Warner Music Group has released its financial results for the company’s fiscal third quarter. Total revenue was up 33 percent overall (27 percent in constant currency) to $1.34 billion from $1.01 billion a year ago. Recorded music revenue grew 34 percent to $1.152 billion compared to Q3 2020 when it was $861 million. WMG’s digital revenue was up by 29 percent in WMG’s third fiscal quarter, reaching $928 million. Music publishing revenue grew 27 percent to $189 million. Net income was up to $61 million vs. a loss of $520 million the year prior.
“We’re proud of everything we’ve accomplished during our first year as a publicly traded company,” said Warner Music Group CEO Steve Cooper. “During a very challenging time, we’ve focused on investing in our core business and building an array of innovative growth opportunities. Outstanding releases from our artists and songwriters, coupled with imaginative execution by our operators, delivered excellent results in the third quarter. We’re looking forward to wrapping up our fiscal year with a slate of great new releases from established and emerging stars.”
“The third quarter was highlighted by impressive streaming numbers, recovery in several areas that had been negatively impacted by COVID, and strong operating leverage that drove margin expansion,” said WMG CFO Eric Levin. “We continue to create value through our wide-ranging services to artists and songwriters, to drive shareholder return through our disciplined allocation of capital, and to deliver long-term growth through our digital-first approach to business.”
