Warner Music Group has reported its results for the company’s fiscal first quarter. Revenue grew by 6.3 percent to to $1.335 billion, due to a 7% jump in recorded music ($1.161 billion) and a 1% increase in music publishing ($175 million). Digital revenue was up 17 percent to $825 million. However, WMG’s net income fell by 19% to $99 million.
“Despite the impact of COVID, we generated the highest quarterly revenue in our 17-year history as a standalone company, growing 4% compared to the prior-year period, which was unaffected by COVID,” said Steve Cooper, WMG CEO, Warner Music Group. “The strong double-digit growth in our digital revenue and direct-to-consumer business more than offset the continued disruption to our performance, merchandising, and physical revenue. We have some fantastic new music from amazing artists and songwriters on the way, and we continue to grow our investment in a new generation of talent, as well as inventing bold and memorable ways to impact global culture.”
“We are extremely proud of our first-quarter results, which were highlighted by significant growth over a number of key metrics when compared to a previous record-breaking quarter,” added Eric Levin, EVP/CFO. “While certain areas of our business remain challenged due to COVID, our core streaming business remains strong and our direct-to-consumer destinations and emerging streaming platforms have bolstered our performance. We are well-positioned for long-term growth.”
