A roundup of Universal Music Group, Spotify, HYBE and other music companies' earnings results for the quarter ending March 31, 2026. Songwriters Cash Out Illustration Giacomo Bagnara/Variety Earnings season started with a bang in the music world, with two of the largest publicly traded music companies, Spotify and Universal Music Group (UMG), reporting their Q1 performances in the final week of April. It didn’t all go smoothly. Both Spotify and UMG saw their stocks tumble following their first-quarter earnings results, which missed investors’ expectations. Spotify’s stock fell 13% in the five days after the company reported that operating income would likely fall over the next few quarters as it invests in AI, tech and marketing. UMG’s stock fell 9% in the trading day following its report that its $3.3 billion in revenue was flat compared to a banner first quarter last year. Still, music companies’ earnings and share price performances continue to buck macroeconomic trends.…