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.”
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.