Warner Music Group’s share price fell nearly 10% on Tuesday following the release of the company’s, which showed that revenue from the recorded music division was effectively flat over last year .
On Tuesday, Warner’s stock fell from $28.50 at the start of the day to $25.76 at the market’s close — a 9.58% drop.This marks the second straight quarter of disappointing results in recorded music for Warner, the world’s third-largest label. Last quarter, revenue in the division fell 10.6%, or 5.6% in constant currency, on lower digital, physical and artist services and expanded rights revenue.
In the current quarter, streaming revenue was down 0.4% on fewer releases and a slowdown in ad-supported revenue due to macroeconomic uncertainty. By contrast, music publishing revenue grew 12% to $257 million, up from $230 million a year ago.Robert Kyncl
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