While numerous public companies face challenges due to ongoing macroeconomic uncertainty and the potential implications of global tariffs, executives within the music industry are confidently promoting the sector as a stable investment opportunity. This assertion highlights the resilience of the music market amidst fluctuations in broader economic conditions, suggesting that music continues to hold value for both consumers and investors alike.
Despite experiencing a plateau in the growth curve for music streaming, the revenue generated from streaming subscriptions remains a significant driver of stability for companies like Spotify, Universal Music Group, and Deezer. These companies reported their earnings as of April 29 for the quarter that concluded on March 31, indicating that the steady income from subscriptions is crucial in maintaining their financial health, even as the overall market shows signs of fluctuation and change.
Below, you will find a comprehensive overview of the financial performance of leading music companies that have reported their results as of May 9, 2025. Each company is presented in alphabetical order, and you can click on the links provided in the summary to access the full stories for each organization, offering deeper insights into their financial standings and operational strategies.
- Deezer: The French streaming platform Deezer achieved a modest quarterly revenue increase, positioning itself on the path to profitability by 2025. The company reported a 1.1% revenue growth, amounting to 134 million euros (approximately $145.08 million) during the first quarter. This growth can be primarily attributed to a 6.3% increase in Deezer’s direct subscriber base in France, which now totals 9.4 million subscribers. For more detailed information, read on.
- HYBE: South Korea’s HYBE leveraged the robust touring schedules of its artists, along with strong revenues from merchandise and licensing, to counteract a decline in recorded music sales. As a result, HYBE reported an impressive 38.7% increase in revenue, translating to 500.6 billion KRW (around $350 million). However, it’s worth noting that this marked HYBE’s second-lowest quarterly revenue since the first quarter of 2023. For insights about HYBE’s J-Hope and other artists, click here.
- Live Nation: For the first quarter, Live Nation reported an 11% revenue decline (or 8% in constant currency), bringing total revenue to $3.38 billion. Additionally, adjusted operating income fell by 6% (or 0.5% in constant currency) to $341.1 million. Traditionally, the first quarter sees slower activity, yet various metrics—such as ticket sales for Live Nation concerts, event-related deferred revenue, and fee-bearing ticket sales—indicate that upcoming quarters are likely to show much stronger performance. For further details, go here.
- MSG Entertainment (MSGE): The New York City-based live events company, MSG Entertainment, reported a 6% revenue increase to $243 million for the fiscal third quarter ending March 31. CEO James Dolan expressed confidence that MSGE is “on track to deliver solid adjusted operating income growth” for the full fiscal year. Revenue from entertainment offerings surged 10% to $160 million. However, event-related revenue decreased by $3.6 million, largely due to a reduction in concert revenue, which the company attributes to a shift toward more rentals rather than promoted events.
- SiriusXM: The satellite radio giant, SiriusXM, reported a decline of 303,000 subscribers, resulting in a 4% revenue drop to $2.07 billion and a significant 15% decline in net income, down to $204 million. Although the company managed to offset some losses through reduced operating expenses from workforce reductions and adjustments to its streaming strategy, challenges remain. Notably, its podcast business, which introduced two channels featuring Alex Morgan this quarter, experienced a remarkable 33% revenue increase and now boasts 70 million monthly listeners. For more details, refer to the full article.
- SM Entertainment: The K-pop powerhouse SM Entertainment, known for its popular groups like NCT Dream and aespa, experienced a solid first quarter: revenues increased by 5% to $159 million, while operating income surged 110% to $22 million. The robust live performances by NCT 127, aespa, and TVXQ contributed to a remarkable 58% jump in concert revenue, reaching $27 million. Additionally, recorded music revenue grew by 23% despite a reduction in major releases. For insights on upcoming releases and tours, visit the full article.
- Sphere Entertainment Co: The Sphere venue experienced a reduction in events during the fiscal quarter ending March 31, resulting in a 12.8% revenue decline to $158 million. However, a decrease in selling, general, and administrative costs by 12% allowed the adjusted operating income to remain stable at $13 million. Overall consolidated revenue, which includes MSG Networks, decreased by 13% to $281 million. CEO James Dolan reassured stakeholders that he is not concerned about potential downturns in tourism, citing strong concert demand as a buffer against any issues. Click here for more information.
- Spotify: In its first quarter, Spotify reported a 15% revenue increase, totaling 4.2 billion euros (approximately $4.54 billion). The company added more than the anticipated 5 million net new paying subscribers this quarter, bringing its total to 268 million. This 12% surge in paying streamers represents the highest first-quarter subscriber growth since the onset of the COVID-19 pandemic, underscoring the resilience of music’s appeal even in uncertain global conditions, according to company executives.
- Universal Music Group (UMG): The world’s largest music entity, Universal Music Group, announced that robust subscription revenue contributed to an 11.8% year-over-year revenue increase in the first quarter, amounting to 2.9 billion euros (around $3.05 billion at the average exchange rate for the quarter). Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw an 11.8% rise, reaching 661 million euros (approximately $695 million). The adjusted EBITDA margin remained consistent at 22.8%. For complete insights, click here.
- Warner Music Group: Warner Music Group reported a quarterly revenue of $1.48 billion, reflecting a 1% decrease, while net income plummeted nearly 63%. This decline can be attributed to challenging comparisons with last year’s quarter, as WMG, home to stars like Bruno Mars and Ed Sheeran, faced hurdles. Recorded music revenue stood at $1.175 billion, a 1% decline, while publishing revenue rose by 1% to $310 million. Net income fell to $36 million from $96 million a year ago, primarily due to a $34 million loss from exchange rate fluctuations affecting euro-denominated debt and an $11 million increase in taxes. All the details can be found in the full article.
- YG Entertainment: The K-pop label YG Entertainment, known for artists such as BLACKPINK and BABYMONSTER, improved its financial performance despite a slight dip in overall revenue. Total revenue decreased by 3.8% to $69 million, yet operating income turned positive at $6.6 million, recovering from a $4.8 million loss in the previous year. Additionally, net profit increased significantly to $7 million from just $300,000.
Note: This story will be updated as additional companies report their earnings.
