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2025 Q2 Earnings: Here’s What Every Music Company Made

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The only sure thing in this earnings season is unpredictability. While the global economy remains resilient in the face of U.S. tariffs, and U.S. gross domestic product grew 3% in Q2, stocks took a hit from a weak U.S. jobs report on Aug. 1, and some experts believe a constant drip, drip, drip of negative developments will cause “death by a thousand cuts.”

Music companies’ early results also offered mixed signals. Spotify, the first music company out of the gate on July 29, posted solid year-over-year growth but disappointed investors with weaker-than-expected guidance for the third quarter. Spotify shares dipped 11.6% as a result. Two days later, Universal Music Group (UMG) posted 4.5% revenue growth and 8.5% subscription growth. But investors were hesitant — was it a lack of margin improvement or concerns about cash flow? — and UMG’s share price dipped 5.2% the following day.

Spotify’s Stock Tumbled After Its Mixed Q2 Earnings — But Analysts See the Bigger Picture

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Below are summaries, listed in alphabetical order, of every music company to report second quarter earnings as of Aug. 7. Billboard will update the page as more results are announced. (If the summary includes a hyperlink, click on it to get the full story.)

  • Cumulus Media. The No. 3 radio company in the U.S. posted a 9.2% drop in revenue and an 11.3% decline in adjusted EBITDA. Broadcast radio revenue was down 13.0% and digital fell 1.4%. CEO Mary Berner referred to a “challenging” advertising environment for legacy media companies and noted that Cumulus created an additional $5 million in cost reductions in the quarter, bringing its total annualized cost cuts to $175 million over the last five years. 
  • Deezer: Total revenue was flat at 267.1 million euros ($298.1 million), and subscribers fell 7.6% to 9.2 million (subscriptions through B2B partnerships fell 21% to 3.9 million). But the French music streamer managed its costs, resulting in improved operating loss and adjusted EBITDA. The company reiterated its belief that it will finish 2025 with both positive cash flow (for the second consecutive year) and positive adjusted EBITDA. Go here for the full article.
  • HYBE: South Korea’s HYBE said on Wednesday (Aug. 6) that its second quarter revenue rose 10.2% year-over-year to $516.7 million, while operating profit jumped nearly 30% to $48.3 million due to successful global tours and releases from several of its artists, including BTS members Jin and j-hope. Recorded music revenue fell by nearly 8.5%, but that was offset by double-digit year-over-year increases in merchandise and touring revenue. The company said news of BTS members completing their military service also drove record-high engagement for its superfan platform Weverse. For more, read the full article.
  • Reservoir Media: Quarterly revenue rose 8% to $37.2 million in the first quarter of fiscal 2026 on strong recorded music and sync revenue. Adjusted earnings before interest, taxes depreciation and amortization (EBITDA), a popular measure of profitability, was up 10% to $13.9 million. Acquisitions in the quarter, which contribute to the company’s revenue from catalogs, include a strategic partnership struck with Fool’s Gold and an investment in an experiential entertainment company called Lightroom. Go here for more details.
  • SiriusXM: SiriusXM reported that overall revenue of $2.14 billion in the second quarter fell 2% from the year-ago quarter, pressured by lower subscriber growth, a legal settlement and higher operating expenses. The satellite radio giant is rolling out a new $7 subscription option to try to boost lagging ad revenue and subscriber growth. SiriusXM CEO Jennifer Witz said they will cautiously roll out the new offering, as they push other initiatives aimed at improving their standing amid a “challenging…ad market.” The full story is here.
  • SM Entertainment: Album sales and events revenue from RIIZE and NCT WISH helped SM Entertainment’s consolidated revenue increase 19.3% to $216.5 million. Album and digital music revenue jumped 37.9% to $70.8 million, and merchandise and licensing revenue rose 39.6% to $45.7 million. Concert revenue was flat at $24.0 million. For a breakdown of subsidiary revenue, check out the article.
  • Sony Music: Led by Bad Bunny’s DeBÍ TiRAR MáS FOToS, SZA’s SOS and Sleep Token’s Even in Arcadia, Sony Music’s consolidated revenue up 5.3% to $3.22 billion in the first fiscal quarter ended June 30. A strong yen made year-over-year comparisons a challenge. Recorded music was up 0.7% to $2.09 billion but improved 8.4% on a dollar basis (Sony does not report results in constant currency). Music publishing revenue rose 2.1% as reported; on a dollar-denominated basis, is improved 9.8%. More info at the full article.
  • Sonos. Revenue of $344.8 million was down 13.2% from the prior-year period, the company announced Aug. 7. Gross margin fell to 43.4% from 44.7% as CFO Saori Casey noted “a complex environment marked by tariffs and an uncertain macroeconomic backdrop.” Go here for Billboard‘s coverage of Sonos, its recent layoffs and how it cut sales projections after a disastrous app redesign in May 2024. 
  • Spotify: The streaming giant enjoyed another quarter in which it beat its own subscriber and monthly user growth targets, but a lukewarm financial forecast from executives and lower quarterly operating income due to currency fluctuations and taxes caused a sharp one-day selloff in its stock. Check out our article about the earnings release and a follow-up story with takeaways from the company’s second quarter results.
  • Universal Music Group: Revenue increased 4.5% to $3.38 billion while recorded music subscription revenue rose 8.5% to $1.36 billion (all growth figures in constant currency). Elsewhere, music publishing soared 14.5% with a boost from Chord Music Partners, but both merchandising and physical recorded music dipped. For more, read our earnings story and a follow-up article with takeaways from the results.
  • Warner Music Group: WMG reported revenue grew to $1.7 billion in the last quarter thanks to a double-digit increase in publishing revenue and strong subscription streaming returns. That helped offset the impact of losing BMG as a distribution client and helped push Warner’s stock price up by 3.5%. All the details at the full article. More insights are in the follow-up article.
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No ‘Good’ Deed Goes Unpunished for Ariana Grande’s Glinda in Final ‘Wicked: For Good’ Trailer

