Warner Music Group’s third-quarter earnings were released today (August 4). The company reported mixed results due to the coronavirus epidemic, with digital revenue growing 11% for the fiscal year ended June 30, representing 711% of total revenue compared to 611% in the same period in 2019-2019. The growth was attributed to streaming during COVID.
Physical products declined by a 5.7%. There was also the revenue of Dubano CVO which was identified as the reason for the reduction in advertising and license fees as a result of the KOID being “disrupted”. Publishing earnings, however, sustained 1.4%.
WMGO CEO Steve Cooper said: “We are very pleased with our performance this quarter, especially in light of the global epidemic. Our results highlight the underlying strengths and resilience of our business. Earnings from streaming have doubled and our digital transformation continues.
The company noted that four of the top five sellers in this quarter were – Dua Lipa, Roddy Rich, Lil Uzi Vert, Tones and I and Ed Sheeran Music – from the artist who released their first or second album.
EVP and CFO Eric Levine added, “These results are somewhat better than we expected, given the consistent impact COVID has had on certain areas of our business.” “It’s a testament to the incredible skill of our team, our artists and our lyricists in pivoting and adapting and hitting. Our strong cash position and our long-term prospects are stronger than ever before.
Total revenue was down 4.5% to just over বিল 1 billion. Shares of Warner Music Group, which traded on the Nasdaq, fell 3.31% per share to close at ৮ 26.95.
Warner Music includes Atlantic, Electra, Perlophone and Warner Records, as well as Big Beat, Nonshuch, Gino, Rodernner, Sawyer, Warner Classics and Warner Music Nashville, among others. By