Universal Music Group NV, the record label for artists such as Taylor Swift and Billie Eilish, reported sales that topped analysts’ estimates in the fourth quarter, boosted by growth from subscriptions.

The record label behind Taylor Swift posted revenue of €3.44 billion, beating analyst forecasts of €3.27 billion.

Universal Music Group posted strong results from 2024 in earnings announced Thursday, with a 6.5% rise in revenue over 2023 and an 8.2% increase in recorded music subscription revenue (despite a 5.1% drop in streaming revenue from last year),

Lucian Grainge and other UMG execs discussed with analysts where future revenue growth would come from after releasing their fourth quarter financial results.