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Warner Music Revenue Takes a Hit in Pandemic-Impacted Quarter as Streaming Sees 9% Growth

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The Warner Music Group posted a $74 million net loss on revenues of $1.071 billion for the three-month period ended March 31, versus a net income of $67 million on $1.09 billion in corresponding year-earlier quarter.

That represents a net income decline of $141 million and a 1.7% drop in revenue.The company attributed the less than stellar comparative results to a preceding strong second quarter in 2019, which was boosted by a surge in revenue from a settlement with SiriusXM; as well as the impact of the COVID-19 pandemic in foreign territories where the virus spread earlier than the U.S.On the other hand, the company touted the growth of recorded music streaming revenue, which jumped 9.1% (11% in constant to $586 million during the second.

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COVID-19
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