Warner Music Group Reports 27% Increase in Third Quarter Revenue

Rise in Q3 towers by 27%

WARNER MUSIC GROUP CORP. released its third quarter financial results for the period ended JUNE 30, 2021.

“We are proud of all that we have accomplished in our first year as a publicly traded company,” said CEO STEVE COOPER. “During a very difficult time, we focused on investing in our core business and creating a range of innovative growth opportunities. The exceptional releases from our artists and songwriters, coupled with the imaginative performance of our operators, produced excellent results in the third quarter. We look forward to ending our fiscal year with a roster of outstanding new releases from established and emerging stars. ”

“The third quarter was marked by impressive streaming figures, a recovery in several areas that had been negatively impacted by COVID and strong operational leverage which led to the expansion of margins,” said CFO ERIC LEVIN. “We continue to create value through our extensive services to artists and songwriters, generate shareholder return through our disciplined allocation of capital, and generate long-term growth through our focused business approach. digital. ”

Financial Highlights:

  • Total revenue increased 27% thanks to acceleration of streaming and partial recovery in some areas affected by COVID
  • Recorded music streaming revenue increased 27% thanks to new music to top the charts
  • Robust revenue growth from emerging streaming platforms
  • Expansion of margins and high conversion of operating cash flows thanks to strong operating leverage

For the three months ended June 30, 2021:

  • Total revenue increased 33% or 27% at constant exchange rate
  • Digital revenues grew 29% or 23% in constant currency
  • Net income was $ 61 million compared to a net loss of $ 519 million in the previous year quarter
  • OIBDA represents revenue of $ 241 million compared to loss of $ 371 million in the quarter of the previous year
  • Adjusted OIBDA rose 58% to $ 263 million from $ 166 million in the previous year quarter
  • Adjusted EBITDA increased 49% to $ 282 million from $ 189 million in the prior year quarter.

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