(Reuters) -Universal Music Group comfortably beat expectations for first-quarter core profit after a blockbuster tour by its main star Taylor Swift and sales growth in all units, the company said on Thursday.
The world’s biggest music label posted adjusted core earnings (EBITDA) of 591 million euros ($632.6 million), up 15.9% year-on-year and above the 567 million expected by analysts in a Visible Alpha consensus shared by the company.
The huge commercial success of Swift, UMG’s star act, has boosted the group’s earnings through royalties from streaming, album sales, and concert tickets.
Her Eras Tour, consisting of 152 shows across five continents, has generated more than $1 billion in ticket sales, making it the world’s highest-grossing concert tour.
Her new album, released in April, is also dominating charts.
Other top sellers in the quarter were Noah Kahan, Morgan Wallen, Ariana Grande and Olivia Rodrigo, UMG said.
Earlier on Thursday, UMG and TikTok said they had reached a new licensing agreement that will restore the label’s songs and artists to the social media platform.
Sales in the quarter grew 7.9% in constant currency terms to 2.59 billion, helped by growth in all of UMG’s business segments.
($1 = 0.9343 euros)
(Reporting by Olivier Sorgho; Editing by Jan Harvey)
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