Royalty & Revenue Watch: Key Financial Results Across the Industry

The latest round of earnings reports confirms that the global music industry remains financially strong, with subscription streaming at its core and publishing and performance income continuing to grow.

Here is a clear breakdown of the most recent headline figures.

Sony Music: Q3 Revenue Growth Driven by Streaming & Catalog

Sony Music Group reported ¥451 billion (approx. $3bn+) in quarterly revenue within its music segment, reflecting continued global growth.

Key financial highlights:

• Recorded music and publishing both contributed to growth

• Streaming remains the primary revenue driver

• Strong performance across global repertoire

• Artists such as ROSALÍA and Peso Pluma were highlighted in results

Catalog revenue continued to provide stable recurring income alongside frontline releases.

Source: https://www.billboard.com/pro/sony-music-q3-earnings-results-rosalia-peso-pluma/

Warner Music Group: $1.84bn in Recorded Music Revenue

Warner Music Group generated:

• $1.84 billion in recorded music revenue (calendar Q4)

• 10.9% year-over-year growth in subscription streaming revenue

Additional context:

• Subscription streaming remains the largest component of recorded music revenue

• Overall revenue growth remains steady rather than accelerated

These figures reinforce the continued importance of paid streaming as the core revenue engine for major labels.

Source: https://www.musicbusinessworldwide.com/wmg-generated-1-84bn-in-calendar-q4-recorded-music-subscription-streaming-revenues-jump-10-9-yoy/

Spotify: 290 Million Premium Subscribers & €2.5bn Operating Profit

Spotify closed Q4 with:

• 290 million premium subscribers

• €2.5 billion in annual operating profit for 2025

• Continued total user growth across global markets

The profitability milestone is significant, marking a shift from investment-heavy years to sustained operating performance at scale.

Streaming has firmly entered a mature, profitable phase.

Source: https://www.musicbusinessworldwide.com/spotify-subscriber-base-hits-290m-in-q4-as-streaming-giant-posts-2-5bn-annual-operating-profit-for-2025/

ASCAP: $1.8bn+ Revenue & Record Distributions

ASCAP reported:

• Over $1.8 billion in revenue for 2025

• Record royalty distributions to its songwriter and publisher members

Revenue sources include:

• Digital performance income

• Broadcast

• Live performance royalties

• International collections

Performance income continues to be a meaningful contributor within the broader royalty ecosystem.

Source: https://www.billboard.com/pro/ascap-2025-revenue-royalty-distributions-report-released/

Sound Royalties: $135M in Funded Contracts

Sound Royalties announced it closed:

• $135 million in funded contracts in 2025 (record year)

This reflects continued expansion in:

• Royalty-backed financing

• Advance structures

• Catalog-based capital solutions

Investor appetite for music rights and royalty income streams remains strong.

Source: https://www.musicbusinessworldwide.com/sound-royalties-says-it-closed-a-record-135m-in-funded-contracts-in-2025/

The Bigger Picture

Across labels, streaming platforms, PROs and finance companies, the numbers show:

• Multi-billion-dollar quarterly revenues

• Double-digit streaming growth in key segments

• Strong profitability at platform level

• Continued capital inflow into music rights

The music industry has transitioned from rapid expansion to structured, recurring revenue growth.

For creators, labels and publishers, the opportunity lies not just in topline industry growth — but in ensuring every entitled revenue stream is properly registered, tracked and collected.

DIV3 will continue monitoring royalty and revenue developments as 2026 unfolds.