Helped by strong growth in publishing, WarnerMusic upped its revenue to $1.42 billion in its fiscal third quarter.
In its two previous earnings releases, WMG explained some of the year-over-year change was attributable to an expired licensing deal with a digital service partner that produced an unfavorable comparison to the prior-year quarter. Additionally, online advertising is a rare weakness for the music streaming market.
For WMG, which converts foreign sales into U.S. dollars for reporting purposes, a strong dollar created an unfavorable comparison. WMG’s international segment, which accounted for 55% of the company’s total revenue, generated revenue of $782 million in the quarter. Digital revenue improved 5.7% at constant currency or 1.7% as reported. Total streaming revenue improved 6.5% at constant currency due primarily to a growth in music publishing streaming revenue of 34.6% at constant currency , which includes a $17 million benefit from the Copyright Royalty Board’s ruling in Phonorecords III.
The publishing segment improved 34.6% to $245 million on the strength of streaming growth, the one-time CRB rate benefit, and timing of new licensing deals. Performance royalties grew 80% at constant currency to $45 million as fee-paying businesses such as venues, bars and restaurants continued to recover from a COVID-related slowdown.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Ed Sheeran, Dua Lipa and Music Publishing Drive Warner Music Revenue GrowthThe music major reports a big jump in music publishing revenue in its latest quarterly results.
Consulte Mais informação »
Amazon to buy vacuum maker iRobot for roughly $1.7BThe company iRobot sells its products worldwide and is most famous for the circular-shaped Roomba vacuum.
Consulte Mais informação »
Ohio State football coach Ryan Day and wife Nina’s $1 million gift funds mental health researchThe fund will be housed in OSU’s Department of Psychiatry and Behavioral Health at the Wexner Medical Center and College of Medicine. The work is specifically targeted to help young adults.
Consulte Mais informação »
First on ABC: Nonprofits set to receive $1.5M in gun violence preventionEverytown for Gun Safety is distributing $1.5 million to a select collection of local nonprofit groups working to stop gun violence in their areas before it happens, Everytown officials tell ABC News.
Consulte Mais informação »
Man wins $1 million Mega Millions prize after being told he didn't winThe man matched five numbers. If his ticket also had the Mega Ball number, officials said Meredith would have won $131 million.
Consulte Mais informação »
Pentagon announces $1 billion in new U.S. military aid to UkraineThe latest delivery of arms from the Defense Department brings the total amount of U.S. security aid to Ukraine to $9.8 billion since President Biden took office last year, including more than $9 billion since Russia invaded Ukraine in late February.
Consulte Mais informação »