WMG revenues down 4.5% year-on-year but digital still growing
Posted on: 4 août 2020, by : Stuart Dredge

Warner Music Group has published its latest quarterly financial results, for its fiscal third quarter (calendar Q2). They reveal the impact that the Covid-19 pandemic continues to have on its business.
WMG generated revenues of $1.01bn last quarter, down by 4.5% year-on-year. However, its digital revenues grew by 11% to $720m as part of that, accounting for 71.3% of the company’s total revenues.
WMG recorded a whopping operating loss of $433m, although that was due to ‘a higher non-cash stock-based compensation expense of $426 million related to the Company’s long-term incentive plan’ as well as $86m of costs associated with its IPO in early June.
The post WMG revenues down 4.5% year-on-year but digital still growing appeared first on Music Ally.
Source: Music ally

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