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In the final trailer for Wicked: For Good, Ariana Grande‘s character learns that a big price comes with being Glinda the Good.

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Released on Wednesday (Sept. 24) — about two months before the Wicked sequel finally premieres in theaters on Nov. 21 — the preview shows how the blonde leading lady wrestles with her new role as Oz’s spokeswoman, as Cynthia Erivo‘s Elphaba attempts to expose the Wizard’s evil agenda while living in hiding. At first, Glinda is “obsess-ulated” with the gorgeous gown, tiara and mechanical flying bubble her public-facing life affords her — but everything quickly comes crashing down when she realizes that she’s on the wrong side of history, and that she just might be too late to save her former schoolmate from the wrath of Oz’s brainwashed citizens.

“I’m a public figure now, people expect me to …,” Glinda tells Elphaba at one point, with Dorothy’s fallen house and the Yellow Brick Road visible in the background.

“Lie?” the green-skinned witch cuts in, to which Glinda says defensively, “Be encouraging.”

Grande’s character is less sure of herself when she is confronted by Jonathan Bailey’s Fiyero, who accuses, “You can’t resist this.”

“Who could?” Glinda asks, to which the Winkie prince replies, “You know who could.”

Arriving one year after the first Wicked hit theaters and shattered movie-musical box-office records, For Good will serve as the film adaptation of the second act of the Broadway musical on which the live-actions are based. The soundtrack will also drop on Nov. 21, complete with two brand new songs sung by Grande and Erivo.

As revealed when the tracklist dropped a week prior to the new trailer, the title of Glinda’s bonus song is “The Girl in the Bubble,” while Elphaba’s added balled is called “No Place Like Home.”

Watch the final trailer for Wicked: For Good above.


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Priscilla Presley Says That Leaving Elvis Presley Was ‘The Only Way to Survive’ in New Memoir ‘Softly, As I Leave You: Life After Elvis’

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Priscilla Presley was with Elvis Presley for around 14 years before they split; however, the pair had known each other for years before they wed in 1967.

The time in between and following Priscilla and Elvis’ divorce was a tough spot for Priscilla, and one she wasn’t super open about — that is, until now. In her new memoir Softly, As I Leave You: Life After Elvis, the actress shares the difficult but inspiring journey beyond the walls of Graceland post-split with the King, choosing to put herself and her daughter, Lisa Marie Presley, first.

