2025 Q2 Earnings: Here’s What Every Music Company Made
A roundup of every label, streamer and other major music company's second quarter earnings results in one place.
The only sure thing in this earnings season is unpredictability. While the global economy remains resilient in the face of U.S. tariffs, and U.S. gross domestic product grew 3% in Q2, stocks took a hit from a weak U.S. jobs report on Aug. 1, and some experts believe a constant drip, drip, drip of negative developments will cause “death by a thousand cuts.”
Music companies’ early results also offered mixed signals. Spotify, the first music company out of the gate on July 29, posted solid year-over-year growth but disappointed investors with weaker-than-expected guidance for the third quarter. Spotify shares dipped 11.6% as a result. Two days later, Universal Music Group (UMG) posted 4.5% revenue growth and 8.5% subscription growth. But investors were hesitant — was it a lack of margin improvement or concerns about cash flow? — and UMG’s share price dipped 5.2% the following day.
Related
Below are summaries, listed in alphabetical order, of every music company to report second quarter earnings as of Aug. 6. Billboard will update the page as more results are announced. (If the summary includes a hyperlink, click on it to get the full story.)
- Deezer: Total revenue was flat at 267.1 million euros ($298.1 million), and subscribers fell 7.6% to 9.2 million (subscriptions through B2B partnerships fell 21% to 3.9 million). But the French music streamer managed its costs, resulting in improved operating loss and adjusted EBITDA. The company reiterated its belief that it will finish 2025 with both positive cash flow (for the second consecutive year) and positive adjusted EBITDA. Go here for the full article.
- HYBE: South Korea’s HYBE said on Wednesday (Aug. 6) that its second quarter revenue rose 10.2% year-over-year to $516.7 million, while operating profit jumped nearly 30% to $48.3 million due to successful global tours and releases from several of its artists, including BTS members Jin and j-hope. Recorded music revenue fell by nearly 8.5%, but that was offset by double-digit year-over-year increases in merchandise and touring revenue. The company said news of BTS members completing their military service also drove record-high engagement for its superfan platform Weverse. For more, read the full article.
- Reservoir Media: Quarterly revenue rose 8% to $37.2 million in the first quarter of fiscal 2026 on strong recorded music and sync revenue. Adjusted earnings before interest, taxes depreciation and amortization (EBITDA), a popular measure of profitability, was up 10% to $13.9 million. Acquisitions in the quarter, which contribute to the company’s revenue from catalogs, include a strategic partnership struck with Fool’s Gold and an investment in an experiential entertainment company called Lightroom. Go here for more details.
- SiriusXM: SiriusXM reported that overall revenue of $2.14 billion in the second quarter fell 2% from the year-ago quarter, pressured by lower subscriber growth, a legal settlement and higher operating expenses. The satellite radio giant is rolling out a new $7 subscription option to try to boost lagging ad revenue and subscriber growth. SiriusXM CEO Jennifer Witz said they will cautiously roll out the new offering, as they push other initiatives aimed at improving their standing amid a “challenging…ad market.” The full story is here.
- SM Entertainment: Album sales and events revenue from RIIZE and NCT WISH helped SM Entertainment’s consolidated revenue increase 19.3% to $216.5 million. Album and digital music revenue jumped 37.9% to $70.8 million, and merchandise and licensing revenue rose 39.6% to $45.7 million. Concert revenue was flat at $24.0 million. For a breakdown of subsidiary revenue, check out the article.
- Spotify: The streaming giant enjoyed another quarter in which it beat its own subscriber and monthly user growth targets, but a lukewarm financial forecast from executives and lower quarterly operating income due to currency fluctuations and taxes caused a sharp one-day selloff in its stock. Check out our article about the earnings release and a follow-up story with takeaways from the company’s second quarter results.
- Universal Music Group: Revenue increased 4.5% to $3.38 billion while recorded music subscription revenue rose 8.5% to $1.36 billion (all growth figures in constant currency). Elsewhere, music publishing soared 14.5% with a boost from Chord Music Partners, but both merchandising and physical recorded music dipped. For more, read our earnings story and a follow-up article with takeaways from the results.
What's Your Reaction?
