Warner Music Group has released its financial results for the company’s fiscal second quarter of 2021. Total revenue grew nearly 17 percent from $1.25 billion from $1.07 billion a year ago. Recorded music revenue was also up 17 percent over Q2 2020 to $1.06 billion from $907 million last year. Publishing revenue grew 16 percent and digital revenue increased by 23 percent.
Operating income was $151 million compared to an operating loss of $49 million in the prior-year quarter. Net income was $117 million compared to a net loss of $74 million in the second quarter of last year.
“Following a strong first quarter, I’m happy to report that our momentum continued in Q2, and our business is stronger than ever. Despite the ongoing pandemic, we generated double-digit revenue growth in both Recorded Music and Music Publishing,” said Steve Cooper, CEO of Warner Music Group. “Our success was driven by chart-topping new releases from our incredible artists and songwriters, as well as bold and imaginative execution from our world-class operators. We’re excited about the rest of year, as we have a fantastic slate of new music coming from established superstars and emerging talent.”
“In the second quarter, the continued strength of our core streaming business was bolstered by impressive growth in revenue from emerging streaming platforms, which drove healthy margins and free cash flow,” added Eric Levin, EVP/CFO of Warner Music Group. “We look forward to delivering long-term value as we continue to invest in culture-shifting talent, innovative technology, and dynamic new partnerships.”
