3% |
| Merchandising, Q2 2024 | +44.6% | +43.7% |
| Merchandising, H1 2024 | +29.2% | +29.7% |
Source: Universal Music Group H1 2024 results. Constant-currency growth is an alternative company presentation rather than reported-currency revenue growth.
The Q2 and H1 merchandising rates are not interchangeable: Q2 is a three-month result, while H1 covers six months. Similarly, the publishing rates describe the named reporting periods and should not be treated as a full-year forecast.
Universal Music Group Cash Flow, Earnings and Shareholder Statistics
UMG generated €2,104 million of operating cash before income tax paid in FY 2024, down 7.6% from the company’s €2,278 million comparison for 2023. FY 2024 free cash flow was €523 million, down from €1,082 million in 2023.
The cash-flow measures are company-defined figures, and free cash flow is an alternative performance measure. They should not be substituted for revenue, net profit or adjusted EBITDA.
UMG proposed a final 2024 dividend of €512 million, or €0.28 per share. Subject to shareholder approval at the time of the release, that proposed final dividend would bring the total 2024 dividend to €951 million, or €0.52 per share, including the interim dividend.
Source: Universal Music Group FY 2024 results.
Universal Music Group Format-Shift and Catalog Performance Trends
Q3 2024 consolidated revenue was €2,870 million, up 4.3% year over year and 4.9% in constant currency. Q3 adjusted EBITDA was €621 million, up 6.9%, while adjusted EBITDA margin was 21.6%, up 0.5 percentage points; both adjusted measures use UMG’s non-IFRS definition.
| Q3 2024 Recorded Music category | Year-over-year change |
|---|---|
| Subscription revenue | +7.6% |
| Streaming revenue | -0.8% |
| Physical revenue | -2.0% |
| Downloads and other digital | -28.8% |
| License and other | +20.4% |
Source: Universal Music Group N.V. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024. UMG attributed the downloads decline to the continued format shift toward streaming and noted that vinyl growth partly offset CD comparison effects; physical revenue remains distinct from unit volume.
For the nine months ended September 30, 2024, Recorded Music revenue was €6,335 million, up 4.9%. Subscription revenue was €3,397 million, up 8.2%, and streaming revenue was €1,039 million, up 0.9%.
The same nine-month period recorded a 21.8% decline in downloads and other digital revenue, a 13.0% improvement in license and other revenue, and a 3.5% decline in physical revenue. UMG described the downloads decline as part of the continued shift toward streaming; license and other is a company category, not a direct measure of artist count or audience size.