The Biz: Earnings From UMG, HYBE, Spotify; iHeart, Sirius Merger Chatter; What The Street Expects From Live Nation; Swift Battles Deepfakes With Trademark Application & More

Universal Music Group reported first quarter revenues of €2.9 billion ($3.39 billion), an 8.1% year-over-year increase.

“We delivered a solid quarter of growth in our core businesses, complemented by our strategic development and investment in fast-growing areas of the industry,” CEO Lucian Grainge said. “We continue to build the most successful music company in history by attracting the world’s top talent, engaging fans globally, and delivering long-term value for stakeholders. Central to that mission is fostering an environment that protects artists and songwriters, champions human creativity, and embraces innovation at a pivotal moment for our industry.”

Recorded music revenues were up nearly 9% with the largest growth sector being in physical sales — up 12.7% year-over-year — with especially strong performance in Japan and the United States.

In addition, UMG announced it’s off-loading half of its stake in Spotify, a move that should generate $1.4 billion and under an agreement made with Taylor Swift in 2018, half of that would be distributed to artists on UMG’s roster on a non-recoupable basis.

Speaking of Spotify, the streamer also reported earnings this week, with recorded operating profit of $837 million. Premium subscribers grew by 3 million in three months of the quarter, in line with guidance, fueled by growth in Latin America and Europe. Monthly active users — which includes free and paid accounts — hit 761 million, up 10 million from the previous quarter and beating guidance by more than 2 million.

Meanwhile, in Korea, HYBE had a record quarter with $477 million in revenue, up nearly 40% year-over-year. That growth was, of course, driven by the return of BTS. Notably, however, live revenues for the K-pop conglomerate was down markedly year-over-year, though that wasn’t cause for concern as BTS’s tour began in April and will surge the live number going forward.

Sirius, iHeart In Merger Talks: Report

The New York Times and other outlets reported this week that SiriusXM is in early-stage talks to acquire iHeartRadio, a move that would combine the largest players in terrestrial and satellite radio, along with a significant podcast network.

The combined company would control 860 radio stations in 160 markets. On the satellite side, Sirius has 33 million subscribers. Such a deal would no doubt face antitrust scrutiny, though the Trump Administration has shown a light touch to antitrust enforcement.

Both companies have faced difficulty: iHeart deals with a decreasing level of radio listenership generally and Sirius rededicated itself to controlling subscriber churn. Both companies, however, have embraced podcasting, with iHeart hosting “Las Culturistas” and “Stuff You Should Know.” Sirius’ podcast roster includes Howard Stern and “Call Her Daddy.”

Analysts Expect Live Nation Loss

Live Nation is next on the docket for earnings, expected to report at market close May 5, and the analyst consensus is a loss is coming.

The Zacks consensus is pegged at an loss per share of 54 cents, a 68.8% bottom line difference from the same quarter in 2025; analysts do, however, expect revenue of nearly $3.6 billion, up more than 6%.

After a steep decline after a New York jury found that Live Nation operated as an illegal monopoly, shares of LYV have held fairly steady, trading at $155 midday Thursday, up about $2 from the lowpoint in the wake of the verdict.

Taylor Swift Moves To Trademark Voice & Likeness To Battle Deepfakes

Taylor Swift, who was one of the first well-known victims of online deepfake pornography, has filed an application — through TAS Rights Management — for trademarks on two distinct sounds: her saying “Hey, it’s Taylor Swift” and “Hey, it’s Taylor,” as well as the image that was the primary marketing photo used for “Eras.”

It’s likely the application gives Swift layers of protection against deepfakes, both audio and visual. Various actors, including Matthew McConaughey, have made similar moves.

The trademarking of specific sounds is fairly rare and typically associated with musical tags used in corporate branding (think Netflix’s “tuh-duh” noise or NBC’s famous chimes).