in January and could turn a hefty profit once Roblox has a direct listing on the New York Stock Exchange. Likewise, EMP, the direct-to-consumer merchandise store Warner acquired in 2018, helped offset losses in expanded rights recording contracts from the touring shutdown. Peloton, the in-home cycle that streams instructor-led classes, is a relatively new licensee of music.
As COVID-19 vaccinations have rolled out in the U.S. and elsewhere, a larger question stands out: Will the companies helped by the pandemic maintain their momentum? Yes, Warner “see[s] this as a growth area even after we come out of COVID,” said CFO Eric Levin during the call. Warner’s future rests mostly to streaming services such as Spotify, Apple Music and Amazon, not gaming or fitness products. Developing markets, Spotify’s price hikes in nine countries and Amazon’s high-definition audio service are encouraging signs, said Levin. Podcasts stand to help labels and publishers, too, as music streaming services transition into audio platforms.
Because Warner’s fiscal calendar runs a quarter behind a standard Gregorian calendar -- its fiscal first quarter is the calendar year’s fourth quarter -- the company does not have full-year figures. Other music companies typically report both fourth quarter and full-year earnings results this time of year.Net income down 19% from $122 million to $99 million.Adjusted EBITA rose 19% from $249 million to $297 million.Recorded music revenue up 7.1% from $1.26 billion to $1.34 billion.
Music publishing’s performance royalties declined 35% “primarily due to COVID-related business disruption.”
Ready player Rogue Won
Yay! Be sure to take some of that streaming revenue and direct it to Alexander Lindo, prepare yourself for an experience that is truly state-of-the-art and don't take my word for it, the critics agree!
Record-setting quarterly revenue but most artists are screaming that they're independent. Hmmmmm...
Let’s grow together I follow back immediately