Warner Music Group announced its latest quarterly financial results yesterday, but in the earnings call, CEO Steve Cooper kept his cards close to his chest regarding the label’s upcoming IPO.
“The current market conditions are obvious, so our board and management will continue to monitor the situation,” Cooper told analysts. However, there was some news later: “We have been approved to list our Class A common stock on The Nasdaq Stock Market,” revealed a regulatory filing by WMG.
What about the financials? Covid-19 did have an impact: the major label’s revenues were down 1.7% year-on-year to $1.07bn in the first quarter of this year, as growth from digital recorded music and publishing income (plus sync) was counteracted by a decline in physical sales, artist services and other lines.
WMG’s full filing breaks this down in full. “Revenue from streaming services grew by $49 million to $586 million” last quarter, for example. During the call, Cooper stressed that “Initially at least, we have not seen fundamental changes [due to Covid-19] in the dynamic of the streaming subscription business, which remains strong and healthy”.
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