The largest music and entertainment companies have so far reported strong first quarter earnings to mixed investor reception.
Streaming giant Spotify and the world’s biggest music company Universal Music Group (UMG) beat expectations on most metrics but their share prices fell by 13% and 9% respectively in the days after their results, as investors were disappointed in Spotify’s operating income forecast, AI and marketing investments and UMG’s lighter-than-last-year release slate. (UMG got a piece of BTS’s first studio album in five years, ARIRANG; however, last year, they put out hit albums from Kendrick Lamar, Sabrina Carpenter, The Weeknd and more.)
South Korea’s HYBE reported record-setting revenue thanks to BTS, with the album and world tour helping make this the company’s highest-ever Q1 revenue. On the live front, Live Nation’s stock rose 8% following a near-tie with its highest-ever first-quarter revenue, and Sphere Entertainment Co.’s stock rose 4% as its immersive adaptation of The Wizard of Oz continued to sell tickets on days when the 20,000-seat venue didn’t have a blockbuster residency.
Sony’s music segment, which includes Sony Music Entertainment, Sony Music Entertainment (Japan), and Sony Music Publishing, had a banner fiscal quarter and year, which for them also ended on March 31. Sony music reported record-high operating income for the year, while Warner Music Group also reported a strong quarter that demontrsted “we have now hit our stride,” according to WMG CEO Robert Kyncl.
Meanwhile, SiriusXM stemmed the loss of subscribers with family plan subscriptions, price hikes and increased advertising revenue from Pandora, and Madison Square Garden Entertainment saw higher revenue on more concerts, including sold-out shows at The Garden from Cardi B and FKA Twigs.
Reporting this week are iHeart Radio and Tencent Music Group.
For now, here’s a list, in alphabetical order, of the music companies that have released earnings results (as of May 11) for the quarter ending March 31, 2026. We will update the list as more companies report.
