Warner Music Group Corp. has announced its fourth-quarter and full-year financial results for the periods ended Sept. 30, 2021.

WMG’s fourth-quarter and full-year financial results saw double-digit digital revenue growth driven by streaming. The label has also begun to see some recovery from COVID by way of artist services and physical revenue.

“Music is essential to billions of people across the globe. But now, more than ever, great talent needs help to cut through the noise. By delivering for new artists and songwriters, returning superstars, and global legends, we’ve also delivered outstanding results in 2021,” says Steve Cooper, CEO, Warner Music Group. “Looking to 2022, we’re excited to release incredible new music from the world’s hottest artists and most influential songwriters. We’re also planning innovative moves and collaborations that will strengthen our leadership position across a vast universe of opportunities, in both the digital and physical worlds.”

“Our strong fourth-quarter results put an exclamation point on an outstanding year,” adds Lou Dickler, acting CFO, Warner Music Group. “Even as certain revenue was impacted by COVID, the strength and resilience of our music propelled us to double-digit revenue growth and margin expansion in 2021. As the possibilities for music continue to evolve, we remain focused on delivering shareholder value through our financially disciplined investment strategy and positioning ourselves for the next wave of growth.”

Financial Highlights:

• Continued Momentum Across Traditional and Emerging Streaming Platforms Drove Double-Digit
• Digital Revenue Growth for the Quarter and Full Year
• Recovery in COVID-Impacted Areas Led by Strong Growth in Artist Services and Physical Revenue
• Delivered Margin Improvement and Double-Digit Growth in Adjusted OIBDA and Adjusted EBITDA
• Robust Free Cash Flow Conversion and Growth Underpinned by Strong Operating Leverage and
• Financially Disciplined Investments

For the three months ended Sept. 30, 2021:

• Total revenue grew 22% or 21% in constant currency
• Digital revenue grew 19% or 18% in constant currency
• Net income was $30 million versus $1 million in the prior-year quarter
• OIBDA increased 15% to $179 million versus $155 million in the prior-year quarter
• Adjusted OIBDA increased 25% to $218 million versus $174 million in the prior-year quarter
• Adjusted EBITDA increased 34% to $237 million versus $177 million in the prior-year quarter

For the twelve months ended Sept. 30, 2021:

• Total revenue grew 19% or 15% in constant currency
• Digital revenue grew 22% or 19% in constant currency
• Net income was $307 million versus net loss of $470 million in the prior year
• OIBDA was $915 million versus $32 million in the prior year
• Adjusted OIBDA increased 29% to $1,018 million versus $790 million in the prior year
• Adjusted EBITDA increased 30% to $1,090 million versus $837 million in the prior year

Country music singer-songwriter and producer Alex Maxwell has signed a co-venture publishing deal with both Verse 2 Music, a Sony Music publishing venture helmed by multi-Platinum entertainer Kane Brown and publishing veteran Kent Earls, as well as Jim Catino’s newly announced Droptine Music Publishing.

Catino exited his Executive VP of A&R role at Sony Music Nashville earlier this year after 20 years with the company. Droptine Music marks the executive’s return to publishing, which has been a big part of his career. Catino says, “It’s an exciting time for me as I enter into my new venture with Droptine Music. Alex is an amazingly talented writer/producer and I look forward to being a part of his team.”

Maxwell, a Pennsylvania native, moved to Nashville to pursue a career in music. He has quickly ascended into the industry with over thirty cuts as a songwriter, including Trey Lewis’ viral hit single, “Dicked Down in Dallas.” In 2020, Maxwell made his debut as a country artist by releasing his single, “Good One Gone” featuring Ray Fulcher, as well as fan-favorites “Could’ve Been Me” and “That’ll Be The Day.”

“Alex is an extremely gifted singer, songwriter, producer and multi-instrumentalist. When I first heard Alex’s music, I immediately knew there was an unmistakable sound to it and we are ready to be a part of what is next for him,” says Earls, President of Verse 2 Music. “We’re excited to add him to our roster with Sony Music Publishing and work with Alex alongside Jim Catino at Droptine.”

“I’ve spent a lot of years in Nashville just trying to find people who believe in me,” comments Maxwell. “It’s a dream come true to have Sony, Verse 2 and Droptine all let me be a part of their family. I’m extremely grateful for the opportunity and excited to get to work.”

