Q1 2026 Earnings: How Spotify, UMG, Live Nation and K‑Pop Powerhouses Performed

Big names in music reported healthy first-quarter results this spring, but investors greeted much of that strength with a shrug. Spotify and Universal Music Group beat expectations on multiple metrics—yet their share prices slid in the days after results. For some companies the quarter felt like a validation of big bets on live experiences and catalog, while for others the numbers revealed the leverage and fragility of release calendars.

Songwriters Cash Out Illustration
Giacomo Bagnara/Variety

Below is a company-by-company look at the public results reported through May 7, 2026, for the quarter ending March 31. Warner Music Group and Sony Music Group were still set to report, and this list will be updated as more filings arrive.

Spotify

Spotify delivered another quarter of user growth—monthly active users rose by 10 million to 761 million—but the market fixated on guidance. First-quarter revenue topped 4.5 billion euros (about $5.3 billion) and operating income beat internal guidance at 715 million euros ($821 million), buoyed by lower-than-expected social charges. Still, executives warned that the company will take a short-term hit as it pours money into technology, AI and marketing: guidance called for 630 million euros ($723.4 million) of operating income in Q2 with roughly 10 million euros ($11.5 million) in social charges and higher operating expenses for the next two quarters. Spotify said it expects 17 million additional MAUs in Q2, reaching 778 million MAUs and roughly 4.8 billion euros in revenue.

Investors punished that near-term outlook: Spotify stock plunged in late April—dropping more than 12% on April 28—part of a broader market reaction that one report summarized as a 13% decline for the company in the days after results.

Universal Music Group

UMG’s top line was effectively flat at 2.9 billion euros ($3.33 billion) for Q1. The company pointed to the timing of releases: BTS’s long-awaited first studio album in five years, ARIRANG, helped the quarter, but UMG noted the prior-year quarter included major releases from Kendrick Lamar, Sabrina Carpenter, Lady Gaga, The Weeknd and others that made comparisons tough. On a constant currency basis UMG said revenue rose 8.1%.

On corporate moves, UMG’s board approved a doubling of its share buyback program to 1 billion euros and the sale of half of its equity stake in Spotify. Lucian Grainge, UMG chairman and CEO, said a portion of proceeds will go to UMG artists as a non-recoupable payment. Grainge declined to comment on Pershing Square’s earlier merger offer; analysts noted that Pershing had suggested selling the Spotify stake. The company’s stock fell about 9% in the days after results.

HYBE

South Korea’s HYBE posted its highest-ever first-quarter revenue—698.3 billion KRW ($470.2 million)—fueled by BTS’s comeback. Artist-driven activities, including recorded music, concerts and ads, climbed 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—official merchandise, licensing, content and fan club memberships—rose 66% as BTS tour merchandise sales accelerated.

BTS’s ARIRANG, released March 20, debuted at No. 1 on the Billboard 200 and stayed there for three weeks. Its lead single “SWIM” entered the Billboard Hot 100 at No. 1. The album opened with 641,000 equivalent album units, including 532,000 in pure album sales—marking the biggest sales week for a group in over a decade.

Live Nation

Live Nation’s Q1 revenue of $3.79 billion nearly matched its best quarter ever, rising 12% year-over-year even as the company continued to absorb legal expenses tied to its antitrust trial. Adjusted operating income grew 9% to $371 million. The report showed AOI from the concert segment up 7% to $3 million on 24 million fans attending events, ticketing AOI up 4% to $256 million from 81 million fee-bearing tickets, and sponsorship AOI up 21% to $165 million. Deferred revenue tied to future concerts and Ticketmaster also 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 fiscal Q3 revenue of $246.3 million, up 2% year-over-year as The Garden hosted more concerts, including dates from Cardi B. But costs rose: profit fell 36% to $5.1 million on higher event, suite licensing and healthcare expenses, operating income slid 41% to $16.1 million, and adjusted operating income dropped 20% to $46.0 million. CFO David Collins flagged an extended Harry Styles residency this August—twice as long as last year’s—that the company expects will help push concert revenue toward record levels.

SiriusXM

SiriusXM posted double-digit profit growth for Q1, helped by subscription price increases, companion/family plans and stronger Pandora ad revenue. Net income rose 20% to $245 million while total revenue edged up 1% to $2.1 billion. Adjusted EBITDA climbed nearly 6% to $666 million, a 31.9% margin. The drop-off rate among self-pay subscribers hit an all-time low despite the company raising prices in February; SiriusXM lost about 111,000 self-paying subscribers versus 303,000 a year earlier, a gap the company attributed to companion plans.

The stock ran up in April—more than 15% to nearly $27 per share—on takeover speculation and chatter about regulatory changes tied to spectrum. Executives declined to address rumors about possible talks to buy iHeartRadio or other deal speculation on the earnings call.

SM Entertainment

SM reported first-quarter revenue of 279.1 billion KRW ($189.4 million), up 20.6%, while operating profit rose 18.5% to 38.6 billion KRW ($26 million). Concert revenue jumped 56% and merchandising and licensing climbed 20.3%, which SM attributed to robust sales of light sticks, merchandise and pop-up events linked to EXO’s album, NCT WISH projects, and aespa’s touring. The company forecast further growth in recorded music, digital distribution and live performance driven by Q2 releases from TAEYONG, aespa, NCT WISH, SHINee, RIIZE, Hearts2Hearts and RYEOWOOK, and by touring from aespa and EXO.

The Sphere Entertainment Company

Sphere’s Q1 revenue hit $386 million, up nearly 40% as The Wizard of Oz at Sphere and residencies from The Eagles and Illenium’s Odyssey continued to sell. The company said nearly 3 million Oz tickets—totaling $370 million in revenue—had been sold since the show’s debut last August. Jennifer Koester, Sphere’s head of business operations and strategy, said demand is broad-based, including among cost-conscious consumers, and pointed to recent sold-out Phish shows, a Backstreet Boys 21-show summer run, and Metallica’s 24-concert residency this fall as tailwinds for higher concert revenue this year.

One clear takeaway across these reports: live experiences and catalog monetization remain the most reliable revenue engines, but timing—who releases what, and when—still matters for headline growth and investor sentiment. We will continue to update this roundup as Warner Music Group, Sony Music Group and other companies publish their results.