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Warner Music Posts Tough Quarterly Earnings, Revenue Down 1%
The quarter ended March 31 was a bumpy one for Warner Music Group, as its quarterly revenue dropped 1% over the same period last year.
On the company’s earnings call Thursday morning, CEO Robert Kyncl pointed to a lighter release schedule, market share loss in China, and an unflattering comparison to last year’s results for the same quarter, while looking ahead to the company’s current chart success with new artists like Benson Boone, Teddy Swims, Alex Warren, Ovi on the Drums, the Marias, Ravyn Lenae as well as expected releases from more-established acts like Ed Sheeran and Bruno Mars. Kyncl also pointed to the company’s increased investment in A&R, its market share in new releases and new technologies like Pulse, announced Wednesday, As we replicate our strategy across other labels and geographies, and drive a virtuous cycle of greater reinvestment, we expect to deliver lasting value for artists and songwriters, and sustained growth and profitability for shareholders.”
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