Half of UMG's Q2 Revenue Growth Came From an Acquisition, Not Streaming

UMG reported Q2 2026 revenue of €3.294 billion ($3.83bn), up 13.3% year-over-year at constant currency, per Music Business Worldwide (July 30). Excluding the Downtown Music Holdings acquisition, consolidated from February 20, organic growth was 6.4% — meaning nearly half the headline increase came from bought revenue, not earned.