Jem Aswad Executive Editor, Music Warner Music Group saw its stock rise as much as 6% on Wednesday morning after reporting strong growth in streaming and publishing despite dips in sales of merch and physical product.
Net profit for the quarter was up almost 14% to $141 million from $124 million in the same period last year, while digital revenue was up 4.7% and streaming 5.5% over the same period last year, with subscription revenue rising 7%.
Revenue from WMG’s music publishing division rose by 8% to $305 million from $283 million in the year-ago quarter. Recorded Music streaming revenue rose 5%.
Overall revenue fell by 1% to $1.55 billion from $1.56 billion in the year ago, largely due to the loss of BMG’s distribution deal with Warner’s ADA.
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