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Warner Music Posts Strong Quarter With 23% Streaming Gain, $1 Billion Recorded-Music Revenue
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variety.comJem Aswad Senior Music EditorWarner Music Group 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 (as opposed to $907 million in Q2 2020), 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.
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