WMG Corp. Q2 Results: Double-Digit Revenue Growth Across Recorded Music, Publishing

Warner Music Group Corp. has announced its 2nd quarter financial results for the period ended March 31, 2021.

“Following a strong first quarter, I’m happy to report that our momentum continued in Q2, and our business is stronger than ever. Despite the ongoing pandemic, we generated double-digit revenue growth in both recorded music and music publishing,” says Steve Cooper, CEO, Warner Music Group. “Our success was driven by chart-topping new releases from our incredible artists and songwriters, as well as bold and imaginative execution from our world-class operators. We’re excited about the rest of year, as we have a fantastic slate of new music coming from established superstars and emerging talent.”

 

Financial Highlights:

Double-Digit Revenue Growth Highlighted by Strength across Recorded Music and Music Publishing

Recorded Music Streaming Revenue Grew 20% Driven by Chart-Topping New Music

Revenue Attributable to Emerging Streaming Platforms Continues to Show Accelerated Growth

Continued Margin Expansion and High Free Cash Flow Conversion

 

For the three months ended March 31, 2021:

Total revenue grew 17% or 13% in constant currency

Digital revenue grew 23% or 20% in constant currency

Net income was $117 million versus net loss of $74 million in the prior-year quarter

 

Read the complete report here.