Warner Music Group revenue took a hit from COVID-19.
Strong digital growth couldn't offset declines in other recorded music revenue as the company adjusted to a pandemic-altered marketplace.
Due mainly to non-cash stock-based compensation related to its IPO on June 3, Warner posted a $519 million net loss last quarter compared to net income of $14 million a year earlier. After removing these one-time costs -- such as adjusted EBITDA includes one-time items such as restructuring costs and a loss on the extinguishment of debt -- Warner’s earnings before interest, taxes, amortization and depreciation was $189 million, an improvement from $159 million in the same quarter last year.
Recorded music revenue in the quarter declined 5.7% from $913 million to $861 million, or 4.2% at constant currency, in spite of an 7.9% increase in digital revenue, from $584 million to $630 million. Streaming revenue of $589 million rose 9.1%, accounting for 93.5% of the quarter’s digital revenue and 68.4% of total recorded music sales. Digital revenue declined 1.2% over the prior three quarters, from $2.89 billion to $2.85 billion, even though streaming revenue grew 11.7% from $1.
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