Warner Music Group Corp. has announced its 1st quarter financial results for the period ended Dec. 31, 2020.
“Despite the impact of COVID, we generated the highest quarterly revenue in our 17-year history as a standalone company, growing 4% compared to the prior-year period, which was unaffected by COVID,” said Steve Cooper, CEO, Warner Music Group. “The strong double-digit growth in our digital revenue and direct-to-consumer business more than offset the continued disruption to our performance, merchandising, and physical revenue. We have some fantastic new music from amazing artists and songwriters on the way, and we continue to grow our investment in a new generation of talent, as well as inventing bold and memorable ways to impact global culture.”
WMG Financial Highlights:
Generated Highest Quarterly Revenue in History as a Standalone Company
Delivered Double-Digit Digital Revenue Growth Driven by Continued Momentum in Streaming
Increased Revenue Contribution from Emerging Platforms, Unlocking New Value-Creation Opportunities
Achieved Strong Year-Over-Year Growth and Margin Expansion in Key Operating Metrics
For the three months ended December 31, 2020:
Total revenue grew 6 %, or 4 % in constant currency.
Digital revenue grew 17 %, or 16 % in constant currency.
Net income was $99 million versus $122 million in the prior-year quarter.
Read the complete press release here.