Q1 2026 Music Earnings Roundup: Spotify, UMG, Live Nation, HYBE and Others Report Mixed Results

Major music companies reported first-quarter results for the period ending March 31, 2026, with mixed investor reactions. Streaming giant Spotify and Universal Music Group beat most expectations but saw share prices slide in the days after their reports. South Korea’s HYBE posted record Q1 revenue on the strength of BTS and its ARIRANG album and tour. Live Nation, Sphere and other live-venue operators also delivered notable results as the sector continues to lean on touring and residencies.

Songwriters Cash Out Illustration
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The companies below have released earnings through May 7 for the quarter ending March 31, 2026. Warner Music Group and Sony Music Group were scheduled to report on the day this list was compiled. The entries are presented in alphabetical order and will be updated as more results arrive.

HYBE

HYBE reported its highest-ever first-quarter revenue at 698.3 billion KRW ($470.2 million), driven by BTS’s comeback, the group’s fifth studio album ARIRANG and a world tour. Revenue from artist-driven activities, including recorded music, concerts and advertising, rose 25% to 403.7 billion KRW ($271.9 million). Recorded revenue nearly doubled year over year to 271.5 billion KRW ($182.3 million). Indirect artist activities, such as merchandise, licensing, content and fan club memberships, increased 66% as BTS tour merchandise sales climbed.

ARIRANG, released March 20, debuted at No. 1 on the Billboard 200 and remained there for three weeks. The album opened with 641,000 equivalent album units, including 532,000 in pure album sales. Its lead single “SWIM” entered the Billboard Hot 100 at No. 1.

Live Nation

Live Nation reported $3.79 billion in revenue for the quarter ending March 31, closely matching its best-ever quarter from two years prior and representing a 12% year-over-year increase despite legal expenses tied to its antitrust trial. Adjusted operating income rose 9% to $371 million. Live concert AOI increased 7% to $3 million on attendance of 24 million fans. Ticketing AOI rose 4% to $256 million on 81 million fee-bearing tickets, and sponsorship AOI climbed 21% to $165 million. Deferred revenue for concerts and Ticketmaster reached record levels.

“We are seeing a fundamental shift as fans prioritize the ‘live’ experience — the chance to be physically present with their favorite artists and share that energy with friends and fellow fans in a way a screen simply cannot replicate,” said Live Nation president and CEO Michael Rapino.

Madison Square Garden Entertainment (MSGE)

MSGE reported third fiscal quarter revenue of $246.3 million, up 2% as Madison Square Garden hosted more concerts, including Cardi B. Profit fell 36% to $5.1 million on higher event, suite licensing and healthcare costs. Operating income declined 41% to $16.1 million, and adjusted operating income decreased 20% to $46.0 million. MSGE CFO David Collins said an expanded Harry Styles residency this August is expected to support record concert revenue later in the year.

SiriusXM

SiriusXM Holdings posted double-digit profit growth for Q1. Net income rose 20% to $245 million, and revenue edged up 1% to $2.1 billion. Adjusted EBITDA increased nearly 6% to $666 million, yielding a margin of 31.9%. The company reported a smaller loss of self-pay subscribers, about 111,000 versus 303,000 in the same quarter last year, attributing the improvement to companion family plans and price increases.

SiriusXM’s stock climbed more than 15% in April to nearly $27 a share amid speculation about a possible iHeartRadio deal and regulatory shifts related to spectrum. Company executives declined to directly address those topics during the earnings call.

SM Entertainment

SM Entertainment posted first-quarter revenue of KRW 279.1 billion ($189.4 million), an increase of 20.6%, and operating profit of KRW 38.6 billion ($26 million), up 18.5%. Concert revenue rose 56.0%, while merchandising and licensing grew 20.3%, supported by light-stick and merchandise sales tied to EXO, NCT WISH projects, and aespa touring. The company forecast further growth in recorded music, digital distribution and live performance revenues for Q2 and Q3, citing upcoming releases from TAEYONG, aespa, NCT WISH, SHINee, RIIZE, Hearts2Hearts and RYEOWOOK, and continued touring from aespa and EXO.

Sphere Entertainment Co.

Sphere reported Q1 revenue of $386 million, up nearly 40% from a year earlier, driven by The Wizard of Oz at Sphere and residencies from The Eagles and Illenium’s Odyssey. Company operations and strategy head Jennifer Koester said the 20,000-seat venue is an incremental driver of Las Vegas tourism, noting nearly 3 million Oz tickets sold since the show debuted last August and $370 million in related revenue.

Koester highlighted a rebound in tourism in February and March and pointed to other box-office drivers such as Phish’s sold-out nine-show run, Backstreet Boys’ upcoming 21-show residency and Metallica’s sold-out 24-concert residency this fall.

Spotify

Spotify reported Q1 results that beat guidance on most metrics but issued forward-looking guidance that rattled investors. The company’s stock fell more than 12% on April 28 after executives said they expect lower operating income in Q2 as they invest in technology, AI and marketing.

Monthly active users rose by 10 million to 761 million, led by a 14% increase in ad-supported MAUs and a 9% rise in premium subscribers. Revenue topped 4.5 billion euros ($5.3 billion), with subscriber revenue up 10%. Operating income was 715 million euros ($821 million), beating guidance by 55 million euros due to lower-than-expected social charges, producing a 15.8% operating margin.

For Q2 the company guided to 630 million euros ($723.4 million) in operating income, including 10 million euros ($11.5 million) of expected social charges and elevated operating expenses tied to investments. Spotify expects Q2 revenue of 4.8 billion euros and an additional 17 million MAUs, bringing total MAUs to 778 million.

Universal Music Group (UMG)

UMG reported first-quarter revenue of 2.9 billion euros ($3.33 billion), essentially flat year over year. In constant currency, revenue rose 8.1%. The company noted that BTS’s ARIRANG bolstered results but the quarter did not match the release slate from Q1 2025, which included records from Kendrick Lamar, Sabrina Carpenter, Lady Gaga, The Weeknd and Mrs. GREEN APPLE.

UMG chairman and CEO Lucian Grainge said the board approved doubling the share buy-back program to 1 billion euros and the sale of half of UMG’s equity stake in Spotify, with a portion of proceeds earmarked as non-recoupable payments to UMG artists. Grainge declined to comment on Pershing Square’s April 7 merger offer. Analysts noted Pershing Square had suggested selling UMG’s Spotify stake in that offer. Taylor Swift was mentioned in company commentary as a contextual factor around the Spotify stake decision.

These reports cover the companies that had released earnings by May 7 for the quarter ending March 31, 2026. The list will be updated as Warner Music Group, Sony Music Group and others publish their results.