posted strong results for the quarter that ended March 31, with $117 million in net income on revenues of $1.25 billion. While it’s hardly an apples-to-apples comparison, that’s a big improvement from the same quarter a year ago, when the company posted a $48 million net income loss.
Streaming soared 23.2% while recorded music showed a 16.8% bump to almost $1.06 billion , and publishing also showed a big gain, climbing 15.7% to $192 million from $166 million year over year. The company attributed some of the streaming growth to platforms such as Facebook, TikTok, and Peloton. Physical revenue soared 25.5% , primarily due to an increasing demand for vinyl as well as success from new releases, including the Yellow Monkey in Japan, as well as archival releases by Neil Young and Fleetwood Mac. Artist services and expanded-rights revenue increased on an as-reported basis by 2.6% and decreased 3.
Music publishing revenue increased 15.7% . Digital and synchronization revenue growth was partially offset by declines in performance and mechanical revenue, which were largely Covid-related. Digital revenue increased 40.5% reflecting the continuing growth in streaming and timing of new deals with digital service providers. Digital revenue represented 54.2% of total publishing revenue versus 44.6% in the prior-year quarter.
Music Publishing operating income was $22 million, down 26.7% from $30 million in the prior-year quarter largely driven by revenue mix, higher employee costs and increases in amortization. Operating margin was 11.5%, down 6.6 percentage points from 18.1% in the prior-year quarter.
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warnermusic I'm sure they'll do their best to not pay the artists shit
warnermusic please retweet. Mauritania is facing acute humanitarian needs, including high levels of food insecurity (over 25 per cent of the population in severe food insecurity in most of the provinces) and very high rates of acute malnutrition. UN
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