Universal Music Group enjoyed an 8.7% uptick ($3.12b) in Q2 revenue, with recorded music increasing 5.8%, the company revealed during an earnings call today (7/24).

UMG also saw double-digit YOY growth in music-publishing revenue (10.1%) and a massive gain in merchandising (44.6%). Subscription revenue jumped 6.5%, though streaming revenue was down 4.2%. Physical revenue saw a 9.5% increase, and licensing and other revenue was up a whopping 18%. Adjusted EBITDA gained 10% to €649m ($704m).

UMG's subscription revenue was clearly aided by price increases at such leading DSPs as Apple Music and Spotify, while major corporate restructuring, which was undertaken to save $270m annually through 2026, has had a positive impact on the overall financial outlook.

It was the company's 12th consecutive quarter of at least high-single-digit revenue growth since being listed on Euronext in 2021, as well as its seventh consecutive quarter of double-digit increases in Adjusted EBITDA.

Top sellers for the quarter included Taylor Swift, Billie Eilish, Morgan Wallen and K-pop outfit SEVENTEEN.

"Our continued revenue growth this quarter demonstrates that we are, by design, a multifaceted music-entertainment company that places our artists at the center of everything we do," said UMG Chairman/CEO Sir Lucian Grainge. "Our unique structure, which is both innovative and constantly evolving, enables us to support our recording artists and songwriters with an ever-expanding array of revenue sources, reinforced by new products and the exciting next phase of development of streaming services.”

Added EVP/CFO/President of Operations Boyd Muir, “Our varied revenue streams, across both emerging and established businesses, allowed us to once again achieve high-single-digit revenue growth and double-digit Adjusted EBITDA growth this quarter. We continue to invest in the growth we see ahead of us as we execute against our long-term strategic plan.”