The release of CTS Eventim’s third-quarter results on Thursday (Nov. 20) marked the last earnings report from a major music company until early 2026 (a few smaller companies tend to announce much later), meaning it’s time for Billboard’s awards-style recap running down the best and worst of the bunch.

Music companies generally had a good quarter. Live Nation set yet another record for third-quarter revenue. Spotify delivered the double-digit revenue growth people have come to expect. K-pop companies delivered strong revenue growth, although earnings usually didn’t keep pace.

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