A hardcover version of the book is now on sale and can be purchased now on Amazon for $22.38, while paperback will run you $32. A Kindle version retails for $15.99. If you’re a superfan of Priscilla and the Presley family, you can also snag a signed version of the memoir via Barnes & Noble for $32. The piece makes a great gift for the avid Elvis collector in your life. If you’d rather listen to the memoir, we won’t judge, you can do so with Audible via a subscription which costs $7.95 a month, a price tag less than a physical copy.

Softly, As I Leave You: Life After Elvis

Buy Now on amazon $22.38 $22.38
Buy Now at Barnes & noble $32 $32
Buy Now on audible $7.95 a month $7.95 a month

A new memoir by Priscilla Presley.


If you didn’t know, Priscilla met Elvis when she was just 14 and he was 24. The singer was serving in the U.S. Army in 1959 in Germany. The pair remained romantically connected for years, even with distance between them and in 1967, they were wed in a simple and very secret ceremony in Las Vegas. While their separation in 1973 was painful for Priscilla, this novel highlights why it was so important for the Naked Gun star to leave.

It seems that Priscilla lost touch with herself throughout her relationship with Elvis. Leaving allowed her to find herself again. Through the book, we are treated to snippets of Priscilla’s life pre- and post-Elvis and how she had to reinvent herself a second time as the single mother after the performer’s death in 1977.

Today, we are taken through how Priscilla was able to transform Graceland into an international destination and helped guide the development of Elvis Presley Enterprises, turning the King’s legacy into a full-on business. If you are an Elvis fan, this gives readers a unique perspective on his life, as told by his ex-wife. It also gives Priscilla’s story more context for those who aren’t too familiar with her life and career.

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Calvin Harris’ Ex-Business Manager Denies $22M Fraud Claims: ‘Categorically False’

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Calvin Harris‘ former longtime business manager is firing back against bombshell fraud claims, saying he never stole from anybody and that the Scottish DJ willingly agreed to invest in his Los Angeles real estate development project.

Thomas St. John, an entertainment industry-focused accountant who runs the eponymous firm Thomas St. John Group, is currently wrapped up in thorny arbitration proceedings with his former client Harris (Adam Wiles). He’s accused of abusing his access to Harris’ accounts in order to fund his side venture: the construction of a recording studio and office space complex in Hollywood.

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Harris claims that St. John tricked him into investing $22.5 million in the project, known as CMNTY Culture Campus, which he says turned out to be a “complete boondoggle” that he “has not received a single penny in return for” — while suggesting that St. John pocketed much of the money for himself.

However, a representative for St. John says in a new statement that the allegations are “categorically false.” The rep denies that St. John engaged in any self-dealing, adding that Harris is one of nine above-board investors who “knowingly signed investment agreements” to get involved in CMNTY Culture.

“Not a single dollar has been misappropriated, all investor entitlements remain intact, and the project continues to advance within the normal entitlement timeline,” says St. John’s rep in the Tuesday (Sept. 23) statement. “We will continue to take every necessary step to set the record straight and to ensure that these malicious, bad-faith attacks are recognized for what they are: entirely without merit.”

While CMNTY Culture was initially designed to house a recording studio and office space, St. John has since shifted the plans and is now developing a residential apartment complex on the same tract of land in Hollywood. According to his rep, the project is proceeding apace and “is expected to approach a $1 billion valuation” upon completion.

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“While the entitlement process has naturally taken longer than initially projected due to unprecedented interest, macroeconomic conditions and significant city red tape, it remains firmly within its promised schedule and is now on the verge of securing final entitlements, an important milestone that will unlock substantial value,” adds St. John’s rep.

Thomas St. John Group has offices in Los Angeles, London, Amsterdam and Stockholm. The management firm’s U.S. arm recently filed for bankruptcy, citing hundreds of thousands of dollars in unpaid rent in L.A. and multiple pending legal actions.

One creditor listed in the firm’s bankruptcy papers is Philip Lawrence, a songwriter and producer who made his name collaborating with Bruno Mars. Lawrence used to be a client of St. John’s and at one point invested $10 million from the sale of his catalog into CMNTY Culture Campus, according to court filings in Lawrence’s own personal bankruptcy case.

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