Warner Music’s Streaming up 11% in Tough Quarter
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variety.comBy Jem Aswad Senior Music Editor While its streaming numbers were strong, Warner Music’s earnings took a hit during the second fiscal quarter of 2020 as the coronavirus pandemic wreaked havoc on the economy.
The company has placed its IPO, announced earlier this year, on hold for the time being, although plans remain active. Streaming revenues were up 11% to $586 million, up $49 million year over year, and digital revenue was up 5.7% (7.4% in constant currency).
However, total revenue was down 1.7% compared to the prior year-quarter or flat in constant currency, net loss was $74 million versus net income of $67 million in the prior-year quarter and OIBDA was $12 million versus $191 million in the prior-year quarter.
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