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The strong performance “enables us to accelerate our strategy to promote a healthier streaming business”, the company’s chief executive Lucian Grainge said in a statement.
Universal Music’s quarterly margin on adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 21.9%, from 20.0% a year earlier, the group said in a statement.
Adjusted EBITDA rose by 16.4% to 590 million euros ($653 million), higher than a company-provided consensus of 547 million euros.
Universal Music reported revenues of 2.7 billion euros in the quarter, helped by a 10.6% yearly rise in recorded music subscriptions, the company added.
Apart from Taylor Swift and South Korean boy band SEVENTEEN, other top sellers in the second quarter were King & Prince, Morgan Wallen, and Stray Kids, Universal Music said.
($1 = 0.9030 euros)
