Warner Music Group published its latest financial results yesterday, for the first quarter of 2021 – the company’s fiscal Q2. It saw revenues grow by 17% year-on-year to $1.25bn, including growth of 17% for its recorded music business (to $1.06bn) and 16% for publishing (to $192m).
Within recorded music, WMG saw its streaming revenues grow by 23.2% year-on-year, with the company hailing “accelerated revenue growth in emerging streaming platforms such as Facebook, TikTok, and Peloton” as a key contributor alongside the traditional music streaming services.
However, WMG also saw its physical revenues grow by a startling 25.5%, which it said was partly due to the ongoing vinyl revival. Publishing also saw a 40.5% spike in digital revenue, which now accounts for 54.2% of Warner/Chappell’s business.
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