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

Eric Levin pandemic covid-19 Music

04.08.2020 - 16:37

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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.

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