Releases by Tomorrow x Together and Seventeen helped offset a sharp drop in concert revenue for the K-pop giant.
Streaming revenue, given a boost from hits by Miley, SZA and others, boosted recorded music and publishing revenue in a record-setting year.
Growth in first quarter coming largely from investments and paid streaming overseas, especially in Asia Pacific and Latin America.
Despite lower subscribers and ad revenue dragging down profits, the company claims this is a better quarter than expected.
Sales by Morgan Wallen, Taylor Swift and other artists boost UMG's recorded music and publishing divisions.
The video platform is now led by Neal Mohan, who succeeded longtime CEO Susan Wojcicki in February.
CEO Josh Gruss attributes the results to the company's “very in-demand repertoire," including tracks by artists such as Celine Dion and Alice in Chains.
Though revenue was slightly below guidance, the company says it now has 515 million monthly active users.
The U.K. collecting society took in a record high £964 million, driven by recovery from the pandemic and digital gains.
TME says growth in subscriptions failed to offset a nearly 20% decline in its social entertainment services business.
