Universal Music Puts US Listing Plans on Hold Amid Market Uncertainty
Synopsis
Universal Music Group has postponed plans for a U.S. stock market listing due to market uncertainty affecting valuation. The company reported €12.5 billion in revenue for 2025, up 8.7% year-on-year. Industry data from the IFPI Global Music Report 2025 shows recorded-music revenue reached $29.6 billion in 2024, driven largely by streaming subscriptions and global digital music consumption.
Universal Music Group has postponed plans for a U.S. stock market listing, citing market uncertainty that could affect valuation. The company reported €12.5 billion in revenue in 2025, up 8.7% year-on-year. Industry data shows global recorded-music revenue reached $29.6 billion in 2024, driven mainly by streaming subscriptions.
Key Highlights
- Universal Music has paused plans for a U.S. stock listing due to market uncertainty affecting valuation levels.
- The company reported €12.5 billion revenue in 2025, up 8.7% year-on-year.
- Net profit declined to €1.53 billion due to valuation adjustments linked to streaming platform investments.
- Global recorded-music revenue reached $29.6 billion in 2024, according to IFPI industry data.
Universal Music Group has postponed plans for a United States stock market listing, citing market uncertainty that could affect how the company is valued by investors.
The company said it will reconsider the Universal Music US listing if market conditions improve. The group is already publicly traded on the Amsterdam stock exchange and has explored adding a U.S. listing to broaden its investor base and increase trading liquidity.
The planned listing was also linked to the investment structure of Pershing Square Holdings, a major shareholder led by investor Bill Ackman, which had earlier requested the move to improve trading access for U.S. investors.
Market Conditions Delay Listing Strategy
Universal Music said its board concluded that current market conditions could lead to a share valuation that does not reflect the company’s business performance.
The company did not provide a timeline for revisiting the plan but said it would review the Universal Music US listing again if financial markets stabilise.
Universal Music has been listed on Euronext Amsterdam since 2021 after being spun off from Vivendi. The company remains the largest music company globally, operating across recorded music, music publishing, and artist services.
Revenue Growth Continues Despite Listing Pause
The company reported €12.5 billion ($14.5 billion) in revenue for 2025, an increase of about 8.7% year-on-year at constant currency rates.
Adjusted earnings before interest, tax, depreciation and amortisation reached €2.81 billion, reflecting continued growth in streaming and subscription-based music consumption.
Net profit attributable to shareholders declined to €1.53 billion, mainly due to valuation adjustments related to investments in companies including Spotify and Tencent Music Entertainment. Excluding those adjustments, adjusted net profit rose roughly 7% to €1.91 billion.
Streaming continues to be the company’s largest revenue source, with premium subscription streaming generating €4.88 billion in 2025.
Global Music Market Continues to Expand
The broader music industry has continued to grow, supported by the expansion of streaming services and digital distribution.
According to the IFPI Global Music Report 2025, global recorded-music revenues reached $29.6 billion in 2024, marking the tenth consecutive year of growth.
Streaming accounted for roughly 69% of global music revenue, supported by more than 750 million paid streaming subscriptions worldwide.
Regionally, North America remains the largest recorded-music market, while Asia-Pacific has emerged as one of the fastest-growing regions, driven by expanding digital consumption in countries including Japan, South Korea, China, and India.
Universal Music operates in dozens of countries across these regions and represents a large share of the global recorded-music market alongside major competitors Sony Music Entertainment and Warner Music Group.
Quick FAQ
Q1. Why did Universal Music postpone its U.S. listing?
Universal Music said current market conditions could lead to a valuation lower than the company considers appropriate.
Q2. How much revenue did Universal Music generate in 2025?
The company reported €12.5 billion ($14.5 billion) in revenue in 2025.
Q3. How large is the global recorded-music industry?
According to the IFPI Global Music Report 2025, global recorded-music revenue reached $29.6 billion in 2024.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
