Warner Music Group, home to the likes of Cardi B and Bruno Mars, reported higher fiscal first-quarter earnings on Tuesday.
Net income for the latest period, ending on Dec. 31, rose from $99 million to $188 million.
Before the market open, the music major also posted a 21 percent increase in revenue for the fiscal first quarter to $1.61 billion, led by 31 percent growth in its music publishing operations to $229 million. Digital revenue, a key growth driver for music firms, jumped 21 percent in the period to $1.00 billion.
Recorded music revenue increased 19 percent to $1.39 billion. Major recorded music sellers for the latest period included Ed Sheeran, Coldplay, Dua Lipa and Silk Sonic.
Said Warner Music CEO Steve Cooper: “Our creative expertise, global agility and willingness to experiment set us apart from the competition and solidify our important role across the entire music ecosystem. In the coming year, we look forward to welcoming back huge superstars, breaking new artists and songwriters, and seeking out more innovative ways to bring more music to more people in more places.”
Lou Dickler, acting CFO, added: “The strength and diversity of our revenue streams coupled with our operational efficiency drove margin growth, even as lower-margin revenue lines recovered. We’re committed to making sustained investments in our core business, and to taking pioneering steps that position WMG for the next wave of growth, all with a financially disciplined, ROI-focused perspective.”
