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Warner Music Revenue Takes a Hit From COVID-19 as Digital Growth Can’t Undo Pandemic’s Impact

Warner Music Group revenue took a hit from COVID-19 in the quarter ended June 30, dropping 5.7% to $1.010 billion from Q1 and 4.5% from Q2 2019 (3.1% at constant currency), according to the August 4 earnings report. It attributed the revenue decline primarily to the pandemic but CFO Eric Levin called the quarter’s results “slightly better than our expectations.”

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, Warner’s earnings before interest, taxes, amortization and depreciation (EBITDA) was $189 million, an improvement from $159 million in the same quarter last year.

Digital revenue grew 11.1% to $861 million, or 13.4% at constant currency, in the quarter. Over the last three quarters, Warner’s revenue declined just 1%.

This is a developing story…

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