Universal Music Group (UMG) reported first-quarter earnings on Thursday that beat forecasts, thanks to the success of American pop star Taylor Swift following her recent album release and global tour. .

UMG’s Board of Directors also shared good news about the results of the company’s new agreement with TikTok. The results of cooperation between the two parties aim to resolve the dispute over profit sharing with artists.

UMG, the world’s largest record label, announced revenue of $632.6 million, up 15.9% year-on-year and surpassing the company’s own forecast of $607 million.

Taylor Swift’s commercial success has boosted the label’s income with multi-source revenue from online music licensing fees, album sales and music event tickets.

Taylor’s Eras Tour, which included 152 shows across five continents, generated more than $1 billion in ticket sales, making it the highest-grossing tour in the world. In addition, her new album, even though it was released in April, is dominating all major charts.

UMG said other successful artists this quarter were Noah Kahan, Morgan Wallen, Ariana Grande and Olivia Rodrigo.

Earlier on Thursday, UMG and TikTok said they had reached a new licensing agreement that would restore the label’s songs and artists to the social media platform.

This agreement is expected to satisfactorily resolve the issue of artist remuneration, but does not disclose specific numbers.

Before the deal, UMG earned about 1% of its global revenue from its partnership with short video app TikTok.

Chief digital officer Michael Nash said: “Of course, there are other aspects besides economic value, including e-commerce, advertising, or data marketing.”

He added that concerns about AI, chief among them copyright infringement, were also addressed in the agreement. So this is an important step”, he emphasized.

UMG’s revenue for the quarter increased 7.9% thanks to growth across all business areas.