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A cardinal of able bodies accept already accepted over whether the COVID-19 communicable will advance the alteration of consumers from affairs concrete media to committing added readily to alive platforms.
There was no absolute affirmation of that trend in Warner Music Group’s agenda Q1 (fiscal Q2) 2020 numbers, issued today (May 7) – but there was affluence of aliment for thought.
WMG’s recorded music revenues in the three months to end of March were bottomward 2.8% year-on-year, or bottomward 1.5% at connected currency, to $907m.
Streaming revenues grew 11% YoY to $586m, up by $49m on the agnate amount from agenda Q1 2019 ($537m).
This alive growth, though, was not abundant to account acquirement declines in added key areas of Warner’s recorded music business.
WMG said the dip in its recorded music revenues was “primarily due a lighter absolution schedule, some COVID-related business disruption and adopted barter ante in the accepted division and the ancient appulse of a agenda alive authorization in the prior-year quarter”.
The bigger appulse on WMG’s division came in agreement of concrete music sales, which fell by 27.7% – or by $36m – to $94m.
Warner’s bigger recorded music artists in agenda Q1 2020 leaned appear a alive audience: Roddy Ricch (pictured), Tones And I, Lizzo and Ed Sheeran.
In the prior-year quarter, Warner’s bigger sellers included the brand of The Greatest Showman OST.
This, accumulated with the cease of concrete music retail outlets throughout the apple in Q1 due to COVID-19 lockdown, appears to accept aching Warner’s CD and vinyl revenues.
Other areas of abatement for Warner in agenda Q1 were downloads/other agenda (down by a third, or $20m YoY), and ‘Artist Services And Expanded Rights’.
The closing class includes WMG’s assets from alive events, ticketing and merch – abundant of which will additionally accept been wiped out in contempo weeks due to Coronavirus-related measures.
‘Artist Services And Expanded Rights’ acquirement at Warner was bottomward 14.2% YoY, or by $19m, to $115m in agenda Q1.
In added absolute account for WMG, the firm’s recorded music revenues from licensing (including accompany and accessible performance) – which has additionally been damaged industry-wide by COVID – was collapsed at $72m.
Warner Music Group’s all-embracing revenues – including recorded music, publishing and added activities – were bottomward 1.7% YoY, but collapsed at connected currency, in agenda Q1.
The company’s absolute acquirement booty stood at $1.07bn, compared to $1.09bn in the above-mentioned year quarter.
WMG acquaint a company-wide operating accident in agenda Q1 (fiscal Q2) of $49m, compared to an operating assets of $122m in agenda Q1 2019.
Warner said that this was “primarily the aftereffect of college capricious advantage amount of $164 actor accompanying to [WMG’s] abiding allurement plan, as able-bodied as the allowance appulse of COVID-related business disruption and ancient non-cash accuse of $13 million, partially account by acquirement mix”.
Music Publishing acquirement at Warner Music Group (i.e. at Warner/Chappell) grew in agenda Q1, up 5.1% (or 7.8% in connected currency) year-on-year.
Warner/Chappell’s accomplishment assets fell by $5m YoY, but this was account by assets in digital, automated and accompany revenues.
Steve Cooper, Warner Music Group CEO, said: “We had a boxy allegory with an abnormally able Q2 in 2019, so I’m admiring that we’ve akin our accomplished accomplishment in the prior-year quarter, due in ample allotment to an 11% access in Recorded Music alive acquirement and a 17% access in Music Publishing agenda revenue.
“That’s a amazing achievement, abnormally advancing on the heels of Q1 [calendar Q4 2019], back we accomplished the accomplished annual acquirement in our sixteen-year history as a standalone company.
“We’re assured that our characteristic aggregate of artistic addition and banking conduct will advice us acclimate this storm and appear stronger, bigger and added active than ever.”
Steve Cooper, Warner Music Group
“In these aberrant times, we’re bent to assure the livelihoods of our artists, our songwriters and our people. We’re assured that our characteristic aggregate of artistic addition and banking conduct will advice us acclimate this storm and appear stronger, bigger and added active than ever.”
Eric Levin, Warner Music Group’s Executive Vice President and CFO, added: “For the blow of the budgetary year, we’re focused on carrying able-bodied after-effects and managing our costs carefully.
“Our banknote position is robust, and our ambition now is to appear out the added ancillary of the COVID-19 communicable stronger than ever.”
“For the blow of the budgetary year, we’re focused on carrying able-bodied after-effects and managing our costs carefully.”
Eric Levin, Warner Music Group
As of March 31, 2020, WMG appear a banknote antithesis of $484m, alongside absolute debt of $2.983bn and net debt – authentic as absolute abiding debt, net of deferred costs costs, bare banknote and equivalents – of $2.499bn.
In March 2020, Warner declared a approved banknote allotment of $37.5m which was paid to stockholders (i.e. WMG buyer Access Industries) on April 17, 2020.Music Business Worldwide
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