Q3 2025 Earnings Roundup: Here’s What Every Music Company Made (Updating)

A flurry of earnings reports for the quarter ended Sept. 30 show a continued divide in the music landscape. Live music companies such as Live Nation and MSG Entertainment posted double-digit growth as concert demand surged, while HYBE and SM Entertainment also benefitted from strong concert revenues. Streaming also spiked once again, pushing Spotify and Universal Music Group (UMG) to double-digit revenue growth. Legacy media didn’t fare as well, however: iHeartMedia revenue slipped slightly, while SiriusXM leveraged cost-cutting to compensate for flat revenue. 

Here’s a running list, in alphabetical order, of the music companies that released earnings results (as of Nov. 11) for the quarter ended Sept 30, 2025. 

Cumulus Media: The radio company’s revenue fell 11.5% to $180.3 million and net loss grew to $20.4 million from $10.3 million in the prior-year quarter. The advertising business remains “challenging for legacy media,” CEO Mary Berner said. Broadcast radio revenue sank 17.2% to $115.0 million. Digital revenue fell 2.6% to $39.0 million, though it was up 8.4% if the loss of The Daily Wire and Dan Bongino aren’t counted. Check out our full radio earnings roundup here.

Deezer: Revenue dropped 1% to $154 million as gains from self-paying users almost offset losses in business-to-business subscribers. Direct subscribers grew in number to 5.5 million, up nearly 10%, and direct subscription revenue increased 1.6% to $103 million. Revenue from partnerships fell 12.6% to $42 million and subscribers from these partnerships dropped 24.5% from the prior-year quarter. Go to the full article for more details.

HYBE: Tours by BTS member Jin and groups SEVENTEEN and TOMORROW X TOGETHER helped Q3 revenue rise 38% to $519 million, as strong concert revenue ($174 million) helped make up for recorded music’s 11.5% decline to $136 million. Operating loss was $30 million, a big turnaround from a $40 million operating profit a year earlier. More details in the full article. 

iHeartMedia: CEO Bob Pittman was “pleased” with the performance and boasted of new partnerships with TikTok and Amazon Ads, which will expand the company’s podcast and advertising businesses, respectively. Revenue of $997 million was down 1.1% (up 2.8% excluding the prior-year period’s political advertising). Adjusted EBITDA was flat at $205 million. Podcast revenue jumped 22% to $140 million while the multi-platform group, which included broadcast radio, fell 5% to $591 million. Q4 guidance is a low-single-digit revenue decline. Find more details here.

Live Nation: As fans packed themselves into stadiums in record numbers, revenue rose 11% to $8.5 billion and adjusted operating income (AOI) grew 14% to $1.03 billion. Concerts revenue was up 11% to $7.3 billion. Ticketing revenue rose 15% to $798 million. Sponsorships revenue jumped 13% to $443 million. Importantly, increases in deferred revenue suggest Live Nation will experience additional growth into 2026. Read about the earnings here and check out Billboard’s follow-up article with additional details from the earnings call.

MSG Entertainment: Boosted by a record number of concerts at the Madison Square Garden arena, MSG Entertainment’s revenue jumped 14% to $158.3 million and adjusted operating income improved to $7.1 million from $1.9 million in the prior-year period. Revenue from concerts rose $8.3 million while sporting events revenue improved $6.8 million. Food and beverage revenue jumped 20%, or $3.9 million. Looking ahead, MSGE’s Christmas Spectacular, the company’s annual holiday production at Radio City Music Hall, is slated for 215 performances, up from 200 a year earlier. 

Reservoir Media: Fiscal second quarter revenue of $45.4 million was up 7% organically, or 12% including acquisitions. Net income of $2.2 million was up from $0.2 million in the prior-year quarter. Music publishing revenue rose 8% to $30.9 million, while recorded music revenue jumped 21% to $13.0 million. The results prompted management to adjust upward its forecasts for full-year revenue and adjusted earnings before interest, taxes, depreciation and amortization. 

SiriusXM: The satellite radio company’s stock price jumped 10% after it raised 2025 guidance for revenue, EBITDA and cash flow. Although it reported a 1% dip in revenue, the company rebounded from a loss to produce net income of $297 million; while subscriber revenue was down, cost-cutting and layoffs helped offset the decline. Adjusted EBITDA fell 2.5% to $676 million. CEO Jennifer Witz said she is “confident” that improvements will allow the company to reach its target of $1.5 billion of free cash flow by 2027. Check out Billboard’s coverage for more details.

SM Entertainment: Led by concerts and music releases from aespa and NCT WISH, revenue rose 33% to $237.3 million. Operating profit jumped 262% to $35.6 million. Recorded music rose 33% $71.4 million, while new album sales grew to 5.42 million from 3.61 million in the third quarter of 2024. And concert revenue rose 38% to $38.7 million despite the company having fewer concerts compared to the prior-year period. Go to the full article for more info.

Sony Music: Rising streaming income and the success of the anime series Demon Slayer: Kimetsu no Yaiba Infinity Castle helped Sony Music’s revenue jump 21% to $3.65 billion and operating income climb 28% to $776 million. Overall streaming revenues rose 12% in recorded music and 25% in the publishing division. Physical sales rose 6%. Looking ahead, Sony increased its full-year forecast for Sony Music’s sales by 6% to $13.3 billion. The full article has all the details. 

Sphere Entertainment Co.: The Wizard of Oz and the Backstreet Boys boosted Sphere parent company’s revenue to $263 million and helped turn negative adjusted operating income (AOI) into $36 million of positive AOI. Oz has sold more than 1 million tickets to date, and showings of that title and other movies rose to 220 from 207 in the prior-year quarter. The Sphere segment itself posted an operating loss of $84 million — a $40 million improvement from a year ago. More details in the full article. 

Spotify: The audio giant’s subscribers rose 12% to 281 million and gross margin improved by 56 basis points — 0.56 of a point — to 31.6%. Those improvements led revenue to increase 12% to $5 billion and gross profit to grow 9% to $1.84 billion. “We have the tools we need — pricing, product innovation, operational leverage, and eventually the ads turnaround — to deliver both revenue growth and profit expansion,” said CEO Daniel Ek. Check out our full story on the earnings release and our follow-up article with details from the earnings call.

Universal Music Group: In another strong quarter, UMG posted a 10.2% revenue gain (in constant currency) to $3.5 billion. EBITDA rose 11.6% (also in constant currency) to $694 million and EBITDA margin ticked up to 22.0% from 21.6%. Recorded music subscription revenue, a closely watched metric, rose 8.6% while other streaming revenue was flat at $394 million. Go to the full article for all the details and check out the follow-up article for more insights.