Warner Music Group Posts $1.34B in Q3 Revenue

Billboard Music

“We’re proud of everything we’ve accomplished during our first year as a publicly traded company,” WMG CEO Steve Cooper said in a statement. “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.”

In a press release announcing the results, WMG pointed to growth in streaming revenues — which increased 32.6% in Q3 — as well as the growth in streaming from platforms new to the music game like Facebook, Peloton and TikTok, while the artist services boost came from an increase in direct-to-consumer merch sales and licensing grew through higher broadcast fees and synch revenues. On the publishing side, part of the growth was attributed to increased revenues from films and commercials. For the quarter, the company counted Dua Lipa, Ed Sheeran, Cardi B, Ava Max and Masked Wolf among its “major sellers.”

“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,” WMG CFO Eric Levin said in a statement. “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.”


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