• ABOUT
    • Contact
    • The Team
    • Editorial Calendar
    • Events
    • FAQ
    • Use & Privacy Policy
  • ADVERTISE
  • ROWFAX
  • THE SPORTS CREDENTIAL
  • JOB LISTINGS
MusicRow.com
  • CALENDARS
    • Album/EP Releases
    • Single/Track Releases
    • Industry Events
  • OBITS
  • CHARTS
    • Radio Chart (Current)
    • Radio Chart (Archives)
    • No. 1 Challenge Coin
    • Songwriter Chart (Current)
    • Songwriter Chart (Archives)
  • REVIEWS
  • MY STORY
  • NEWSLETTER
    • Newsletter (Current)
    • SIGN UP (FREE!)
    • Newsletter (Archives)
  • SUBSCRIBE
  • STORE
  • Search
  • Menu Menu

WMG Corp. Q3 Results: Accelerated Streaming, New Music Push Revenue Growth

August 3, 2021/by Lydia Farthing

Warner Music Group Corp. announced today (Aug. 3) its third-quarter financial results for the period ended June 30, 2021.

WMG’s third-quarter financial results saw a 27% revenue growth, fueled by streaming acceleration and partial recovery in certain COVID-affected areas. Powered by new music, recorded music Streaming revenue grew 27%.

“We’re proud of everything we’ve accomplished during our first year as a publicly traded company,” says Steve Cooper, CEO, Warner Music Group. “During a very challenging time, we’ve focused on investing in our core business and building an array of innovative growth opportunities. Outstanding releases from our artists and songwriters, coupled with imaginative execution by our operators, delivered excellent results in the third quarter. We’re looking forward to wrapping up our fiscal year with a slate of great new releases from established and emerging stars.”

“The third quarter was highlighted by impressive streaming numbers, recovery in several areas that had been negatively impacted by COVID, and strong operating leverage that drove margin expansion,” Eric Levin, CFO, Warner Music Group explains. “We continue to create value through our wide-ranging services to artists and songwriters, to drive shareholder return through our disciplined allocation of capital, and to deliver long-term growth through our digital-first approach to business.”

Financial Highlights:

  • Total Revenue Grew 27% Propelled by Streaming Acceleration, Partial Recovery in Certain COVID-Impacted Areas
  • Recorded Music Streaming Revenue Grew 27% Powered by New Music
  • Robust Growth in Revenue from Emerging Streaming Platforms
  • Margin Expansion, High Operating Cash Flow Conversion Driven by Strong Operating Leverage

For the three months ended June 30, 2021:

  • Total revenue grew 33% or 27% in constant currency
  • Digital revenue grew 29% or 23% in constant currency
  • Net income was $61 million versus net loss of $519 million in the prior-year quarter
  • OIBDA (Operating Income Before Depreciation and Amortization) was income of $241 million versus a loss of $371 million in the prior-year quarter
  • Adjusted OIBDA increased 58% to $263 million versus $166 million in the prior-year quarter
  • Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased 49% to $282 million versus $189 million in the prior-year quarter

Read the complete report here.

  • Author
  • Recent Posts
Lydia Farthing
Follow me
Lydia Farthing
As Staff Writer and Content Manager, Lydia Farthing helps to generate online content for MusicRow as well as for MusicRow’s annual print issues. As a Nashville local, Lydia has spent her life immersed in the music industry. Prior to MusicRow, she spent time working closely with Provident Music Group's publishing division as well as Aristo Media's digital sector. Lydia graduated from the Music Business program at Middle Tennessee State University in December of 2020.
Lydia Farthing
Follow me
Latest posts by Lydia Farthing (see all)
  • Nate Smith Nabs First Chart-Topper With Debut Single, ‘Whiskey On You’ - January 30, 2023
  • Ross Copperman Makes His Way Into The Top Five On MusicRow Top Songwriter Chart - January 30, 2023
  • Weekly Register: Hardy Makes Massive Debuts On Country Albums & Songs Charts - January 30, 2023
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
https://musicrow.com/wp-content/uploads/2021/02/WMG.png 1202 1378 Lydia Farthing https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png Lydia Farthing2021-08-03 11:02:372021-08-03 11:02:37WMG Corp. Q3 Results: Accelerated Streaming, New Music Push Revenue Growth

RECENT NEWS

  • New IRS Rule Affects Concert Ticket Resellers September 29, 2023
  • Neil Medley Shares His Stories On Debut Project, ‘South End Kid’ September 29, 2023
  • Worldwide Stages Announces Investment Opportunity In Its Production Campus September 29, 2023
  • In Pictures: Coastal Country Jam Closes Summer With Star-Studded Lineup September 29, 2023
  • First-Ever ‘People’s Choice Country Awards’ Airs Live From Nashville [Recap] September 29, 2023
  • Fifth Annual Charlie Daniels Patriot Awards Raises $400K For U.S. Military Vets September 29, 2023
  • Morgan Wallen Adds Multiple Nights In Several Markets For 2024 Tour September 29, 2023
  • Brittney Spencer Slates Debut Album ‘My Stupid Life’ For January September 29, 2023
  • Dylan Scott Earns MusicRow No. 1 With ‘Can’t Have Mine’ September 29, 2023
  • Billy Strings, Molly Tuttle Among Winners At 34th Annual IBMA Bluegrass Music Awards September 29, 2023
  • 2023 People’s Choice Country Awards Winners – Complete List September 29, 2023
  • DISClaimer Single Reviews: The Late Jimmy Buffett ‘Encourages Optimism & Hope’ September 28, 2023
  • Industry Ink: Wasserman Music, Merle Travis, Equal Access, More September 28, 2023
  • Shania Twain’s Multi-Platinum ‘Greatest Hits’ Makes Vinyl Debut In November September 28, 2023
  • IBMA Honors 2023 Industry Awards Recipients September 28, 2023

Like Us on Facebook

Follow Us on Twitter

Tweets by MusicRow
© 2023 Music Row Enterprises, LLC – All rights reserved.
  • Facebook
  • Twitter
  • Instagram
Scroll to top