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Universal Music Group N.V. Reports Financial Results for the Third Quarter Ended September 30 , 2021 Summary Q3 Results • Revenue growth of 17.4 % year - over - year in constant currency , driven by strong growth across Recorded Music , Music Publishing and Merchandising and Other . Recorded Music subscription and streaming revenue grew 15.2 % year - over - year in constant currency . Adjusted EBITDA up 20.7 % year - over - year driven by the revenue growth . Hilversum , The Netherlands , October 27 , 2021 -- Universal Music Group N.V. ( " UMG " or " the Company " ) today announced its financial results for the third quarter ended September 30 , 2021 . - - Sir Lucian Grainge , UMG's Chairman and CEO , said , “ Our operational and financial performance this quarter – our first as an independent , publicly traded company – demonstrates both why UMG is the world's most successful music company , as well as how our commitment to artists ' career development and fostering innovation promotes growth across the music ecosystem . " " Our results this quarter demonstrate the continued strength of our artist roster and catalogue , the increasingly diversified revenue streams of our business , and our ability to deliver growth for our shareholders , " said Boyd Muir , EVP , CFO and President of Operations of Universal Music Group . UMG Results Three Months Ended September 30 , % % ( € millions ) Revenue EBITDA 2021 ( unaudited ) ( unaudited ) 2020 YOY const . Nine Months Ended September 30 , 2021 2020 ( unaudited ) ( unaudited ) % % YOY const . EBITDA margin Adjusted EBITDA Adjusted EBITDA margin € 2,153 € 1,855 426 19.8 % 461 21.4 % 380 16.1 % 12.1 % 17.4 % € 5,984 € 5,314 1,248 12.6 % 17.4 % 1,029 21.3 % 20.5 % ( 0.7 ) pp 20.9 % 19.4 % 1.5pp 382 20.6 % 20.7 % 0.8pp 1,286 1,038 23.9 % 21.5 % 19.5 % 2.Opp Note : % YoY indicates % change year - over - year ; % const . indicates % change year - over - year adjusted for constant currency . Revenue for the third quarter of 2021 was € 2,153 million , up 16.1 % compared to the third quarter of 2020 , and up 17.4 % in constant currency . UMG's Recorded Music , Music Publishing and Merchandising and Other segments all contributed to the revenue growth , as discussed further below . EBITDA for the quarter grew 12.1 % year - over - year to € 426 million , driven by the revenue growth . EBITDA margin was 19.8 % , compared to 20.5 % in the third quarter of 2020. EBITDA and EBITDA margin were impacted by certain one - time direct listing and share - based compensation related costs , which amounted to € 35 million and included professional fees , listing fees and direct listing 1