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 NV’s shares jumped as much as 7.1% on Wednesday after it reported first-quarter sales that beat analyst estimates, boosted by strong subscriber growth.

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