UMG's Lucian Grainge acknowledged "economic uncertainty in the world," but called music a "shelter from the storm," referencing Bob Dylan.

Universal Music Group reported first-quarter sales above market expectations on Tuesday, helped by growth in recorded music and music publishing. The music label of Taylor Swift, BTS and Drake said its revenues grew by a yearly 11.

Universal Music Group posted robust revenue of €2.901 billion - around $3.309 billion, an increase of 11.8% year-over-year, or 9.5% in constant currency - in its earnings report for the quarter ended on March 31,