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Warner Music streaming revenues leap up 20% YoY in calendar Q1

Warner Music Group had a flat yr in calendar 2020 – however the firm’s 2021 is already off to a flyer.

Today (May 4), WMG introduced its fiscal outcomes for the three months to finish of March (its fiscal Q2, however calendar Q1).

Quarterly recorded music revenues – together with streaming, digital and bodily gross sales, and ancillary earnings – surged above a billion {dollars} at $1.059bn, up 16.8% (or 12.9% in fixed foreign money).

Within this recorded music determine was $722 million from streaming, a quantity which was up by 23.2% YoY (or 20.3% at fixed foreign money) in comparability to calendar Q1 2020.

Warner stated this bump in streaming income partly mirrored “accelerated revenue growth in emerging streaming platforms such as Facebook, TikTok, and Peloton”.

Another essential factor of Warner’s recorded music tally, bodily music gross sales, have been up 25.5% YoY (or 19.2% in fixed foreign money) to $118 million in the quarter.

Warner stated that its biggest-selling artists for recorded music in the quarter included Dua Lipa (pictured), Michael Bublé, Ed Sheeran, Ava Max and Japanese rock band The Yellow Monkey.

WMG’s music publishing operation – Warner Chappell Music – grew its revenues to generate $192 million in calendar Q1 2021, up 15.7% YoY (or 11.6% in fixed foreign money).

The star performer for Chappell in the quarter have been its digital revenues, which climbed by $30m vs. the identical interval of 2020.

Overall Warner Music Group revenues – throughout recorded music, music publishing and extra – hit $1.250 billion in the quarter, up 16.7% YoY (or 12.8% in fixed foreign money).

Steve Cooper, CEO, Warner Music Group, stated: “Following a strong first quarter, I’m happy to report that our momentum continued in [fiscal] 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.

“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.”

“I’m happy to report that our momentum continued in [fiscal] Q2, and our business is stronger than ever.”

Steve Cooper, Warner Music Group

Eric Levin, Executive Vice President and CFO, Warner Music Group, added: “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.

“We look forward to delivering long-term value as we continue to invest in culture-shifting talent, innovative technology, and dynamic new partnerships.”Music Business Worldwide

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