The company’s latest financial results show that it generated revenue of €5.5bn between January and June —  up 8.8% year-on-year in constant currency terms. 

The largest increase was seen in merchandise sales which grew 29.7% followed by its music publishing division which grew 14.3%.

Recorded music revenue grew 6.3% year-over-year with subscription revenue up 8.5%. Streaming revenue was up 1.8%.

Adjusted earnings before various deductions stood at €1.24bn — an increase of 13.4%. Cost of revenues, consisting of artist and product costs, increased by €302m to €3.1bn reflecting higher revenue.

“Our varied revenue streams, across both emerging and established businesses, allowed us to once again achieve high-single digit revenue growth” said the company’s president of operations Boyd Muir.

“We continue to invest into the growth we see ahead of us as we execute against our long-term strategic plan,” he added.

The company said that Taylor Swift was its top seller bolstered by the ongoing Eras Tour. She was followed by Morgan Wallen, Noah Kahan, Billie Eilish, and Ariana Grande.

Universal’s chief executive Lucian Grainge said the strong revenue growth shows that the company is a “multifaceted music entertainment company that places our artists at the centre of everything we do”.

Universal has been pushing for platforms to compensate artists fairly and has advocated for a new streaming royalty model. 

It started pulling music from TikTok in February after talks to extend a licensing deal failed. In May, it reached a deal with TikTok that included better pay for songwriters and artists as well as protections against AI-generated music.

Earlier this year, it kicked off a reorganisation to generate €250 million in annual savings by 2026.

• Additional reporting Bloomberg