Barclays Reports Major Record Labels Are Closing Streaming Growth Gap With Spotify
According to Barclays' latest Global Music Results Wrap, major record labels saw an average streaming growth rate of 8.3% in Q2 2026, with Warner Music Group leading at 11.3%. While Spotify reported stronger overall growth at 14.6%, the gap between its performance and that of the majors has narrowed to 7 percentage points from a peak difference of 17 points two years ago. This narrowing reflects a shift in how streaming revenue is growing relative to platform expansion, suggesting labels are capturing more value as Spotify's subscriber base expands. Warner Music Group’s growth was driven by volume increases rather than pricing changes and contributed to an overall revenue rise of approximately $1.86 billion for the quarter at constant currency. Barclays also noted diverging institutional investor behavior: hedge fund ownership in Spotify declined, while it increased slightly for Warner Music Group as its streaming performance improved.
