Slow quarter for new releases puts a drag on streaming revenue, but recent Ed Sheeran and Jack Harlow albums could boost WMG’s second half.
“We absolutely expect this to improve our results in recorded music streaming in the second half of the year.”Digital revenue increased 1.2% Music publishing revenue increased 12%, or 14.2% in constant currencyRecorded music streaming revenue decreased 0.4% on a lighter release schedule, foreign exchange currency fluctuations and slowdown in ad-supported revenue.
Net income was $37 million this quarter, down 60% from $92 million one year ago, primarily driven by the negative impact of currency fluctuations on the company’s Euro-denominated debt. Adjusted net income was up 5% to $116 million from $111 million a year ago. Operating income was $124 million, down 25% from $166 million a year ago, with adjusted operating income up 10% to $203 million from $185 million.Daily newsletters straight to your inbox
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