Touring Career Workshop Celebrates A Decade

The Touring Career Workshop recently celebrated its 10th birthday at Yazoo Brewing Company in Nashville.

The Touring Career Workshop is a free annual event created by Chris Lisle and Erik Parker to serve and educate people in the touring music industry. The inaugural workshop was held in November 2011 at Belmont University and was attended by over fifty industry professionals. In years since, over 350 people have attended their yearly events.

“Although we were unable to hold our fall workshop in its traditional format, it was really great to join together with friends and colleagues to celebrate our huge milestone,” shares Lisle. “We cannot wait to see what the next ten years brings!”

 

 

SOLID Hosts 35th Annual Turkey Bowl Tournament, Raises Over $10,000

SOLID (Society of Leaders in Development) hosted its 35th Annual Turkey Bowl Tournament at Mid State SportsPlex on Saturday (Nov. 13), raising more than $10,000 for the 2021 SOLID Shares partners: MusiCares, Notes for Notes, The Onsite Foundation (Ryan’s Grove), The Equity Alliance and The National Museum of African American Music. The organization also collected over 3,000 pounds of nonperishable food to benefit Second Harvest Food Bank of Middle Tennessee.

“It was amazing to be able to bring Turkey Bowl back after having to take last year off due to the shutdown. Seeing the Nashville music industry show up to support our awesome nonprofit partners in such great numbers is a feeling that will never get old,” says Paul Erlmich, SOLID Community Outreach Co-Chair. “My co-chair Ritz McCain and I owe a huge thanks to the SOLID board and our committee members for making the day happen.”

“We are incredibly grateful to have seen such an impressive turnout during our first Turkey Bowl fundraiser post-shutdown,” adds Avery King, SOLID President. “Seeing our Nashville community rally together to raise more than $10,000 for our SOLID shares partners while also collecting over 3,000 pounds of food for Second Harvest makes me incredibly proud to work alongside all of these people.”

In 2021, SOLID’s philanthropic efforts have raised over $42,000. Over its 24 year history, the organization has been able to donate over $400,000 to local charities and nonprofits. In the past three years, SOLID’s members have also donated more than 300 hours of their time to the Nashville community.

 

Bridget Cirone Exits Academy Of Country Music

Bridget Cirone has exited her position at the Academy of Country Music. After the Thanksgiving holiday, Cirone will join the team at Sunshine Sachs in its Los Angeles office.

Cirone first joined the Academy in 2018 as an assistant for both the Marketing and Creative & Content departments, and most recently served as Manager, Marketing. In her time at the ACM, she supported all publicity and marketing initiatives for the Academy and ACM Lifting Lives, including overseeing red carpet media, press materials, and more.

A Marquette University alum, Cirone started her career in college working for the Milwaukee Journal Sentinel, WISN 12 News and Marquette Basketball. Upon graduating she moved back to Las Vegas where she worked at Wicked Creative, an entertainment, hospitality and lifestyle public relations firm.

 

IVPR Adds Lucy Volpe As Senior Publicist

IVPR, a Nashville-based PR firm, has added Lucy Volpe as senior publicist.

Volpe previously spent time at Big Feat PR where she worked on campaigns for Arlo McKinley, John R. Miller, Charley Crockett, Lydia Luce and more. The St. Pete, Florida, native brings 10+ years of experience to IVPR with a specialty in artist and festival PR.

“Lucy is one of those rare individuals who has built a career by combining her personal strengths and passions into a singular focus work-wise. I value her work ethic, passion for our clients, sense of what makes for a solid story, and well-honed knowledge of the ever changing media landscape,” says Maria Ivey, owner of IVPR. “She gives a damn and that’s really all we can ever hope for in a teammate.”

“It’s rare to find people in this industry where there is no room for ego, where everyone is genuinely supportive of each other and wants to achieve the same goals for our clients,” adds Volpe. “I am incredibly honored to be on team IVPR.”

IVPR represents a variety of clients, including Del McCoury, Yonder Mountain Stringband, MerleFest, The Infamous Stringdusters, DelFest, Anders Osborne, Colter Wall, David Ferguson, Kelsey Waldon, Jamestown Revival, Esther Rose, Luke Laird, Michaela Anne, Rising Appalachia, Park City Song Summit, High Sierra Music Festival, and more.