Universal Music first-quarter revenue grows with concerts, vinyl sales
Universal Music Group beat first-quarter sales expectations on Tuesday, saying more people went to concerts, bought vinyl records and subscribed to its digital services. The world's biggest music label, whose artists include Taylor Swift, BTS and Drake, said revenues grew 11.8% from the year-ago quarter to 2.90 billion euros ($3.31 billion) in the period ended in March, above the 2.83 billion consensus estimate by analysts in an LSEG poll. License and other revenue rose 33.3%, thanks to top-selling concerts by artists including Kendrick Lamar, Sabrina Carpenter and Lady Gaga.