Warner Music Group's third-quarter earnings saw digital revenue rise 11% attributable to increased streaming during COVID.
’s third-quarter earnings were revealed today . The company reported mixed results due to the coronavirus pandemic, with digital revenue up 11% during the fiscal period ending June 30, representing 71% of total revenue, compared to 61% during the same time period in 2019. Growth was attributed to the increase of streaming during COVID.
Said WMG CEO Steve Cooper: “We’re very pleased with our performance this quarter, especially in light of the global pandemic. Our results highlight the underlying strength and resilience of our business. Streaming revenue grew double digits and our digital transformation continues.” “These results are slightly better than our expectations, given the sustained effect that COVID has had on certain aspects of our business,” added EVP and CFO Eric Levin. “That’s a testament to the incredible ability of our teams, our artists and our songwriters to pivot and adapt, and to keep the hits coming. We have a robust cash position and all the music and resources needed to come out the other side of this with our long-term prospects as strong as ever.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Warner Music Group Names Head of Global Equity, Diversity and InclusionDr. Maurice Stinnett has joined Warner Music Group as the label’s head of global equity, diversity and inclusion.
Weiterlesen »
Warner Music Revenue Takes a Hit From COVID-19Strong digital growth couldn&39;t offset declines in other recorded music revenue as the company adjusted to a pandemic-altered marketplace.
Weiterlesen »
RS Country Music Picks: Week of August 3rdMolly Tuttle’s vibrant Rancid cover, Gary Allan’s return to Nineties country, and more songs to hear this week
Weiterlesen »
The Impact of The Pandemic On MusicAccording to the National Independent Venue association, 90% of independent venues have had to close and some might not survive due to Coronavirus. Margo Price, a singer and songwriter, and Dayna Frank, president of the National Independent Venue Association joins MSNBC’s Joshua Johnson to discuss how independent music venues are hurting.
Weiterlesen »
Soundcheck: The 10 Best Music Releases The Week Of August 3, 2020Soundcheck: The 10 best music releases of the week. 4everBrandy mxmtoon & more
Weiterlesen »
'Awards Chatter' Podcast — Raffi (Music Legend)Speaking on THR's Awards Chatter podcast, Raffi_RC reflects on his own complicated childhood, what led him to trade in his dreams of being the next James Taylor to entertain toddlers and what his hopes are for 'Beluga Grads'
Weiterlesen »