Warner Music Group, home to the likes of Cardi B, Ed Sheeran and Bruno Mars, reported higher fiscal fourth-quarter earnings on Monday. Net income for the latest period rose from $1 million to $30 million. Before the market open, the music major also posted a 22 percent increase in revenue for the latest quarter, ended on Sept. 30, to $1.38 billion, with growth in both recorded music and music publishing operations. Digital revenue jumped 19 percent in the period to $926 million, also thanks to emerging streaming platforms, such as TikTok and Peloton. In recorded music, major sellers included Dua Lipa, Ed Sheeran, Ava Max, Cardi B and the Hamilton original cast recording. Said Warner Music CEO Steve Cooper: “Music is essential to billions of people across the globe. But now, more than ever, great talent needs help to cut through the noise. By delivering for new artists and songwriters, returning superstars, and global legends, we’ve also delivered outstanding results in 2021.” He added: “Looking to 2022, we’re excited to release incredible new music from the world’s hottest artists and most influential songwriters. We’re also planning innovative moves and collaborations that will strengthen our leadership position across a vast universe…
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Warner Music Quarterly Financials Rise as Digital Revenue Jumps 19 Percent
