UMG’s Q2 revenues go up – but analysts and investors are looking closer

On Friday, Universal Music Group released its Q2 2026 results, and to the casual observer, everything looks fine – all the big numbers went up: total revenue was €3.29bn, up 13.3% year-on-year at constant currency (YOY(cc)), with recorded music up 16.2% YoY(cc) to €2.52bn, and with €1.76bn of that c

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