26 Apr Music Industry Q1 2026: Universal, Warner and Sony Release Figures

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Earnings season for major labels is underway. Warner Music and Sony have already reported their current quarterly figures, while Universal Music Group will report on May 5. The picture ahead of the UMG deadline: Streaming growth continues, but the momentum is shifting.

April 26, 2026

Warner Music: Stable Growth, Hard Numbers

Warner Music Group chose February 5 as the release date for Fiscal Q1 2026, which corresponds to the calendar quarter from October to December 2025. Revenue rose to $1.84 billion. The driver is clearly identified: Recorded music streaming subscriptions grew by 10.9% year-over-year. This is significantly above the rate WMG reported for the same quarter in the previous year. The 2025 price increases from major streaming platforms are fully reflected in this number.

What received less publicity: The physical segment is stagnant. Vinyl remains relevant for labels, but growth has slowed. In the publishing business, WMG shows a different dynamic – sync deals and catalogue licenses are the silent money in the background. The stock reacted mixed to the report, with analysts evaluating the guidance for the next two quarters cautiously.

+10.9 %

Recorded Music Streaming Subscriptions Growth at Warner Music, Fiscal Q1 2026 YoY

Sony Music: $3 Billion in a Quarter

The Sony Group delivered on the same day. The global music rights division (Recorded Music plus Publishing) generated over $3 billion in a single quarter for the first time – a historic figure. Within the three majors, Sony Music is the quiet giant: no spectacular catalogue deals in recent months, no major CEO changes. Instead, consistent rollout of the streaming pipeline.

It will be interesting to see how Sony communicates the publishing share. Publishing is the higher-margin discipline – every sync license in a Netflix series, every hit in an ad campaign, every cover song pays into the publisher’s pocket. The fact that this division contributes so strongly shifts the narrative. The classic question “Who sells the most music?” will increasingly be replaced by “Who collects the most” in 2026. A development that indie artists have known for a long time – and which the majors are now massively scaling.

Publishing and catalogue are now the quiet profits of the music industry. Streaming growth is the headline, but the margin comes from the rights that were written 20 years ago.
– Loosely based on current market commentary on the major earnings season

Universal Music: The UMG Date on May 5

Universal Music Group reports its Q1 2026 figures on May 5. Expectations are cautiously optimistic following the full-year 2025 report. UMG reported a group revenue of €3.605 billion for 2025 – up 4.8 percent compared to 2024 – and up 10.6 percent on a currency-adjusted basis. Streaming growth for the full year was 3.2 percent (9.3 percent on a currency-adjusted basis).

The figure that analysts and the label industry are watching: How quickly does the subscription segment grow in calendar quarter Q1 2026? If UMG delivers at the level of WMG – up 10 percent or more – it would be proof that the price increases of streaming providers are structurally effective, not just a one-time effect. If growth falls below 5 percent, the discussion about the end of the streaming era will begin. In between: the most realistic range, with a clear upward trend.

For the industry, the publishing take rate is of interest: How much of the €3.6 billion comes from recorded music, and how much from publishing? The Taylor Swift deal, the strategic value of catalogue purchases like Queen or Pink Floyd, and the further development of the sync business – all of this will determine whether UMG defines the next phase of the music industry or follows. May 5 will provide the first hard data point.

Image source: Pexels / Francesco Paggiaro